Northam Platinum (NPH) H1 2026 earnings summary

Executive summary

• Achieved record interim financial results for H1 F2026, with sales revenue up 60% to R23.3bn, driven by higher PGM prices, increased production volumes, and improved basket prices.

• Operating profit rose to R5.8bn with a margin of 25.1%, reflecting robust operational performance across all mining segments.

• Maintained a strong safety record, remaining fatality-free and achieving significant safety milestones at all operations.

• Strategic investments in renewable energy and mine expansions position the group for long-term sustainability and cost reduction.

• Record interim dividend of 700.0 cents per share declared, reflecting confidence in future prospects and strong financial performance.

Financial highlights

• EBITDA reached R7.5bn, up 322.9% year-over-year, with a margin of 32.0%.

• Basic EPS and HEPS were 2,006.0 cents and 1,524.0 cents, respectively.

• Net debt reduced to R2.6bn, with a net debt to EBITDA ratio of 0.24.

• Cash and cash equivalents totaled R9.3bn, with undrawn banking facilities of R14.3bn.

• Cost of sales increased by 29.4%, with unit cash cost inflation at 7.2%.

Outlook and guidance

• Group expects equivalent refined metal production of 910,000–930,000 oz 4E and chrome sales of 1.5–1.6 million tonnes for F2026.

• Full-year capital expenditure forecast revised to R6.6bn, with unit cash costs projected at R27,500–R28,500/oz 4E.

• Management remains focused on cost control, operational efficiency, and advancing renewable energy projects to mitigate power supply risks.