Impala Platinum (IMP) H1 2026 Pre Recorded earnings summary

Executive summary

• Achieved robust operational and financial performance in H1 FY2026, with revenue up 44% to R60.8bn, supported by improved safety, stable production, and strong PGM pricing despite challenging macroeconomic and geopolitical conditions.

• EBITDA rose to R18.1bn with a 30% margin, headline earnings reached R9.3bn (1,035cps), and free cash flow surged to R7.0bn.

• Interim dividend of 410cps (ZAR 4.10/share) declared, representing 60% of adjusted free cash flow.

• Maintained strong liquidity with R12.1bn adjusted net cash and R28.8bn liquidity headroom.

• No fatal mining incidents reported in some summaries, while one fatality noted elsewhere; safety metrics and sustainability initiatives advanced.

Financial highlights

• Gross profit surged 532% to R13.4bn, profit after tax increased 423% to R9.5bn, and EBITDA margin improved to 30%.

• Group refined 6E production was 1.78Moz, flat year-over-year; group unit costs rose 11% to R23,183/oz.

• Free cash flow reached R7.0bn; cash and equivalents increased to R15.2bn.

• ZAR revenue per 6E ounce sold increased 40% to R33,261; dollar basket price up 44% to $1,917/oz.

• Capital expenditure decreased as major projects neared completion, totaling R3.0bn for the period.

Outlook and guidance

• FY2026 guidance unchanged: 6E refined/sellable production of 3.4–3.6Moz, unit costs at R23,500–R24,500/oz, and capex at R8–9bn.

• Excess stock of c.400koz at December 2025 expected to be depleted by FY2029.

• Market outlook expects platinum and palladium deficits in 2026, with rhodium broadly balanced.

• Operational priorities include maintaining safety, embedding maintenance protocols, and consolidating efficiencies.