Valterra Platinum trading statement for the twelve months ended 31 December 2025
23 January, 2026
Shareholders are advised that Valterra Platinum intends to release its results for the twelve months ended 31 December 2025 (“the period”) on the Johannesburg Stock Exchange (JSE) News Service and the London Stock Exchange (LSE) Regulatory News Services on 25 February 2026.
In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that the financial results for the period are expected to differ from the financial results of the previous corresponding period as follows:
- headline earnings and headline earnings per share (“HEPS”) for the period are expected to increase by between 85% and 105% compared to the twelve months ended 31 December 2024 (the “prior period”). Headline earnings are likely to be between R15.6 billion and R17.3 billion (R8.4 billion in the prior period) and HEPS is expected to be between 5,941 cents per share and 6,588 cents per share (3,205 cents per share in the prior period); and
- basic earnings and earnings per share (“EPS”) for the period are expected to have increased by between 105% and 125% compared to the prior period. Basic earnings are likely to be between R14.5 billion and R15.9 billion (R7.1 billion in the prior period) and EPS is expected to be between 5,522 cents per share and 6,055 cents per share (2,683 cents per share in the prior period).
The earnings for the period were positively impacted by a 26% stronger PGM dollar basket price of $1,852 per PGM ounce, as well as the delivery of R5 billion operational cost reductions, more than offsetting the impact of inflation and R1.7 billion one-off demerger related costs. Sales volumes were lower than the prior period as a result of the larger drawdown of excess work-in-progress in the prior period and the significant flooding that occurred at the Amandelbult Tumela mine in H1 2025 impacting mined and refined output. The impact of the flooding at Amandelbult was partially offset by the insurance proceeds received of R2.5 billion.
Basic earnings were impacted by R1.9 billion (or 725 cents per share) non-recurring scrapping of assets related to the design and engineering work for the SO2 abatement plant at Mortimer Smelter and the Vaalkop Tailings Storage Facility due to it being replaced by the Blinkwater Tailings Storage Facility which will provide adequate future tailings capacity.
Taxation and royalties increased in line with increased earnings.
The financial information contained in this announcement has not been audited or reported on by the Company’s auditors.
JSE Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities