Valterra Platinum (VAL) H1 2026 earnings summary

Executive summary

• Achieved record H1 2026 results with a fourfold increase in EBITDA to R33.4bn, headline earnings of R21.5bn, and strong operational recovery driven by higher PGM prices and sales volumes.

• Completed separation from Anglo American, established independent operations, and advanced key growth projects including Sandsloot underground.

• Maintained industry-leading safety focus despite three to four fatalities; implemented operation-wide safety interventions and third-party review.

• Sustainability initiatives included commissioning major renewable energy projects (520MW/240MW), water resilience, and strong ESG ratings.

Financial highlights

• Revenue rose 93% year-over-year to R82bn, with EBITDA up fourfold to R33.4bn and a 50% mining EBITDA margin.

• Headline earnings reached R21.5bn (R82/share), free cash flow R26bn, and net cash R24bn at June-end.

• Interim dividend of R15.1bn (R57/share), representing 70% of headline earnings, declared.

• All-in sustaining cost at US$996/3E oz, down 21% from prior period; unit cost guidance maintained at R19,000–20,000/oz.

Outlook and guidance

• Full-year production and cost guidance reaffirmed: 3.0–3.4Moz M&C/refined PGMs, unit cost R19,000–20,000/PGM oz, AISC US$1,050/3E oz; capex R17–18bn.

• H2 2026 expected to benefit from higher production, cost efficiencies, and catch-up in capex.

• Market outlook remains bullish on PGMs, with anticipated supply deficits and robust demand from industrial and automotive sectors.