EarningsQ4 2026 Earnings Report
DE:RTZ Q4 2026 EPS Results
Actual EPS€0.09
Consensus EPS€0.12
Beat/MissMissed by -€0.04
One Year Ago EPS€0.05
DE:RTZ Q4 2026 Revenue Results
Actual Revenue€579.98M
Expected Revenue€619.78M
Beat/MissMissed by -€39.80M
YoY Revenue Growth+84.00%
Earnings Announcement Details
QuarterQ4 2026
Date09/16/2026
TimeBefore Open
Conference CallWednesday, September 16, 2026
DE:RTZ Upcoming Earnings
Pan African Resources's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Q4 2026
Earnings Call Date:Sep 16, 2026|
% Change Since:
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Earnings Call Sentiment|Positive
The call was strongly positive, characterized by record production and financial results, substantial cash generation, debt repayment, a degeared balance sheet, sharply higher dividends and an extensive organic growth pipeline. The main challenges were the slower-than-expected Tennant ramp-up, near-term lower-grade feed at MTR, lower production at Sheba and Consort, inflationary pressures and pending approvals for Soweto. Management presented these issues as manageable within a broader expansion and shareholder-return strategy.Company Guidance
Record Production and Strong Production Outlook
Gold production increased by almost 40% to marginally shy of 275,000 ounces in FY2026. Annualizing second-half performance indicates almost 290,000 ounces, and FY2027 production guidance is 280,000 ounces to just over 300,000 ounces, with production skewed to the second half.
Record Financial Results
Revenue increased 114% year-on-year to $1.1 billion, adjusted EBITDA increased 169%, attributable earnings increased 152%, headline earnings increased 207% to $358 million, headline earnings per share increased 200% to $0.1764, and earnings per share increased 146% to $0.176.
Gold Price Exposure Supported Revenue Growth
The average U.S. dollar gold price received increased by 55%, while gold sold increased by 38%. The group was unhedged throughout the year and received the full benefit of the higher gold price.
Significant Cash Flow Generation and Degeared Balance Sheet
Cash flows from operating activities before dividend, tax, royalties and net finance costs increased 260% to $557 million. The group reduced debt, ended the year with a significant net cash holding, and described its balance sheet as completely degeared.
Debt Repayments and Liquidity
The group repaid $149 million of debt during FY2026, including $119 million of voluntary payments. The MTR term loan was fully settled in January 2026 ahead of its contractual repayment date, all Australian operations debt facilities were settled, undrawn facilities totaled $79 million, and cash and short-term investments totaled $246 million.
Record Dividend and Share Buyback
The proposed ZAR 0.65 per share final dividend, combined with a maiden interim dividend of ZAR 0.12 per share, results in total dividends of approximately $113 million for FY2026. The combined ZAR 0.77 per share represents a 108% increase in dividend per share. The board also approved a share buyback of up to ZAR 500 million, or approximately $30 million, commencing during October 2026.
Safety Milestones
The company continued safety initiatives and interventions while maintaining an industry-leading safety record. Surface operations, including Tennant, achieved zero lost-time and reportable injuries during the reporting period.
Elikhulu Record Performance
Elikhulu production increased 14%, with production costs of just over $1,200 per ounce. The operation generated more than $170 million of EBITDA, more than double the previous financial year, and the Winkelhaak pump station is nearing completion.
MTR Expansion and Production Growth
Following completion of the CIL and reactor expansion in December 2025, MTR is comfortably treating 1 million tonnes of feedstock per month. MTR production increased almost 70% and delivered adjusted EBITDA of $156 million. Future annual production is expected to be 55,000 to 60,000 ounces.
Evander Production and Grade Improvement
Evander production increased almost 70% to 47,000 ounces, while underground recovered grade increased to around 11 grams per tonne. The sub-vertical hoisting system is operating at design capacity, and development on 24 Level and drilling toward 25 Level supported confidence in the continuation of high-grade mineralization.
Fairview and Barberton High-Grade Performance
Barberton underground production increased approximately 5%, driven by Fairview production increasing 17% to almost 48,000 ounces. Mining platforms achieved grades above 20 grams per tonne across the MRC and Rossiter systems, with the 263 Platform delivering grades above 30 grams per tonne and local areas exceeding 50 grams per tonne. Fairview now has a 23-year life of mine.
Royal Sheba Development Progress
Key regulatory approvals for Royal Sheba have been obtained, the mining contract has been appointed, long-lead equipment is on order, and the first development blast is scheduled for early 2027. The current mine plan targets approximately 200,000 ounces, or around 40,000 ounces per year at steady state, with a potential increase to approximately 285,000 ounces through a backfill strategy.
Tennant Creek Ownership and Growth Platform
The Emmerson transaction consolidated 100% ownership of the principal Tennant Creek assets, removed joint-venture-related costs and economic leakage, and provided greater control over capital allocation, mine sequencing and exploration. Pan African now controls approximately 1,700 square kilometers in the Tennant Creek mineral field and has an ASX listing and access to an Australian shareholder base.
White Devil Provides Near-Term Australian Growth
The White Devil open-pit envelope contains more than 3 million tonnes at 3.8 grams per tonne, or approximately 350,000 ounces, and remains open at depth and along strike. The deposit is expected to be the principal high-grade feed source for approximately the next six years, supporting a measured development strategy and a target of establishing Tennant as a reliable 50,000-ounce-per-year platform.
Capital Investment in Growth and Mine Life
FY2027 group capital is approximately $330 million, focused on increasing production, extending mine lives, improving operating efficiencies and advancing priority growth projects. Capital is being directed to White Devil and Nobles, Evander's deeper mining areas, Royal Sheba, Western Cross, Barberton ore bodies, and infrastructure at the tailings operations.
Soweto Cluster Project Economics
The Soweto project could process more than 108 million tonnes of mineral reserves and produce approximately 560,000 ounces over 15 years, at 35,000 to 40,000 ounces per annum and a $3,550 per ounce gold price. The project has a post-tax NPV of approximately $109 million, an IRR of approximately 30%, payback of around three years following commissioning, and upfront capital of $216 million.
Large Poplar Resource Opportunity
Poplar contains a mineral resource of approximately 28.7 million tonnes at 7 grams per tonne for 6.5 million ounces. The company is updating previous pre-feasibility work for a potential operation producing approximately 100,000 ounces per year.
Renewable Energy and ESG Initiatives
The company highlighted progress on renewable energy, water treatment and social projects, including a completed 3-megaliter water treatment plant at MTR. Construction of a 20-megawatt solar facility is expected to start in the next year, and the company is targeting more than 60% renewable energy in the next years.
Portfolio Longevity and Organic Growth
All operations have extended lives, with the shortest current life being five years at BTRP, excluding Royal Sheba. The company expects approximately 60% of production from surface operations and believes its reserve and resource base supports further organic expansion without needing to buy expensive assets at high valuations.
DE:RTZ 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