Zimplats (ZIM) H2 2026 earnings summary

Executive summary

• FY2026 delivered sharply higher revenue and profit on stronger metal prices and improved mining and milling volumes; safety improved, with no fatalities for a second consecutive year.

• 6E sales fell 2% to 598,369 oz, while final product production was broadly flat at 606,294 oz as smelter maintenance added 24,000 oz to concentrate stocks.

Financial highlights

• Revenue rose 57% to US$1.299bn; gross profit reached US$437.9m, up from US$106.3m, and gross margin expanded to 34% from 13%.

• PBT increased to US$387.5m from US$66.4m; PAT rose to US$276.7m from US$40.5m; basic EPS was 257 US cents versus 38 cents.

• Cost of sales rose 20% to US$860.9m; higher mining and milling volumes, restored employee earnings and engineering maintenance contributed to the increase.

• Net cash from operating activities was US$180.5m versus US$127.2m; free cash flow after growth capital was US$31.0m versus negative US$17.1m.

Outlook and guidance

• The 45MW Phase 2A solar project is scheduled for commissioning in H1 FY2027; completion will raise installed solar capacity to 80MW.

• Mupani development remains on schedule to reach 3.6Mtpa capacity by FY2029; it is intended to replace depleted Rukodzi and Ngwarati production and part of Mupfuti output.

• FY2027 priorities include planned production and cost performance, SIB investment, mine replacement, solar project completion and maintaining zero-fatality performance; no numeric production guidance was stated.