Valterra Platinum hails 2025 a 'defining year' as annual profit surges
Valterra Platinum Ltd on Wednesday saw its shares climb, as it posted strong full-year earnings growth and reiterated its 2026 production guidance.
The Rosebank, Johannesburg-based company, formerly called Anglo American Platinum Ltd, was demerged from Anglo American PLC late in May last year.
Valterra reported R 22.29 billion, about £1.04 billion, in pretax profit for 2025, more than doubling from R 9.68 billion in 2024. Gross revenue improved 6.8% to R 116.40 billion from R 109.01 billion.
Giving support to earnings was a decline in the cost of sales, coming in 3.3% lower at R 87.78 billion from R 90.77 billion, despite the top line increase.
Valterra also noted a ‘strong recovery’ in platinum group metals prices during the year, with the PGM dollar price rising 80% as it finished the year at $2,562 per PGM ounce. Total metal-in-concentrate PGM production, however fell 10% to 3.2 million ounces, and refined PGM production declined 13% to 3.4 million ounces.
Shares in the miner surged 8.9% to 8,040.00 pence on Wednesday morning in London. They advanced 9.6% to R 1,728.57., making it the biggest riser on the JSE top 40 index.
Valterra’s total dividend for the year was R 45.00, down 37% from R 71.75 a year earlier.
Looking ahead at 2026, Valterra reiterated M&C and refined production guidance of 3.0 million to 3.4 million ounces.
‘2025 was a defining year for our company, with the successful demerger from Anglo American plc, our launch as Valterra Platinum, and our secondary listing on the London Stock Exchange,’ said Chief Executive Craig Miller
‘In 2025, we delivered on all our strategic priorities. We reinforced our organisational and technical capabilities across the business, executed our operational excellence activities with discipline and set up the company to accelerate its growth projects. We move into 2026 with momentum, clarity and an unwavering focus on value creation for all our stakeholders.’
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