Northam Platinum (NPH) H2 2025 earnings summary

Executive summary

• Achieved record PGM production and sales, surpassing 1 million PGM ounces for the first time, with 899,244 oz 4E equivalent refined metal from own operations, up 0.7% year-over-year, and strong operational performance across all mines despite challenging market conditions and inflationary pressures.

• Sales revenue rose 6.9% to ZAR 32.9 billion, with sales volumes up 5.9% to 1,006,475 oz 4E, and operating profit at ZAR 3.6 billion.

• Advanced key growth projects, including Eland Mine ramp-up, Zondereinde 3 Shaft, and renewable energy initiatives, supporting long-term sustainability.

• Declared a final dividend of ZAR 2 per share, totaling ZAR 2.15 for the year, reflecting confidence in future prospects and a payout of nearly 60% of headline earnings.

• Operating profit margin dropped to 10.9% from 15.7% in the prior year.

Financial highlights

• EBITDA was ZAR 4.9 billion, with a margin of 14.9% (down from 20.4% in the prior year).

• Net debt at year-end was ZAR 5.1 billion, with a net debt/EBITDA ratio of 1.04 and cash balance of ZAR 6.9 billion.

• Basic EPS at 381.4 cents, headline EPS at 380.8 cents.

• Cash flows from operating activities totaled ZAR 4.7 billion; ZAR 5.0 billion spent on capex.

• Received a one-off $66 million settlement from Heraeus post year-end.

Outlook and guidance

• FY2026 guidance: PGM production from own operations between 910,000–930,000 4E oz, group unit cost ZAR 27,500–28,500/4E oz, chrome sales of 1.5–1.6 million tonnes, and capex of ZAR 5.2 billion.

• Five-year targets include delivering Eland and 3 Shaft, scaling up third-party business to 200,000 oz/year, and turnover exceeding ZAR 60 billion by 2030.

• Decarbonization program aims for a 60% reduction in carbon intensity by 2030.