Press releases - 2026

Annual Results - strong operational and financial performance with sector-leading shareholder returns in 2025

Valterra Platinum releases its full-year results for the year ended 31 December 2025.

Craig Miller, CEO of Valterra Platinum, says, “2025 was a defining year for our company, with the successful demerger from Anglo American plc, our launch as Valterra Platinum, and our secondary listing on the London Stock Exchange. We have established an independent and diverse Board and made excellent progress in building our standalone operating model, including simplifying our management structure and successfully recruiting critical skills, previously provided by Anglo American plc, to support long-term capability and value creation.

“Our M&C production volumes of 3.2 million PGM ounces and refined production of 3.4 million PGM ounces were both marginally above guidance. This reflects our commitment to operational delivery, despite challenges. Sales volumes of 3.5 million PGM ounces, included the realisation of refined inventory, allowing us to sell additional ounces into a stronger PGM price environment.

“We have also materially advanced our growth and operational efficiency projects across the business while remaining focused on capital discipline, project execution and cost optimisation. At Mogalakwena, we remain on track to complete the Sandsloot underground project feasibility study and deliver an investment decision in H1 2027, having completed the prefeasibility study and further advanced the ore reserve development this year. Our operational excellence and pit‑optimisation efforts delivered positive results, including a 22% reduction in the strip ratio at Mogalakwena. In addition, the Jameson Cells are now fully commissioned and continue to be optimised, driving further improvements in mass pull, with early indications of enhanced concentrator recoveries. Our Der Brochen shaft at Mototolo is well progressed, with all development ends having successfully intersected the reef after navigating the weathered zone. We also reported 107% and 9% improvements in total development metres and immediately available ore reserves, respectively at Mototolo.

"Financially, 2025 EBITDA increased 68%, to R33.4 billion, supported by a 22% increase in the rand basket price and R5 billion of additional cost reductions. We saw a significant improvement in free cash flow generation and rapid deleveraging due to strong operational delivery. Our R11.5 billion net cash balance and disciplined capital allocation approach have enabled the Board to declare a R 11.5 billion or R43 per share final dividend. This includes a final payout of 40% of headline earnings of R6.2 billion or R23 per share, in line with our dividend policy and a special dividend of R5.3 billion or R20 per share - a sign of our ongoing commitment to shareholder returns. The total dividend for the full year is R 12.0 billion or R45 per share, representing a 71% payout ratio.

“In 2025, we delivered on all our strategic priorities. We reinforced our organisational and technical capabilities across the business, executed our operational excellence activities with discipline and set up the company to accelerate its growth projects. We move into 2026 with momentum, clarity and an unwavering focus on value creation for all our stakeholders.”

Salient Features

Safety

• In 2025, we tragically lost two of our colleagues in work-related incidents: Mr. Felix Kore at Unki on 20 April and Mr. William Nkenke at Amandelbult’s Dishaba mine on 22 July.  We extend our sincere condolences to their families, friends and colleagues.
• Several operations delivered standout safety performances: 14 years without a fatality at Mototolo, 13 years at Mogalakwena, and 9 years at Tumela (Amandelbult).
• Our total recordable injury frequency rate (TRIFR) has reduced 11% to 1.48 – a record level for the company, placing us in the best-performing quartile of the International Council of Metals and Mining (ICMM) peer group.

Strategy – delivering on our commitments

• We successfully completed the demerger from Anglo American plc, including a secondary listing on the London Stock Exchange. Subsequently, Anglo American plc sold its remaining minority interest, fully completing its divestment.
• We established our new identity as Valterra Platinum Limited, with outstanding independent prospects and an investment case supported by an industry-leading resource base, integrated processing capacity, and world-class mining assets positioned firmly in the lower half of the cost curve.
• During the first half, we completed the Sandsloot underground prefeasibility study, progressed the ore reserve development, completed the main ventilation shaft and commenced the feasibility study, which we plan to complete in H1 2027.
• Our strong balance sheet and well-capitalised assets together with our continued commitment to integrating sustainability in everything we do, position us well to continue delivering attractive shareholder returns through the cycle.

Market – strong recovery in PGM prices

• During 2025, the PGM dollar basket price increased 89% to finish the year at $2,562 per PGM ounce. Owing to the timing of the price and sales increases, the average realised dollar and rand basket prices for 2025 increased 26% and 22%, year-on-year, to $1,852 and R32,611 per PGM ounce, respectively.
•  We expect the strong fundamental drivers to continue underpinning PGM prices over the medium to long term.

Production and sales – solid operational performance

• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) was 3,200,600, down 10%. This includes own-mined PGM production, which declined 6% to 2,060,300 ounces, primarily due to flooding at Amandelbult in February 2025 following abnormally heavy rains. In the second half of the year, Amandelbult was restored to full production, with H2 2025 production volumes increasing 10% on the comparable prior period.
• Purchased of concentrate (POC) volumes, with the base adjusted for Kroondal volumes moving to tolling terms, declined 3% to 1,140,300 ounces, primarily due to weather-related impacts on third-party producers.
• Refined PGM production (excluding tolling) declined 13% to 3,412,000 ounces due to lower M&C, offset by a release of work-in-progress inventory – albeit a smaller release than in 2024.
• PGM sales volumes decreased 15% to 3,454,300 ounces, in line with lower refined production.

Costs – outperformed cost savings target

• Cost savings of R5.0 billion achieved in 2025, exceeding the R4.0 billion targeted cost savings for the year. This brings total operational cost savings over the last two years to R12.3 billion, enabling us to more than offset inflation for two consecutive years.
• Cash operating costs were R18,434 per PGM ounce (up 5% on 2024), excluding the impact of the Amandelbult flooding – and R19,488 per PGM ounce, including the flooding impact. The latter was in line with revised guidance.
• All-in sustaining costs (AISC) were $987 per 3E ounce (flat year-on-year), reflecting successful cost and capital efficiencies and higher co-product revenues.

Earnings – significantly higher

• R33.4 billion EBITDA, up 68% on the prior period primarily due to a 22% increase in the rand PGM basket price, a further R5 billion in operating costs savings, and R2.3 billion in flooding-related net insurance proceeds, partially offset by 15% lower sales volumes and R2.1 billion in one-off demerger related costs.  
• Headline earnings per share increased 98% to R63.48 per share, primarily due to the R13.6 billion higher EBITDA.

Balance sheet – strengthened by robust free cash flow generation

• Net cash at financial year end was R11.5 billion, a substantial recovery from the R4.9 billion net debt position at 30 June 2025, reflecting strong free cash flow generation, boosted by a strong H2 operational performance and increased PGM prices.
• Liquidity headroom of R43 billion is consistent with our ongoing commitment to maintaining flexibility and a strong balance sheet.

Sustainability – leading the industry

• Mogalakwena achieved IRMA 50 accreditation, completing IRMA certification across all our operations — a rare global milestone in sustainability leadership.

Dividend – market leading shareholder returns

• We declared a final dividend of R11.5 billion, or R43.00 per share, significantly above our dividend policy of paying out 40% of headline earnings. This brings total dividends for 2025 to R45.00 per share, representing 71% of headline earnings, comprising a R25.00 per share base dividend and a R20.00 per share special dividend.

2026 guidance

• M&C and refined production guidance of 3.0 – 3.4 million PGM ounces remains unchanged.
• Processing maintenance and the annual stock count have been rescheduled to mid‑year to mitigate higher winter electricity tariffs. Consequently, we expect a more even distribution of production across the year relative to prior periods.  
• Cash operating unit cost guidance of R19,000–R20,000 per PGM ounce reflects a partial inflation offset from cost‑saving initiatives and increased production units from higher Amandelbult ounces.
• Capital expenditure is expected to be R17.0–R18.0 billion, which is R1.0–2.0 billion below previous 2026 guidance, reflecting cost‑effective investing, spend optimisation, and disciplined capital allocation.
  • AISC is expected to be approximately $1,050 per 3E ounce sold, assuming a R17.00/US dollar exchange rate, which is consistent with our prior commitments.

Download the Annual Results for the year ended 31 December 2025