Impala Platinum (IMP) H2 2026 earnings summary

Executive summary

• Achieved exceptional operational and financial performance, with refined 6E production up 5% to 3.56Moz and headline earnings of R22.9bn, supported by a constructive price environment and robust demand fundamentals.

• Free cash flow reached R22.0bn, supporting a total dividend of 1,855cps, a significant increase from the prior year.

• Increased mineral reserves by 9.4% to 53.8Moz 6E and extended the life of key assets, notably Impala Canada.

• Completed key projects, including Impala Rustenburg consolidation and LoM extensions.

• Strong team stability and focus on future growth, with a pipeline of life extension and growth projects under study.

Financial highlights

• Revenue rose 58% year-over-year to R135.1bn, driven by a 51% increase in revenue per ounce and 5% higher sales volumes.

• EBITDA surged to R43.6bn (32% margin), up from R9.9bn (12% margin) in FY2025.

• Headline earnings per share increased to 2,548cps from 82cps year-over-year.

• Free cash flow improved to R22.0bn from R2.4bn in FY2025, with strong second-half performance.

• Total dividend declared was 1,855cps, up from 165cps in FY2025.

Outlook and guidance

• FY2027 refined 6E production guidance set at 3,300–3,500koz; unit cost increase of 4–8%; capex of R9–11bn.

• Five-year capex plan of R60bn to sustain production and expand processing capacity by 20%.

• Life of Mine profile maintained for 10 years, with potential extension to 15 years via greenfield projects.

• Market outlook remains constructive, with sustained PGM market deficits and strong industrial demand.