Tharisa plc 2026 Q2 – Results – Earnings Call Presentation – Image for illustrative purposes only (Image credits: Unsplash)
Tharisa plc released its interim results for the six months ended 31 March 2026 on 21 May. The South African platinum group metals and chrome producer reported a sharp improvement in profitability driven by higher metal prices and steady output. Revenue rose 28 percent to US$359.4 million while earnings before interest, taxes, depreciation and amortisation more than doubled.
Production Holds Steady While Prices Lift Revenue
Chrome output reached 753.3 thousand tonnes, almost unchanged from the prior period. Platinum group metals production increased to 73.1 thousand ounces from 62.4 thousand ounces a year earlier. The average PGM basket price climbed to US$2,599 per ounce, up sharply from US$1,403 per ounce in the comparable six months.
These price gains translated directly into higher sales. The company maintained safe operations, recording a lost-time injury frequency rate of 0.03 at its Tharisa Minerals site and zero at Karo Platinum. Mining teams completed three years without a lost-time injury while moving 125 million tonnes of material.
Financial Results Show Clear Margin Expansion
EBITDA reached US$104.3 million, more than double the US$43.8 million recorded previously, lifting the margin to 29 percent from 15.6 percent. Profit before tax jumped to US$69.9 million from US$10.3 million. Headline earnings per share rose 472 percent to 16.6 US cents.
Operating cash flow nearly tripled to US$96.4 million. The group ended the period with a net cash position of US$54 million. Directors declared an interim dividend of 2.5 US cents per share.
| Metric | H1 2026 | H1 2025 |
|---|---|---|
| Revenue | US$359.4m | US$280.8m |
| EBITDA | US$104.3m | US$43.8m |
| Profit before tax | US$69.9m | US$10.3m |
| Headline EPS | 16.6 US cents | 2.9 US cents |
Stakeholders Benefit From Improved Cash Generation
Shareholders receive the interim dividend while the stronger balance sheet supports ongoing underground mining development at the Tharisa site. Employees and contractors benefit from the sustained safety record and continued operations. The results also position the company to meet its five-year underground mining contract signed earlier this year with Cementation Africa.
Analysts note that the combination of stable volumes and elevated prices has restored healthy margins after a weaker prior period. The company expects these trends to continue supporting cash flow through the remainder of the financial year.
