H1 2026 Highlights
- Revenue increased 93% to R82 billion
- Adjusted EBITDA rose 404% to R33.4 billion
- Mining EBITDA margin expanded to 50%, from 22%
- Headline earnings per share increased to R82.02, from R4.73 up 1633%
- Net cash position strengthened to R23.7 billion
- Own-mined production increased 9% to 1 million ounces
- Refined production increased 25% to 1.7 million ounces
- PGM sales volumes rose 18% to 1.7 million ounces
- All-in sustaining costs reduced 21% to $996/3E ounce
- Interim dividend of R15 billion, or R57 per share, 70% of headline earnings
- Production and cost guidance reaffirmed for 2026
Johannesburg and London – Valterra Platinum today reported outstanding interim results for the six months ended 30 June 2026, delivering a step change in financial performance as stronger platinum group metals (PGM) prices, disciplined operational execution, capital allocation and robust free cash flow generation, strengthened the Company’s balance sheet and shareholder returns.
Valterra Platinum records significant growth across all key financial metrics. Revenue increased 93% to R82 billion, adjusted EBITDA rose 404% to R33.4 billion, and headline earnings per share surged 1633% to R82.02. The Company also strengthened its balance sheet, ending the period with a net cash position of R23.7 billion, compared with net debt of R4.9 billion a year earlier.
Craig Miller, CEO of Valterra Platinum, said: “The safety and wellbeing of our employees and contractors remains our foremost priority. During the first half of 2026, we lost three of our colleagues in work-related incidents: Mr. Michael Ramodike at Mototolo’s Borwa shaft on 27 March, Mr. Thato Makuwa at Mogalakwena’s North Concentrator on 9 June, and Mr. Mongezi Mbusi at Amandelbult’s Tumela mine on 11 June. We are devastated by these losses, and on behalf of the Board and everyone at Valterra Platinum I extend our deepest condolences to their families, friends and colleagues. Following these tragedies, we implemented company-wide safety stoppages at our operations to refocus our teams on critical safety behaviours, accelerating the implementation of corrective actions across the business. We are focused on learning from these incidents, and have subsequently strengthened leadership accountability, engagement, and visibility on operational risks across our operations. We remain resolute in our commitment to creating a workplace where every employee and contractor returns home safely every day.
“Operating as an independent company over the past year has enabled us to sharpen our focus, accelerate decision-making and strengthen execution across the business. This is evident in our exceptional first-half 2026 performance, which reflects strong operational momentum, advancement in executing on our strategy and creating value for all our stakeholders.
“Our results were a direct consequence of a solid metal in concentrate (M&C) production increasing by 4% to 1.5 million PGM ounces and sales volumes rising by 18% to 1.7 million PGM ounces, in line with higher refined production. As a result of our disciplined operational execution and higher PGM prices, we delivered a 4-fold increase in EBITDA to R33.4 billion, the third highest interim profits in our history. As a result, the Board has declared a substantial interim dividend of R15 billion, or R57 per share, equating to 70% of headline earnings.
“We continue to advance our world-class growth projects, whilst our renewed operating philosophy is driving strong operational efficiencies across the portfolio. We have made good progress with the Sandsloot Underground Project at Mogalakwena, where we remain on track to complete the feasibility study and reach an investment decision during the first half of 2027. Meanwhile, our focus on operational optimisation, cost discipline and value creation has led to an 18% increase in chrome yields at Amandelbult, and a 15% year-on-year improvement in mass pull reduction, and improved recoveries at the Mogalakwena North Concentrator, following the implementation of Jameson Cells.
“Looking ahead to the second half of the year, we are reaffirming our commitment to achieving zero harm. While our operational and financial performance is important, it can never come at the expense of employee and contractor safety.
Our 2026 M&C and refined production as well as unit cost guidance remains unchanged. The business is well positioned to continue this positive delivery momentum through the second half of the year. Through our operational excellence programs, we remain focused on ensuring that over the medium term, our assets continue to operate sustainably in the lower half of the industry cost curve. Coupled with our disciplined approach to capital allocation, we continue to be well positioned to sustain our track record of industry leading shareholder returns through the cycle.”
Safety Remains the Top Priority
- Valterra Platinum recorded three fatalities during the first half of 2026. In response, we implemented company-wide safety stoppages at our operations to refocus our teams on critical safety behaviours, accelerating the implementation of corrective actions across the business. Furthermore, the Company issued a focused set of interventions which include reinforcing critical safety risk management across all operations, increasing visible felt engagement in the field, and strengthening capability at supervisory level.
- The Company’s Total Recordable Injury Frequency Rate (TRIFR) was 1.66, remaining within the leading quartile of the International Council on Mining and Metals (ICMM).
Strong Production and Sales Growth
- Operational performance improved significantly across the portfolio, with total PGM production increasing 4% to 1.5 million ounces. Own-mined production rose 9%, largely driven by improved performance at Amandelbult following the flooding disruptions experienced in early 2025. Chrome yields at Amandelbult also increased by 18%.
- Refined production increased 25% to 1.7 million ounces, benefiting from higher mine output, inventory optimisation and the strategic deferral of processing maintenance activities to the third quarter. Sales volumes consequently increased 18% to 1.7 million ounces.
Benefiting from Stronger PGM Markets
- The PGM market experienced a substantial recovery during the period, with Valterra Platinum’s realised dollar basket price increasing 85% to US$2,801 per ounce and the rand basket price rising 66% to R45,993 per ounce.
- We are actively supporting long-term PGM demand growth through strategic industry partnerships. Following our collaboration with Johnson Matthey & Sibanye Stillwater earlier this year, we recently initiated two separate partnerships, one with Umicore in Germany and another with Pujing Chemicals in China, to expand the use of PGMs in industrial applications.
Cost Discipline Supports Margins
- Despite inflationary pressures and ongoing geopolitical impacts on input costs, cash operating costs remained broadly flat at R20,677 per PGM ounce. All-in sustaining costs reduced by 21% to $996 per 3E ounce, reflecting higher sales volumes, increased by-product revenues and lower sustaining capital expenditure.
- The Company’s mining EBITDA margin expanded to 50%, underscoring the strength of its operational leverage and cost discipline.
Balance Sheet Strength and Capital Allocation
- Valterra Platinum’s balance sheet strengthened materially during the period, with net cash increasing to R23.7 billion and available liquidity reaching R55 billion.
- The Company also successfully established an investment-grade debt note program and issued R2 billion in listed debt notes reducing its cost of funding and further enhancing its liquidity.
- Post-period end, Valterra Platinum received the final R1.45 billion payment relating to the Amandelbult flooding insurance claim.
Sustainability – creating and protecting value
- The Company achieved meaningful progress toward its 2030 emissions reduction targets. Through the Envusa renewable energy projects, approximately 181 GWh of renewable electricity was supplied to operations during the period, reducing emissions by an estimated 195 ktCO₂e and delivering approximately R36 million in electricity cost savings.
- Through the completion of the 5 Mℓ/day Thabazimbi wastewater treatment works and the implementation of a reverse osmosis treatment plant supplying 1 Mℓ/day of potable water to the Ga-Chaba community, we are strengthening water resilience while delivering meaningful benefits to local communities.
- In addition, all operations are progressing through IRMA recertification and surveillance processes, reinforcing Valterra Platinum’s leadership in responsible mining practices.
Shareholder Returns
- In line with our capital allocation framework, the Board has declared an interim dividend comprising of:
- An ordinary base dividend of R32.50 per share or R8.6 billion, equivalent to 40% payout of headline earnings; and
- An additional dividend of R24.50 per share or R6.5 billion, in line with our commitment to return excess cash to shareholders.
- This brings the total interim dividend declared to R15 billion or R57 per share, equating to 70% of headline earnings.
- This marks the Company’s 18th consecutive dividend declaration since the reinstatement in 2017.
Outlook
Valterra Platinum has reaffirmed its 2026 guidance:
- M&C and refined production guidance of 3.0–3.4 million PGM ounces.
- The company’s full year unit cost guidance of R19,000-R20,000 per PGM ounce and AISC of $1,050 /3E ounce sold.
- Capital expenditure at R17.0-R18.0 billion, with increased investment expected in the second half of the year.