EarningsQ4 2026 Earnings Report
DE:EB9 Q4 2026 EPS Results
Actual EPS€0.43
Consensus EPS―
Beat/Miss―
One Year Ago EPS-€0.26
DE:EB9 Q4 2026 Revenue Results
Actual Revenue€403.20M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+39.05%
Earnings Announcement Details
QuarterQ4 2026
Date09/04/2026
TimeBefore Open
Conference CallFriday, September 4, 2026
DE:EB9 Upcoming Earnings
African Rainbow Minerals's next earnings date is estimated for March 5, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
DE:EB9 Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. ARM reported higher group headline earnings, a 54% increase in net cash, strong PGM earnings growth, improved operating cash generation, a fatality-free year, environmental progress, and several approved growth projects. These positives were partly offset by substantial declines in ferrous and coal earnings, weaker commodity prices, a stronger rand, lower iron ore and PGM production at selected operations, higher operating costs, rail constraints, and elevated capital requirements. Management nevertheless maintained a positive earnings outlook and emphasized balance-sheet strength and phased capital allocation.Company Guidance
Improved Group Earnings and Dividend Declaration
Headline earnings increased 19% to ZAR 3.2 billion, while headline earnings per share rose 20% to ZAR 16.60. ARM declared a final dividend of ZAR 7 per share and reiterated its commitment to paying competitive dividends through the cycle.
Stronger Balance Sheet and Cash Position
Net cash improved 54% to ZAR 10.2 billion, giving ARM flexibility to pursue value-enhancing growth opportunities. Total borrowings decreased by ZAR 1.9 billion to ZAR 157 million after Two Rivers repaid and settled its term loan and revolving credit facilities. ARM ended the year with a net cash-to-equity position of 16%.
Strong Operating Cash Generation
Cash generated by operations increased to ZAR 4.2 billion from ZAR 45 million in the prior corresponding period, with the significant increase specifically attributed to ARM Platinum operations.
PGM Earnings Rebound
ARM Platinum headline earnings increased 204% to ZAR 1.345 billion on stronger PGM basket prices. Two Rivers Platinum headline earnings increased 495% and Modikwa headline earnings increased 1,668%, driven by higher realized U.S. dollar PGM prices and positive mark-to-market adjustments.
Dividend Contributions from Investments and Joint Ventures
ARM received ZAR 3.4 billion from the Assmang joint venture and ZAR 512 million in dividends from Harmony. Harmony dividends received increased 113% year-on-year. Subsequent to year-end, ARM received ZAR 77 million from ARM Coal and ZAR 200 million from Modikwa via ARM Platinum.
Fatality-Free Safety Performance
ARM reported a fatality-free financial year, its first fatality-free year since financial year 2017. The lost-time injury frequency rate improved 9% to 0.29 per 200,000 man-hours. Khumani achieved 7 million fatality-free shifts, Two Rivers achieved 3 million, Modikwa achieved 2 million over an 18-month period, and Black Rock achieved 1 million over one year.
Environmental Progress and Renewable Energy Development
Scope 1 and 2 carbon emissions decreased 33% to 1.06 million tonnes of carbon dioxide equivalents, mainly due to reduced activity and the adoption of renewable energy at PGM operations. Water withdrawn decreased 19% to 21.30 million cubic metres. Construction of the 100 MW solar plant was completed; PGM operations began receiving up to 50 MW of renewable power in December, with the full 100 MW expected by the end of the first quarter of financial year 2027.
Manganese Production Growth
Manganese ore production increased 5% to 3.9 million tonnes, reflecting targeted operational and technical improvements at Black Rock Mine.
Improved Railings and Production at Key Operations
Iron ore railings were 2% better year-on-year and manganese railings were 4% better, while the total system delivered 1% improvement. Khumani railed 12.6 million tonnes versus 12.3 million tonnes in the prior year, and Black Rock railed 3.8 million tonnes versus 3.68 million tonnes. Khumani production increased by 92,000 tonnes despite adverse weather.
Khumani Cost-Saving and Resource Position
ARM stated that it used Beeshoek equipment rather than buying new equipment, generating cost savings. Khumani remains a tier-one, long-life, high-grade iron ore asset, with a lumpy premium cited at $18 per tonne. The operation's Bokamoso efficiency project targets cost reductions, and the company stated that 33% of the cost base is within its control.
Decisive Action on Loss-Making Assets
ARM highlighted the cessation of Cato Ridge Works and Alloys and the divestment of Sakura. Sakura's production through 31 October 2025 was 81,000 tonnes, and the investment was successfully sold, avoiding significant losses and liabilities. ARM said these actions strengthened Assmang's financial position and supported sustainability.
Bokoni Development Approved
The board approved development of the Bokoni 180 KTPM project after a successful definitive feasibility study completed in June 2026. The project has an expected NPV of ZAR 5.9 billion, an IRR of 28%, a payback period of 6.3 years, and capital expenditure of ZAR 15.2 billion. Steady-state production is expected to be between 350,000 and 400,000 ounces 6E, with the asset positioned below the 50th percentile of the global PGM cost curve.
Nkomati Restart Approved
Following ARM's acquisition of full ownership of Nkomati in July 2025, the board approved the recommencement of open-pit mining and nickel concentrate production in July 2026. ARM described the restart as a low-risk, immediately executable opportunity that leverages existing infrastructure and reestablishes South Africa's only primary nickel producer.
Progress on Two Rivers Merensky Restart
A revised feasibility study for the Two Rivers Merensky restart was completed in May 2026 and exceeded the hurdle rate. Decline development progressed from level four to level five, production from one stoping crew increased from 22,000 tonnes in July to 23,000 tonnes in August, and a second stoping crew is planned for November. The operation is expected to ramp to the minimum 120,000 tonnes per month required to restart the Merensky concentrator plant in about two years.
Modikwa Development and Operational Improvement
Modikwa completed 2,000 metres more development than the prior year, representing a 28% improvement. Management said additional development is opening more stoping reserves, the North decline ventilation shafts are functioning after water ingress was sealed, and advanced process controls are being introduced to improve concentrator stability and recovery. The open-pit material currently used as a gap filler was described as profitable.
Positive Harmony and Surge Copper Investment Updates
ARM's Harmony investment was positively revalued by ZAR 388 million in financial year 2026 and was valued at ZAR 18.67 billion based on the 30 June 2026 share price. ARM remains fully committed to Harmony as a strategic investment. ARM's Surge Copper shareholding increased to 19.9% on a non-diluted basis, while the Berg Project advanced into feasibility studies, environmental assessment, and permitting after a pre-feasibility study confirmed a large-scale copper-molybdenum development with a 28-year life of mine.
Disciplined and Phased Capital Allocation
ARM invested around ZAR 2.5 billion during the year, or approximately ZAR 4.9 billion on a segmental attributable basis, primarily on decline deepening, fleet refurbishment, infrastructure replacement, and waste stripping. Management said Bokoni, Nkomati, and Surge Copper investments would be phased. Bokoni's ZAR 15.2 billion capital bill will be spent over seven years, with peak funding expected to be ZAR 10.2 billion, while Nkomati is expected to require ZAR 1.9 billion over two years.
Positive Earnings Outlook
Management said its outlook on earnings remains positive, supported by improved PGM margins from firmer basket prices, expected volume improvements at Two Rivers and Modikwa, and continued focus on cost discipline, mining flexibility, grade improvement, and quality production.
DE:EB9 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed