Sylvania Platinum (SLP) H2 2025 earnings summary

Executive summary

• Achieved record PGM production of 81,024 ounces in FY2025, exceeding revised guidance and up 11% year-over-year, with strong operational execution and safety milestones.

• Net revenue rose 28% to $104 million, driven by higher PGM prices and production.

• EBITDA more than doubled to $29.3 million, up 117% from the prior year.

• Thaba JV commissioned, diversifying revenue with chrome and PGM co-production; ramp-up ongoing.

• Maintained a debt-free balance sheet, disciplined capital allocation, and consistent shareholder returns.

Financial highlights

• Average PGM basket price increased 13% year-over-year to $1,507/oz.

• Earnings per share reached EUR 0.0773 (7.73¢), up from EUR 0.0226 (2.66¢) in the prior year.

• Net profit for the period was $20.2 million, up from $7.0 million in FY2024.

• Cash balance at year-end was $60.9 million after $31 million capital outflow and $5.8 million dividends paid.

• Annual dividend of 2.75p per share declared, exceeding policy minimum.

Outlook and guidance

• FY2026 production target set at 83,000–86,000 ounces of 4E PGMs and 100,000–130,000 tonnes of chromite concentrate.

• Thaba JV ramp-up to steady state expected by Q3 FY2026, with additional PGM and chrome revenue.

• PGM basket price forecast at $1,809/oz for 2026 and $1,890/oz for 2027.

• EBITDA forecast to increase significantly with higher PGM prices and chrome revenue.

• Capital expenditure for 2026 projected at $32 million, tapering to under $10 million from 2027.