Impala Platinum Holdings Ltd

XMUN:IPHB

Revenue Decline: Impala's gross revenue fell 10% to ZAR 106.6 billion, down from ZAR 118 billion, due to lower metal prices and reduced sales volumes.

Cost Pressures: Unit costs rose sharply by 14%, primarily from inflation and currency effects, outpacing industry averages.

EBITDA Margin Drop: EBITDA margin dropped from 45% to 34% as profitability was hit by higher costs and lower prices.

Dividend Maintained: Despite weaker results, the company declared a total dividend of ZAR 5.85 per share (ZAR 5.1 billion).

Strong Balance Sheet: Ended the year with ZAR 26.8 billion in cash, even after funding the RBPlat acquisition and dividend payouts.

RBPlat Integration: Secured full control of Royal Bafokeng Platinum; integration underway with a focus on operational improvements over 12–24 months.

Guidance Caution: Production and capex guidance for next year are stable, but management will cut or defer projects if prices weaken further.

Market Outlook: Management expects some recovery in metal prices by Q4, but remains cautious due to ongoing global economic uncertainty.