Valterra Platinum (VAL) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome to both in-person and online participants, emphasizing safety protocols and shareholder engagement.

• Notice of meeting published on 20 March 2025; quorum confirmed and meeting duly constituted.

Board and executive committee updates

• Introduction of board members and executive committee, including new appointments and online attendees.

• Board restructured for independence post-demerger, with new independent non-executive directors and a new CFO appointed.

• Ongoing review of board diversity and committee structures, aiming to meet JSE and LSE diversity recommendations.

Financial performance review

• Realized PGM basket price fell 13% to ZAR 26,695/oz due to lower palladium and rhodium prices.

• Adjusted EBITDA reached ZAR 19.8 billion; headline earnings ZAR 8.4 billion (ZAR 32.05/share).

• Net cash position at year-end was ZAR 17.6 billion; total economic contribution to society was ZAR 72 billion.

• Full year dividend declared at ZAR 19.1 billion (ZAR 71.75/share), including distributions to employee and community trusts.

• ZAR 12 billion in cost and capital savings achieved, exceeding the ZAR 10 billion target.