Impala Platinum Holdings Limited

Impala Platinum Holdings reported record financial results for fiscal year 2026, with revenue surging 58% to ZAR 135.1 billion and EBITDA margin expanding from 12% to 32%. The company generated free cash flow of ZAR 22 billion, enabling it to return approximately 90% of second-half free cash flow to shareholders, including a final dividend of ZAR 14.45 per share totaling ZAR 13.1 billion. Headline earnings reached ZAR 22.9 billion, or ZAR 25.48 per share, while basic earnings were ZAR 31 billion, supported by a ZAR 8.1 billion after-tax reversal of impairment losses. The company ended the period with net cash of ZAR 22 billion and liquidity headroom of ZAR 37 billion. Looking ahead, management guided for flat production in fiscal 2027, with a 60,000-ounce impact from a safety reset at Rustenburg and unit costs expected to rise 4-8% due to inflation and planned maintenance. CEO Nico Muller noted that the Styldrift 2 project is in the concept study phase, with a typical timeline of five years to completion, and confirmed the company is not currently considering diversification into metals beyond PGMs.