Tharisa (THA) H1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 FY2026, driven by higher PGM and chrome prices, resilient co-product business model, and disciplined investment in growth projects.

• Maintained excellent safety, with Tharisa Mine achieving three years lost time injury-free and Karo Platinum reporting a LTIFR of 0.00.

• Advanced major projects, including Tharisa Mine underground expansion (Apollo portal ahead of schedule) and Karo Platinum development, with $241 million invested and open pit mining underway.

• Innovation initiatives progressed, including successful factory testing of Redox One iron-chromium flow battery and commercialization of Arxo Metals technologies.

• Launched Level 1 ADR program with J.P. Morgan as depositary bank; CFO transition announced.

Financial highlights

• Revenue up 28% year-over-year to $359.4 million, driven by an 85% increase in average PGM basket price and higher PGM sales volumes.

• EBITDA surged 138% to $104.3 million; profit before tax rose to $69.9 million; net profit up 468% to $46.6 million.

• Earnings per share increased 532% to $0.158; headline EPS up 472.4% to 16.6 US cents.

• Operational cash flow of $96.4 million enabled continued investment in growth projects; net cash position at $54 million.

• Interim dividend raised to $0.025 per share (15.9% payout of NPAT).

Outlook and guidance

• Expecting further improvement in PGM and chrome output in H2, with supportive prices underpinned by structural supply deficits and robust demand.

• Karo Platinum commissioning targeted for next year, with first ore to mill expected in about 15 months.

• Capex for FY2026 budgeted at $165.9 million, with continued disciplined capital allocation and robust financial health.