Northam Platinum (NPH) H2 2026 earnings summary

Executive summary

• Achieved record production of 938,754 oz 4E (up 4.4% YoY) and record sales volumes of 1,087,327 oz 4E (up 8.0% YoY), with significant operational improvements and expansion across all mines.

• Advanced major projects, including Eland Mine development, Zondereinde 3 and 3a Shaft commissioning, and Booysendal South tailings dam expansion.

• Launched Vision 2031, targeting 1.5 million oz PGM sales and over 2 million tonnes chrome by 2031.

• Declared record dividends totaling ZAR 17 per share for the year.

Financial highlights

• Revenue rose 64% year-over-year to ZAR 54 billion, driven by higher metal prices and sales volumes.

• Gross profit reached ZAR 14.2 billion, EBITDA ZAR 16.7 billion (margin 30.9%), and net cash position at year-end.

• Basic EPS and headline EPS hit record highs at ZAR 35 and ZAR 30, respectively.

• Cash balance increased to ZAR 13.7 billion, with ZAR 2.7 billion net cash and undrawn banking facilities of ZAR 16 billion.

• Cash flows from operating activities totaled ZAR 18.5 billion, with ZAR 5.9 billion spent on capital expenditure.

Outlook and guidance

• FY2027 PGM production guidance: 960,000–970,000 oz 4E; sales to exceed 1.1 million oz; chrome sales to exceed 1.8 million tonnes.

• CapEx forecasted at ZAR 7–7.5 billion, with similar annual levels expected for the next five years.

• Vision 2031 aims for 1.5 million oz PGM sales and 2 million tonnes chrome, with modular, scalable expansion.