Impala Platinum Holdings reported a 43-fold jump in annual profit after tax to R31.7 billion for the year ended June 30, 2026, as higher metal prices and improved operations drove revenue to R135.1 billion, up 58% from the prior year.
Earnings before interest, tax, depreciation and amortisation surged to R43.6 billion from R9.9 billion, lifting EBITDA margins to 32% from 12%. Free cash flow totalled R22.0 billion, compared with R2.4 billion in FY2025, enabling the company to declare total dividends of 1,855 cents per share, equivalent to R17.1 billion in shareholder returns.
Group mineral reserves increased by 9.4% to 53.8 million ounces of 6E metals, following depletion of 4.7 million ounces through production. Reserves are concentrated in South Africa, which holds 59% of platinum, 47% of palladium and 69% of rhodium reserves, while Zimbabwe accounts for the remaining 41%, 52% and 31% respectively.
Refined production of 6E metals rose 5% to 3.56 million ounces, with sales volumes up 4% at 3.51 million ounces. Unit costs increased 8% to R24,249 per ounce, while achieved metal prices averaged $1,761 for platinum, $1,433 for palladium and $8,445 for rhodium, reflecting gains of 79%, 45% and 75% respectively.
Impala Rustenburg, the company’s largest operation, produced 1.74 million ounces of refined 6E metals, up 4%, with record output at shafts 14, 16 and 20. Zimplats maintained matte production at 606,000 ounces, while Two Rivers and Marula reported positive free cash flow for the first time in years. Impala Canada, now in its final phase, produced 213,000 ounces and extended its mine life through FY2027.
The company outlined a five-year capital program of approximately R60 billion, with FY2027 guidance targeting refined 6E production of 3.3 million to 3.5 million ounces and unit costs of R25,250 to R26,250 per ounce. Capital expenditure for FY2027 is projected at R9 billion to R11 billion.
Safety metrics improved, with fatalities falling to four from eight in the prior year and the fatal injury frequency rate declining 53% to 0.027. Environmental incidents were eliminated at the highest severity levels, while water recycling reached 58% and renewable electricity accounted for 30% of energy use. ESG ratings were upgraded by MSCI to an A rating, while CDP maintained a B rating for climate and water performance.
