Valterra Platinum (VAL) H1 2026 TU earnings summary

Executive summary

• Headline earnings for the six months ended 30 June 2026 are expected to increase by more than 1388% year-over-year, reaching between R18.5 billion and R22.2 billion.

• Basic earnings are projected to rise by over 3076% year-over-year, to between R18.6 billion and R22.3 billion.

• Earnings growth was driven by an 18% increase in PGM sales volumes and significantly higher PGM prices.

Financial highlights

• Headline earnings per share (HEPS) expected between 7047 and 8456 cents, up from 473 cents in the prior period.

• Earnings per share (EPS) expected between 7085 and 8494 cents, up from 223 cents in the prior period.

• PGM dollar basket price increased by 85% to $2801 per ounce; rand basket price up 66% to R45993 per ounce.

Outlook and guidance

• Results for the six months ended 30 June 2026 will be released on 29 July 2026.