Sylvania Platinum (SLP) H2 2026 earnings summary

Executive summary

• Achieved record PGM production of 95,885 4E ounces (up 18% year-over-year) and 122,460 6E ounces, exceeding guidance, with chrome production at 50,317 tons.

• Net revenue increased 117% year-over-year to $226.3 million, with adjusted EBITDA up 289% to $114.2 million, driven by higher PGM prices and volumes.

• Declared a total dividend of GBP 0.06 (6p) per share, more than double the prior year, and executed $2.4 million in share buybacks.

• Maintained a debt-free balance sheet and strong safety record with zero fatalities since inception.

• Thaba JV contributed first chrome revenues despite ramp-up challenges, diversifying revenue streams.

Financial highlights

• Net revenue rose 117% year-over-year to $226.3 million, driven by a 60% increase in the PGM basket price and higher production.

• Adjusted EBITDA surged 289% to $114.2 million, excluding a one-off write-down of the Hacra exploration asset.

• Net profit for the period was $66.4 million, up from $20.2 million.

• EPS increased to 25.66c from 7.73c, a 232% rise.

• Year-end cash balance stood at $67.2 million.

Outlook and guidance

• FY2027 PGM production guidance set at 85,000–95,000 ounces and chrome production expected at 110,000–140,000 tons.

• EBITDA forecast to grow 12% to $129 million in 2027 and $139 million in 2029 as Thaba stabilizes.

• Continued focus on operational excellence, safety, and optimizing Thaba JV performance.

• SDO operations expected to maintain strong performance with focus on plant stability, feed optimisation, and cost control.

• Thaba JV ramp-up and process optimisation to enhance chrome revenue diversification.