Impala Platinum Holdings reported a 43-fold increase in profit after tax to R31.7 billion in the year ended June 30, 2026, as soaring platinum group metal prices and operational efficiency offset rand strength and rising costs.
Revenue rose 58% to R135.1 billion, driven by a 64% contribution from higher dollar prices and a 5% contribution from volume growth. A 12% negative impact from rand appreciation trimmed gains. The revenue basket price increased 51% to R38,116 per ounce. EBITDA surged to R43.6 billion from R9.9 billion, lifting margins to 32% from 12%.
Free cash flow reached R22.0 billion, up from R2.4 billion, while adjusted free cash flow totaled R20.9 billion. Total dividends declared amounted to 1,855 cents per share, equivalent to R17.1 billion, representing 82% of adjusted free cash flow. The company recognized an R11.1 billion pre-tax impairment reversal, including an R8.5 billion reversal at Impala Rustenburg.
Mineral reserves increased 9.4% to 53.8 million ounces of 6E metals despite depleting 4.7 million ounces through production. Refined 6E production rose 5% to 3.56 million ounces, while sales volumes increased 4% to 3.51 million ounces. Unit costs climbed 8% to R24,249 per ounce.
Impala Rustenburg, the group’s flagship operation, refined 1.744 million ounces, with North shafts and Styldrift contributing 511,000 ounces. Zimplats produced 606,000 ounces of matte, while Two Rivers saw free cash flow jump to R2.3 billion. Marula returned to profitability with R464 million in free cash flow, and Impala Canada’s free cash flow improved to C$175 million.
The company reduced fatalities from eight to four and improved safety metrics, including a 53% decline in the fatal injury frequency rate. Environmental performance strengthened, with zero Level 4 or 5 incidents and 58% water recycling. MSCI upgraded Impala’s ESG rating to A, while CDP maintained its B rating.
Achieved metal prices reached $1,761 per ounce for platinum, $1,433 for palladium and $8,445 for rhodium. The average rand exchange rate was 16.81 per U.S. dollar, with FY2027 modeled at 16.50.
Management described the year as a stellar financial performance and highlighted reserve growth as the most noteworthy achievement. The company outlined a five-year capital program totaling approximately R60 billion, with FY2027 capex projected between R9 billion and R11 billion.
