Wrap Text
Audited Consolidated Annual Results for the financial year ended 30 June 2026 and Cash Dividend Declaration
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code: IMP
ISIN: ZAE000083648
ADR code: IMPUY
("Implats", "Company" or the "Group")
AUDITED CONSOLIDATED ANNUAL RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2026 AND CASH DIVIDEND DECLARATION
KEY FEATURES FOR FY2026:
- 18% improvement in TIFR(1) to 6.72, 9% improvement in LTIFR(1) to 3.16
- Regrettably, four fatalities at managed operations
- Fifth consecutive inclusion in the S&P Global Sustainability Yearbook (2026)
- No major, significant or limited environmental incidents
- A strong operating performance from Group mining and processing assets
- Group 6E production was stable at 3.50Moz
- Refined and saleable 6E production improved by 5% to 3.56Moz
- Group 6E unit costs increased 8% to R24 249/oz (stock-adjusted)
- Consolidated Group capital expenditure increased by 3% to R7.2bn
- Rand revenue per 6E ounce increased 51% to R38 116
- EBITDA of R43.6bn with headline earnings of R22.9bn or 2 548 cents per share
- Basic earnings of R31.0bn or 3 459 cents per share
- Free cash flow of R22.0bn and closing adjusted net cash of R22.0bn
- Final dividend of 490 cents per share and an additional ordinary dividend of 955 cents
declared, with total FY2026 dividends of 1 855, circa 82% of adjusted free cash flow
- All three major PGM markets are likely to record successive supply deficits in 2026
- Well positioned to focus on future value creation, leverage portfolio optionality and
advance sustainability objectives.
(1) Per million man-hours worked
COMMENTARY
Implats delivered a strong performance in FY2026, underpinned by superb delivery from key mining and processing
assets, increased refined production, higher sales volumes and a significant improvement in financial results.
The Group met key production and cost objectives while strengthening its balance sheet, increasing shareholder
returns and advancing strategic imperatives that support sustainable value creation.
Implats' strategy is focused on delivering long-term value through safe, responsible operations and disciplined
project execution. By focusing on operational excellence and advancing sustainability outcomes, the Group seeks
to maintain commercial success through market cycles while positioning its portfolio for the future to remain
competitive in a changing landscape. The Group's project and growth pipeline supports the delivery of this strategy.
The Group's capital investment focus shifted from a substantial processing project portfolio to reserve
replacement and life-of-mine extension, energy security and environmental sustainability projects. These investments
are designed to release value from Implats' significant mineral endowment, enhance operational resilience, sustain
long-term production profiles and improve environmental performances. The consolidation of Impala Rustenburg was completed
in the period, with key life-of-mine extension projects approved and a notable increase in reported mineral reserves.
For FY2026, Implats generated EBITDA of R43.6 billion, headline earnings of R22.9 billion or 2 548 cents per share and
adjusted free cash flow of R20.9. billion. The Group returned 82% of adjusted free cash flow to shareholders and closed
the year with a significantly strengthened balance sheet.
Implats enters FY2027 from a position of strength and confidence. The recovery in commodity markets, combined with
strong operational delivery, supported cash generation and enhanced strategic flexibility. This positions the Group
well to focus on future value creation, leverage portfolio optionality, advance sustainability objectives and explore
additional growth opportunities across its mining, processing and marketing activities.
Safety
Implats remains unwavering in its goal to eliminate fatalities and life altering injuries, which sits at the heart of
its aspiration to achieve zero harm. The Group stepped up its drive to embed a safety first mindset at all operations,
with increased emphasis on personal responsibility, stronger accountability and more cohesive teamwork. This commitment
to protecting our people is underpinned by well established systems and processes, supported by disciplined risk management.
Despite this progress, both the occurrence and severity of incidents remain a significant concern and underscore the
need for continued vigilance and cultural transformation. Regrettably, four fatalities occurred at managed operations at
Impala Rustenburg in the period. Employees lost their lives in a road accident, a winch incident, a tramming incident
and a fall-of-ground event.
Operational summary
Group production and managed volumes were restated after the consolidation of Impala Rustenburg. The figures now
include saleable volumes from the operation's North Shafts (formerly called Impala Bafokeng), whereas, previously,
concentrate volumes from the North Shafts were included.
Tonnes milled at the Group's managed operations increased by 4% to 27.48 million tonnes (FY2025: 26.29 million).
Milled throughput at Impala Rustenburg benefitted from strong operational delivery at the South and Central shafts and the
continued ramp-up at Styldrift. At Zimplats, improved fleet availability and increased open-cast ore resulted in higher
mined and milled throughput. Performance at Marula reflected the impact of an increased development rate as strategies to
improve mining flexibility were advanced and, at Impala Canada, production rates were tapered in line with plan.
Milled grade declined by 1% to 3.75g/t 6E due to changes in ore mix, with higher throughput at Zimplats and the
Impala Rustenburg South and Central shafts. Reported volumes were impacted by the accumulation of concentrate inventory
at Zimplats, where production is recorded in matte. Consequently, 6E production at managed operations increased by 1%
to 2.75 million ounces (FY2025: 2.73 million).
6E concentrate production from joint ventures (JVs) - Two Rivers and Mimosa - declined by 3% to 526 000 ounces
(FY2025: 542 000). 6E concentrate receipts from third parties at Impala Refining Services (IRS) increased by 6% to
222 000 ounces (FY2025: 209 000), with better-than-expected deliveries from key contracts in the period.
In total, Group 6E production improved marginally to 3.50 million ounces (FY2025: 3.48 million).
Refined 6E production, which includes saleable ounces from Impala Rustenburg North Shafts and Impala Canada, improved
by 5% to 3.56 million ounces. South African processing assets delivered a particularly strong performance. Record
milling rates were achieved at the base metal refinery and the precious metal refinery delivered a 6% increase in volumes
to 2.92 million 6E ounces. The scheduled rebuild of Impala Rustenburg's Furnace 4 was completed in the period and excess
work-in-process inventory was reduced, in line with expectations, to 300 000 6E ounces (H1 FY2026: 400 000; FY2025: 420 000).
Group mining inflation of 5.6% was compounded by salary adjustments and back-pay at Zimplats, the implementation of a
seven-day development schedule at Marula, as well as additional discretionary spend on maintenance and engineering at
Impala Rustenburg and Zimplats. This offset the benefit of improved volumes and the stronger rand on the translation of
foreign subsidiaries' costs. As a result, Group unit costs per 6E ounce increased by 8% to R24 249 on a stock-adjusted
basis (FY2025: R22 491).
Across the portfolio, Implats is positioning its business for strategic optionality through a capital programme
focused on life-of-mine extensions, ore reserve development, processing debottlenecking, infrastructure reliability,
energy security and improved environmental performance. Group capital expenditure in FY2026 increased by 3% to
R7.2 billion (FY2025: R7.0 billion). Stay-in-business spend increased, while replacement and expansion spend tapered
as projects neared completion.
The attributable Group Inclusive Mineral Resource estimate decreased by 2% to 308.7 million 6E ounces (FY2025: 315.0 million),
while the attributable Group Mineral Reserve estimate increased by 9% to 53.8 million 6E ounces (FY2025: 49.1 million).
These outcomes reflect the net effect of mining depletion, revised geological interpretations, updates to modifying factors
and the ongoing conversion of Mineral Resources to Mineral Reserves.
The growth in reserves was underpinned by the approval of life-of-mine extensions at Impala Rustenburg, the extension of mining
at Marula and enhanced Mineral Resource confidence at Zimplats, which facilitated additional conversion to Mineral Reserves.
Financial summary
The Group's strong operating performance, combined with significantly higher US dollar precious and base metal prices,
resulted in a substantial improvement in earnings, cash flow and profitability in FY2026. Improved production and sales
volumes enabled Implats to fully capture favourable pricing conditions during the period, while basic earnings also
benefitted from the reversal of impairments relating to property plant and equipment and the prepaid royalty at
Impala Rustenburg. As a result, revenue, EBITDA, headline earnings and free cash flow rebounded strongly, reinforcing
the Group's robust financial position and liquidity.
Revenue of R135.1 billion increased by 58%, while cost of sales of R102.0 billion were 23% higher and Implats
delivered gross profit of R33.1 billion, with a gross profit margin of 25%. Implats recorded EBITDA of R43.6 billion at
an EBITDA margin of 32% (FY2025: R9.9 billion and 12%).
A total impairment reversal of R11.1 billion at Impala Rustenburg was recognised in FY2026, relating to property, plant and
equipment (R8.5 billion) and the Royal Bafokeng Nation prepaid royalty (R2.6 billion), with both assets returned to their
original depreciated carrying value.
Headline earnings rebounded, rising to R22.9 billion or 2 548 cents per share. Basic earnings improved to R31.0 billion or
3 459 cents per share, benefitting from the R8.1 billion post-tax reversal of impairments The weighted average number of
shares in issue declined marginally to 897.41 million from 897.45 million.
The Group recorded a free cash inflow of R22.0 billion, after net cash capital outflows of R6.9 billion and ended the
period with adjusted net cash (net of debt) of R22.0 billion and liquidity headroom of R37.0 billion.
Implats' capital allocation framework aims to sustain and grow meaningful value for all stakeholders and provide
attractive returns to shareholders, while maintaining financial flexibility for the Group through the commodity cycle.
Having considered the Group's financial performance, robust balance sheet, liquidity position and the prevailing
outlook for PGM markets, the board declared a final cash base dividend of 490 cents per ordinary share or R4.4 billion,
together with an additional ordinary dividend of 955 cents per ordinary share, amounting to R8.7 billion.
Total dividends declared in FY2026 amounted to 1 855 cents per ordinary share, or R16.8 billion in aggregate. Together
with R0.3 billion paid to minority shareholders, a total of R17.1 billion, or 82% of adjusted free cash flow was
allocated to shareholder returns in the period.
Outlook and guidance
The global operating environment remains characterised by heightened geopolitical complexity, shifting trade relationships,
growing resource nationalism and rapid technological change. While uncertainty has become a defining feature of the macroeconomic
landscape, the constructive medium-term outlook for PGMs continues to provide impetus to sustainable value creation at Implats.
Demand for the Group's primary products remains supported by ongoing industrial requirements and the energy transition. At the
same time, primary supply remains constrained and physical markets for platinum, palladium and rhodium remain relatively tight,
while the minor PGMs are assuming greater strategic importance and improved profit potential.
Against this backdrop, Implats remains confident in the long-term competitiveness of PGMs and their role in supporting the societal
aspirations of current and future generations. Industry market scenarios continue to highlight the need for additional future supply
and the importance of sustaining demand growth over time, particularly as vehicle technology pathways continue to evolve. Implats is
focused on responding appropriately and timeously to the forces which will shape its future operating context.
Implats enters FY2027 from a position of strength and confidence. The Group remains committed to responsible and safe production,
disciplined cost management, constructive stakeholder relationships and prudent capital allocation. Equally, Implats is focused on
future value creation by leveraging portfolio optionality through operational excellence and project execution, while exploring growth
opportunities across its mine-to-market activities.
Guidance
For FY2027, Group refined and saleable production is expected to be between 3.30 and 3.50 million 6E ounces. This accounts for the
impact of production foregone due to the Impala Rustenburg safety reset and available processing capacity given the safety stoppage
at Impala Rustenburg's mineral processing division in August 2026, as well as the planned Zimplats furnace rebuild in H1 FY2027.
Group unit costs are forecast to rise by between 4% and 8% to be between R25 250 and R26 250 per 6E ounce on a stock-adjusted basis.
Group capital expenditure is forecast to be between R9.0 billion and R11.0 billion. This guidance assumes exchange rates of R16.50/US$
and C$1.35/US$, respectively.
The financial information on which the abovementioned guidance is based has not been reviewed and reported on by Implats' external auditors.
KEY FINANCIAL METRICS
Year ended Year ended Variance
30 June 2026 30 June 2025 %
Revenue (Rm) 135 146 85 459 58.1
Gross profit (Rm) 33 139 2 443 >100
EBITDA(1) (Rm) 43 590 9 919 >100
Profit for the year (Rm) 31 668 707 >100
Basic earnings (Rm) 31 039 761 >100
Headline earnings (Rm) 22 865 732 >100
Free cash flow(1) (Rm) 21 957 2 354 >100
Adjusted net cash(1) (Rm) 22 009 8 521 158.3
Basic earnings per share (cps) 3 459 85 >100
Headline earnings per share (cps) 2 548 82 >100
Dividends per share (cps) 1 855 165 >100
(1)Non-International Financial Reporting Standards (IFRS) metrics
Note: All non-IFRS measures are defined in the Audited Summarised Consolidated Annual Results for the year
ended 30 June 2026 available at www.implats.co.za.
OPERATING STATISTICS
Year ended Year ended Variance
30 June 2026 30 June 2025 %
Gross refined production
6E (000oz) 3 558.9 3 374.5 5.5
Platinum (000oz) 1 678.6 1 602.9 4.7
Palladium (000oz) 1 190.3 1 136.8 4.7
Rhodium (000oz) 209.3 193.2 8.3
Nickel (tonnes) 18 456 15 693 17.6
Sales volumes
6E (000oz) 3 512.0 3 369.0 4.2
Platinum (000oz) 1 674.6 1 588.9 5.4
Palladium (000oz) 1 179.9 1 124.1 5.0
Rhodium (000oz) 202.2 196.4 3.0
Nickel (tonnes) 14 152 13 299 6.4
Prices achieved
Platinum (US$/oz) 1 761 986 78.6
Palladium (US$/oz) 1 433 986 45.3
Rhodium (US$/oz) 8 445 4 818 75.3
Nickel (US$/t) 16 057 15 467 3.8
Consolidated statistics
Average rate achieved (R/US$) 16.81 18.12 (7.2)
Closing rate for the period (R/US$) 16.40 17.72 (7.4)
Revenue per 6E ounce sold (US$/oz) 2 267 1 389 63.2
Revenue per 6E ounce sold (R/oz) 38 116 25 172 51.4
Tonnes milled ex-mine(1) (000t) 27 476 26 294 4.5
Group 6E production (000oz) 3 496.9 3 481.1 0.5
Group unit cost per 6E ounce (stock-adjusted) (R/oz) 24 249 22 491 (7.8)
Group unit cost per 6E ounce (stock-adjusted) (US$/oz) 1 434 1 238 (15.8)
Capital expenditure(1) (Rm) 7 214 6 979 (3.4)
(1)Managed operations
DIVIDEND DECLARATION
Implats' dividend policy is aligned with its capital allocation framework, which seeks to balance delivering sustainable and attractive
shareholder returns with maintaining a strong and flexible balance sheet. The framework also ensures the Group remains appropriately
capitalised to fund operational requirements and pursue value-accretive growth opportunities.
During the period, the board approved an amendment to the dividend policy to provide shareholders with greater transparency and certainty
regarding the level of ordinary returns and the circumstances under which additional distributions may be made.
Under the previous policy, Implats targeted a minimum dividend payout of 30% of adjusted free cash flow, before growth capital expenditure,
while retaining the discretion to increase or decrease the payout based on the Group's financial position, prevailing market conditions and
capital allocation priorities at the time.
To enhance clarity for shareholders, the board approved the following revised framework:
- A base dividend equivalent to 30% of adjusted free cash flow, before growth capital expenditure, through the cycle
- Where appropriate and, subject to maintaining a strong balance sheet, provide additional returns to shareholders through the declaration
of an additional ordinary dividend in excess of the base dividend.
In line with the revised framework, shareholders are advised that the board has resolved to declare a final cash base dividend of 490 cents
per ordinary share or R4.4 billion, together with an additional ordinary dividend of 955 cents per ordinary share or R8.7 billion, amounting
to R13.1 billion in aggregate as at the date of declaration, for the financial year ended 30 June 2026. The dividend will be paid from
retained earnings.
Accordingly, together with the interim dividend of 410 cents per ordinary share, or R3.7 billion, total dividends declared for FY2026
amounted to 1 855 cents per ordinary share, or R16.8 billion in aggregate, representing approximately 82% of adjusted free cash flow
returned to ordinary shareholders.
This revised approach demonstrates Implats' commitment to delivering sustainable shareholder returns while maintaining the financial
flexibility required to support long-term value creation.
Implats has 904 368 485 ordinary shares in issue and the Company's tax reference number is 9700178719.
The cash dividends will be subject to a 20% dividend withholding for shareholders who are not exempt from, or do not qualify for,
a reduced rate of withholding tax.
Therefore, the net ordinary dividend amount is 392 cents per ordinary share for shareholders liable to pay the dividend withholding
tax and 490 cents per ordinary share for shareholders exempt from dividend withholding tax.
The net additional ordinary dividend amount is 764 cents per ordinary share for shareholders liable to pay the dividend withholding tax
and 955 cents per ordinary share for shareholders exempt from dividend withholding tax.
Shareholders are advised to complete the requisite declaration form to make the Company aware of their tax status.
The salient dates are as follows:
Declaration date: Thursday, 3 September 2026
Last day for trading to be eligible for cash dividend: Monday, 21 September 2026
Trading ex-dividend commences: Tuesday, 22 September 2026
Record date: Friday, 25 September 2026
Dividend payment date: Monday, 28 September 2026
Share certificates may not be dematerialised or rematerialised between Tuesday, 22 September 2026 and Friday, 25 September 2026,
both days inclusive.
SHORT FORM ANNOUNCMENT
This announcement is extracted from the Group's audited consolidated annual financial statements for the year ended 30 June 2026 ("AFS2026")
and, as such, does not contain full or complete details. Any investment decisions should be based on consideration of the AFS2026.
This short form announcement is the responsibility of the board of directors of Implats and is not itself audited but extracted from the AFS 2026.
Deloitte & Touche, the external auditors, have issued an unmodified audit opinion on the AFS2026 which is available on Implats' website
at https://www.implats.co.za and through the JSE cloudlink at https://senspdf.jse.co.za/documents/2026/jse/isse/IMPE/YE2026.pdf
QUERIES:
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013
M: +27 (0) 82 809 0166
Emma Townshend
E-mail: emma.townshend@implats.co.za
T: +27 (0) 21 794 8345
M: +27 (0) 82 415 3770
Alice Lourens
E-mail: alice.lourens@implats.co.za
T: +27 (0) 11 731 9033
M: +27 (0) 82 498 3608
3 September 2026
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 03/09/2026 07:05:00
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