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African Rainbow Minerals Limited (DE:EB9)
FRANKFURT:EB9
Earnings Data
Report Date
Sep 07, 2026TBA (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
―Last Year’s EPS
-0.25Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a balanced mix of operational recovery, strong liquidity and advancing project studies offset by near‑term operational setbacks and material liabilities. Key positives include a strengthened net cash position (ZAR ~8.4bn), secured offtake for 1.2Mt of finished stock, chrome ramp‑up at Nkomati, Modikwa cost improvements, and progressing feasibility work on Bokoni, Merensky and Surge. Negatives include weaker domestic coal demand (GGV -15% YoY, PCB -3% YoY), lower PGM concentrate at Modikwa (-3% despite +5% tonnes), a 25% weaker realised rand price on Beeshoek stock sales (ZAR1,221 -> ZAR800/t), ongoing Two Rivers geological disruption, and a sizeable Nkomati rehab liability (~ZAR2.0bn). Management’s cautious capital allocation stance and multi‑year project timelines temper immediate upside, but fundamentals and cash buffers support a constructive outlook if commodity prices and operational recoveries persist.Company Guidance
Strong balance sheet and liquidity
Net cash position of approximately ZAR 8.4 billion, providing significant near-term liquidity (commentators noted this is ~18% of market cap). Management says cash and available facilities will be used prudently to fund high-priority projects or returned to shareholders if not required.
1.2 million tonnes finished stock offtake secured
Agreement signed to sell 1.2 million tonnes of finished stock over a 12-month period (started in February) at an offtake rate of 100,000 tonnes per month, providing predictable near-term volume drawdown and revenue.
Nkomati chrome ramp-up and positive cash contribution
Current chrome production ~8,500 t/month with plan to peak at ~11,000 t/month in April; chrome operation expected to subsidise care & maintenance costs and generate positive EBITDA from the 500,000-tonne stockpile scenario (management indicated an expected positive contribution and suggested a ZAR ~100 million profit possibility over 12 months in the scenario discussed).
Modikwa: higher tonnage, lower unit cost and clear recovery path
Tonnes processed at Modikwa were reported up ~5% year‑on‑year; management highlighted a 4% unit cost reduction at Modikwa. Open‑cast ore has higher grades (5.2–6.5 g/t 6E) and materially lower cost per 6E ounce (ZAR 16,000 open‑cast vs ZAR 20,200 underground UG2). Recoveries are expected to improve as open‑cast mining goes deeper and becomes less oxidised.
Two Rivers recovery plan and grade outlook
Two Rivers experienced geological issues but management reports productivity improvement already underway and expects to reach ~320,000 tonnes per month by the start of the next financial year. Reported head grade of ~3.09 g/t is expected to be a fair sustainable outlook going forward.
Value‑in‑use strategy to capture pricing premiums
ARM is developing value‑in‑use models (manganese at Black Rock and iron ore at Khumani) to demonstrate intrinsic customer value and capture pricing premiums above index pricing without changing volumes, potentially improving realised revenue per tonne.
Project studies advancing (Bokoni, Merensky, Surge)
Definitive feasibility work and independent reviews progressing: Bokoni DFS complete and under third‑party review; Two Rivers Merensky feasibility nearing completion with planned restart timing and a three‑year ramp profile to steady state (200,000 t/month); Surge pre‑feasibility due end of June with DFS and regulatory work to follow (execution timelines targeted in the latter part of the decade).
Recoveries and corrective actions in coal business
Domestic coal volumes impacted by reduced Eskom burn, but management is diverting some coal to export markets. A water accumulation issue at Mundra (old underground converted to open pit) was described as once‑off, with pit layout revisions and additional pumping installed to address the issue.
Norilsk contribution to Nkomati rehab
Received ZAR 325 million from Norilsk towards water rehab at Nkomati, reducing net rehabilitation funding pressure on ARM.
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
DE:EB9 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 06, 2026 | €12.20 | €11.60 | -4.92% |
Sep 05, 2025 | €9.14 | €8.80 | -3.71% |
Mar 07, 2025 | €7.22 | €7.41 | +2.60% |
Sep 06, 2024 | €7.16 | €7.03 | -1.87% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does African Rainbow Minerals Limited (DE:EB9) report earnings?
African Rainbow Minerals Limited (DE:EB9) is schdueled to report earning on Sep 07, 2026, TBA (Confirmed).
What is African Rainbow Minerals Limited (DE:EB9) earnings time?
African Rainbow Minerals Limited (DE:EB9) earnings time is at Sep 07, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of African Rainbow Minerals Limited stock?
The P/E ratio of African Rainbow Minerals is N/A.
What is DE:EB9 EPS forecast?
Currently, no data Available