KEY POINTS
- EBITDA was R9.9 billion and headline earnings were R732 million (82 cents per share).
- The final gross cash dividend of 165c/share was announced, which is worth R1.5bn.
- R2.4 billion in free cash flow and R8.1 billion in net cash.
Impala Platinum Holdings Limited (Implats) reported a solid operational performance for the year ended 30 June 2025, though profitability came under pressure from a stronger rand and lower sales volumes.
The platinum group metals (PGM) producer posted EBITDA of R9.9 billion, headline earnings of R732 million equal to 82 cents per share and generated free cash flow of R2.4 billion. Liquidity headroom expanded to R19.7 billion, with an adjusted net cash balance of R8.1 billion.
Dividend declared
After reviewing its balance sheet strength, future capital needs and improving market conditions, the board declared a final gross cash dividend of 165 cents per share, or R1.5 billion. The payout, representing around 60 percent of adjusted free cash flow, reinforces Implats’ shareholder-return policy.
Implats CEO commentary
Chief executive Nico Muller praised the “consistent and disciplined” performance across the group’s mining and processing assets.
“Unit costs were well-controlled and benefited from easing input inflation and rand appreciation,” he said.
Capital expenditure remained tightly managed in a weak rand-PGM environment, with investments directed at safety, operational efficiency and infrastructure integrity. The commissioning of a 38MW smelter and a 35MW solar power plant at Zimplats were two important events.
Sustainability and growth
Implats said it remains committed to carbon neutrality by 2050. Zimplats signed renewable power agreements for its refineries during the year, and the board approved the 45MW Phase 2A solar project.
Social programmes continued across education, skills training, infrastructure and community wellbeing.
Outlook
Looking ahead to FY2026, Implats expects production momentum at Impala Rustenburg, Mimosa and Two Rivers, with Zimplats and Marula showing improved stability. However, output at Impala Canada will fall due to the planned cessation of commercial operations.
Furthermore the company expects refined volumes to improve as it optimises furnace strategies and maintenance protocols and gradually draws down excess PGM inventories, a process it plans to complete by FY2029.
The group said rand PGM pricing gains held firm into the early months of FY2026 despite global uncertainty and seasonal demand weakness. Operational priorities further include safety improvements, employee relations stability, and efficiency gains at Rustenburg and Marula.
