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2026 Condensed consolidated interim results (reviewed) for the six months ended 31 December 2025 >> Key features

Key features

Implats is a leading, fully integrated platinum group metals (PGMs) producer. The Group is structured around six mining operations, refining and processing facilities, and a refining business, Impala Refining Services (IRS).

Implats employs more than 63 000 people across its operations. Our people are the heartbeat of our Company and through our values – to respect, care and deliver – we foster a culture of teamwork and accountability.

Safety and sustainability

  • One employee was fatally injured in a motor vehicle accident
  • LTIFR improved by 7% to 3.08/mmhw*
  • TIFR deteriorated by 2% to 7.21/mmhw*
  • Fifth consecutive inclusion in the S&P Global Sustainability Yearbook (2026)
  • No major, significant or limited-impact environmental incidents.

Operational

  • A robust performance in H1 FY2026, with notable gains delivered in Q2 FY2026
  • Group 6E production increased by 1% to 1.80Moz
  • Managed operations' 6E production increased by 1% to 1.41Moz
  • Joint venture 6E concentrate production was 3% lower at 272koz
  • Third-party 6E receipts increased by 12% to 115koz
  • Refined and saleable 6E production was stable at 1.78Moz
  • Excess 6E inventory of 400koz reduced by 20koz from FY2025
  • Group cash costs increased 10%, with structural adjustments in labour spend at Zimplats, higher engineering and maintenance costs and increased development rates at Marula
  • Group unit costs per 6E ounce increased by 11% to R23 183 on a stock-adjusted basis
  • Consolidated Group capital expenditure of R3.0 billion declined by 23%, due to lower levels of capital at Zimplats as processing projects neared completion
  • On track to meet previously communicated FY2026 refined production, unit cost and capital expenditure guidance.

Financial

  • Full benefit of prevailing rand PGM pricing captured through operational delivery and sustained cost management
  • Gross profit of R13.4 billion and EBITDA of R18.1 billion
  • Headline earnings of R9.3 billion or 1 035cps
  • Free cash inflow of R7.0 billion from R639 million in the prior comparable period
  • Interim dividend of 410cps, 60% of adjusted free cash flow generated
  • Closing adjusted net cash of R12.1 billion
  • Banking facilities were successfully refinanced during the period, with resultant liquidity headroom of R28.8 billion.

Market

  • Dollar revenue per 6E ounce sold rose 44% to US$1 917
  • Rand revenue per 6E ounce sold increased by 40% to R33 261
  • All three major PGM markets are likely to record successive supply deficits in 2026.

*  Per million man-hours worked.

OPERATING STATISTICS

      Six months
ended
31 Dec
2025		 Six months
ended
31 Dec
2024		 Variance
%
Gross refined production*        
6E (000oz)   1 781.6 1 787.7 (0.3)
Platinum (000oz)   851.2 862.8 (1.3)
Palladium (000oz)   584.8 587.1 (0.4)
Rhodium (000oz)   102.9 102.0 0.9
Nickel (tonnes)   9 593 8 375 14.5
IRS metal returned (toll refined)          
6E (000oz)   – – –
Platinum (000oz)   – – –
Palladium (000oz)   – – –
Rhodium (000oz)   – – –
Nickel (tonnes)   2 398 596 302.3
Sales volumes*          
6E (000oz)   1 779.0 1 773.3 0.3
Platinum (000oz)   858.3 843.7 1.7
Palladium (000oz)   589.2 575.6 2.4
Rhodium (000oz)   99.8 100.7 (0.9)
Nickel (tonnes)   6 149 5 805 5.9
Prices achieved          
Platinum (US$/oz)   1 483 968 53.2
Palladium (US$/oz)   1 294 994 30.2
Rhodium (US$/oz)   6 973 4 627 50.7
Nickel (US$/t)   15 066 15 771 (4.5)
Consolidated statistics          
Average rate achieved (R/US$)   17.35 17.87 (2.9)
Closing rate for the period (R/US$)   16.57 18.90 (12.3)
Revenue per 6E ounce sold (US$/oz)   1 917 1 334 43.7
Revenue per 6E ounce sold (R/oz)   33 261 23 831 39.6
Tonnes milled ex-mine** (000t)   14 036 13 740 2.2
Group 6E production (000oz)   1 798.2 1 783.7 0.8
Group unit cost per 6E ounce stock-adjusted (R/oz)   23 183 20 885 (11.0)
Group unit cost per 6E ounce stock-adjusted (US$/oz)   1 334 1 164 (14.6)
Capital expenditure** (Rm)   3 031 3 945 23.2
   Stay-in-business capital (Rm)   2 584 2 661 2.9
   Replacement capital (Rm)   302 379 20.3
   Expansion capital (Rm)   145 905 84.0

*    Includes saleable production from Impala Bafokeng and Impala Canada.
**  Managed operations..

Note: Impala statistics have been restated to reflect the consolidation of Impala North (formerly Impala Bafokeng) into Impala Rustenburg. Saleable and concentrate volumes from the North Shafts are now included, with comparatives restated.

      Six months
ended
31 Dec
2025		 Six months
ended
31 Dec
2024		 Variance
%
Financial performance          
Revenue (Rm)   60 773 42 280 43.7
Gross profit (Rm)   13 441 2 128 531.6
EBITDA* (Rm)   18 095 6 465 179.9
Profit for the six months (Rm)   9 454 1 808 422.9
Basic earnings (Rm)   9 316 1 867 399.0
Headline earnings (Rm)   9 286 1 848 402.5
Free cash flow* (Rm)   7 043 639 1 002.2
Adjusted net cash* (Rm)   12 055 7 448 61.9
Basic earnings per share (cps)   1 039 208 399.5
Headline earnings per share (cps)   1 035 206 402.4
Dividends per share (cps)   410 – –

*  Non-IFRS Accounting Standards metric.

Additional statistical information is available at www.implats.co.za.

      Six months
ended
31 Dec
2025		 Six months
ended
31 Dec
2024		 Variance
%
ESG indicators          
Fatalities (count)       1 5 80.0
FIFR (pmmhw)**   0.014 0.070 80.0
LTIFR (pmmhw)**   3.08 3.31 6.9
TIFR (pmmhw)**   7.21 7.10 (1.5)
Labour including capital* (number)       63 787 64 372 0.9
Level 4 or 5 environmental incidents (count)       0 0  –
Level 3 environmental incidents (count)       0 1  –
Water consumption (kl/t milled)       1.30 1.02 (27.5)
Water recycled/reused (%)       57 58 (1.7)
Energy consumption (GJ/6E)       8.08 8.22 1.7
Renewable electricity consumption (%)       31 30 (3.3)
Scope 1 and 2 carbon emissions (t CO2/6E)        1.66 1.66  –
Carbon emissions avoided (CO2 t)        131 255 119 839 9.5
Land rehabilitated (hectares)      30 22.1 35.7

*    At 31 December 2025.
** Per million man-hours worked.

Forward looking and cautionary statement

Certain statements contained in this disclosure, other than statements of historical fact, contain forward looking statements within the meaning of applicable securities laws. Forward looking statements include, but are not limited to statements regarding Implats' strategy, business plans, operations, reserves and resources, economic performance and/or financial condition, including, without limitation, statements concerning the economic outlook for the platinum industry, expectations regarding metal prices, production, cash costs and other operating results, growth prospects and the outlook of Implats' operations, including the completion and commencement of commercial operations of certain of Implats' exploration and production projects, its liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation, regulatory approvals and/or legislative frameworks or any enforcement proceedings. These statements are based on management's current expectations, estimates and assumptions as at the date of this disclosure and involve known and unknown risks and uncertainties. Although Implats believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results may differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, permitting and environmental matters, labour relations, capital availability, fluctuations in metal prices, levels of global demand and exchange rates and business and operational risk management. For a discussion on such factors, refer to the risk management section of Implats' integrated annual report. Implats is not obliged to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this disclosure or to reflect the occurrence of unanticipated events, except as required by law.

Disclaimer: This entire disclosure and all subsequent written or oral forward looking statements attributable to Implats or any person acting on its behalf are qualified by caution. Recipients hereof are advised this disclosure is prepared for general information purposes and not intended to constitute a recommendation to buy or offer to sell shares or securities in Implats or any other entity. Sections of this disclosure are not defined and assured under the IFRS accounting standards but included to assist in demonstrating Implats' underlying financial performance. Implats recommends that you address any doubts in this regard with an authorised independent financial adviser, stockbroker, tax adviser, accountant or suitably qualified professional.

5 March 2026

Johannesburg

Sponsor to Implats

Nedbank Corporate and Investment Banking, a division of Nedbank Limited