Zimplats (ZIM) H2 2025 earnings summary

Executive summary

• Revenue rose 8% year-over-year to $826.6 million, driven by a 13% improvement in metal prices despite a 4% decline in 6E sales volumes.

• Profit after tax surged 393% to $40.5 million, reflecting higher prices and improved margins.

• No dividend was declared for the year ended 30 June 2025.

• Mined volumes decreased by 2% due to fleet availability, but open-pit mining and grade improvement strategies offset some impact.

• Major capital projects progressed, including smelter expansion and solar power initiatives.

Financial highlights

• Revenue: $826.6 million (up 8% year-over-year).

• Gross profit: $106.3 million (up from $82.4 million).

• Gross profit margin improved to 13% from 11%.

• Profit before tax: $66.4 million (up 77%).

• Profit after tax: $40.5 million (up 393%).

• Operating unit cash costs increased 8% to $898 per 6E ounce.

• Net tangible asset per security: $16.99 (up 2%).

• Closing cash position: $99.3 million (up from $78.1 million).

Outlook and guidance

• Mupani Mine development completed, with full production targeted for H1 FY2029.

• Phase 2A 45MW solar project underway, with commissioning planned for August 2026.

• Ongoing capital projects expected to support future production and sustainability.