African Rainbow Minerals (ARI) H2 2026 earnings summary

Executive summary

• Headline earnings rose 19% year-over-year to ZAR 3.2 billion, driven by higher PGM prices and portfolio resilience, with a final dividend of ZAR 7 per share declared.

• Net cash increased by 54% to ZAR 10.2 billion as of 30 June 2026, providing flexibility for growth opportunities.

• Fatality-free year achieved for the first time since 2017, with improved safety metrics and significant environmental progress.

Financial highlights

• Headline earnings per share rose 20% to ZAR 16.60.

• Dividends received: ZAR 3.4 billion from Assmang, ZAR 512 million from Harmony (up 113%).

• ARM Ferrous posted ZAR 2 billion (down 42% year-over-year), ARM Platinum ZAR 1.3 billion (up 204%), ARM Coal reported a ZAR 428 million loss.

• Scope 1 and 2 carbon emissions decreased by 33% to 1.06 million tonnes CO2e.

Outlook and guidance

• Bokoni Mine development approved, targeting first production in 1H F2028 and full ramp-up by F2030, with ZAR 8.4 billion allocated over three years.

• Nkomati Nickel Mine restart approved, with focus on execution readiness and value realisation.

• Capital intensity at Khumani to remain high for five years due to increased stripping ratios and fleet replacement.