Impala Platinum: Group 6E production increased 1% to 1.80Moz
Key features for H1 FY2026:
- Fifth consecutive inclusion in the S&P Global Sustainability Yearbook (2026)
- A robust performance in H1 FY2026, with notable gains delivered in Q2 FY2026
- Group 6E production increased 1% to 1.80Moz
- Refined and saleable 6E production was stable at 1.78Moz
- Group 6E unit costs increased 11% to R23 183/oz (stock-adjusted)
- Consolidated Group capital expenditure reduced 23% to R3.0bn
- Dollar revenue per 6E ounce rose 44% to US$1 917
- Rand revenue per 6E ounce increased 40% to R33 261
- EBITDA of R18.1bn with headline earnings of R9.3bn or 1 035 cents per share
- Basic earnings of R9.3bn or 1 039 cents per share
- Free cash flow of R7.0bn and closing adjusted net cash of R12.1bn
- Interim dividend of 410 cents per share declared, circa 60% of adjusted free cash flow
- All three major PGM markets are likely to record successive supply deficits in 2026
- On track to meet previously provided FY2026 refined production, unit cost and capital guidance.
The first half of FY2026 delivered a robust operational performance across the Group’s mining and processing assets with notable gains achieved in Q2 FY2026 – underpinned by delivery at key Group operations and greater stability within the processing portfolio.
Cost management was sustained, with additional spend allocated to engineering and maintenance initiatives. Strategic and portfolio optimisation workstreams were progressed, supported by consistent, disciplined capital allocation.
This operational delivery enabled Implats to fully benefit from the step-change in prevailing rand PGM pricing, resulting in a strong financial performance, with significantly improved EBITDA, earnings and free cash flow generation. The Group generated EBITDA of R18.1 billion, headline earnings of R9.3 billion and recorded a free cash flow of R7.0 billion. Implats closed the period with an adjusted net cash balance of R12.1 billion and R28.8 billion in liquidity headroom.
The Group remains on track to meet previously communicated FY2026 refined production, unit cost and capital expenditure guidance.
