at 30 June
| Notes | Reviewed 30 June 2026 Rm |
Audited 30 June 2025 Rm |
|||
| ASSETS | |||||
| Non-current assets | |||||
| Property, plant and equipment | 4 | 20 079 | 17 187 | ||
| Investment properties | 27 | 25 | |||
| Goodwill and intangible assets1 | 233 | 44 | |||
| Deferred tax assets | 923 | 921 | |||
| Other financial assets | 11 | 201 | 277 | ||
| Reinsurance contract asset | 15 | 23 | 118 | ||
| Investment in associate | 5 | 833 | 1 188 | ||
| Investment in joint venture | 6 | 18 974 | 20 206 | ||
| Other investments | 9 | 19 419 | 18 633 | ||
| 60 712 | 58 599 | ||||
| Current assets | |||||
| Inventories | 806 | 892 | |||
| Trade and other receivables | 10 | 5 306 | 5 385 | ||
| Reinsurance contract asset | 15 | 29 | 62 | ||
| Taxation | 47 | 135 | |||
| Financial assets | 11 | 888 | 608 | ||
| Cash and cash equivalents | 12 | 10 328 | 8 644 | ||
| 17 404 | 15 726 | ||||
| Total assets | 78 116 | 74 325 | |||
| EQUITY AND LIABILITIES | |||||
| Capital and reserves | |||||
| Ordinary share capital | 10 | 10 | |||
| Share premium | 4 117 | 4 117 | |||
| Treasury shares | (1 754) | (1 754) | |||
| Other reserves | 14 136 | 14 155 | |||
| Retained earnings | 41 209 | 39 333 | |||
| Equity attributable to equity holders of ARM | 57 718 | 55 861 | |||
| Non-controlling interest | 5 427 | 4 260 | |||
| Total equity | 63 145 | 60 121 | |||
| Non-current liabilities | |||||
| Long-term borrowings | 13 | 124 | 1 399 | ||
| Deferred tax liabilities | 7 053 | 6 002 | |||
| Insurance contract liabilities | 15 | 23 | 119 | ||
| Long-term provisions | 21 | 3 079 | 2 163 | ||
| Derivative financial liability | 22 | 356 | – | ||
| 10 635 | 9 683 | ||||
| Current liabilities | |||||
| Trade and other payables | 14 | 1 712 | 1 465 | ||
| Short-term provisions | 21 | 1 565 | 1 163 | ||
| Insurance contract liabilities | 15 | 35 | 65 | ||
| Reinsurance contract liabilities | 15 | 799 | 886 | ||
| Taxation | 192 | 306 | |||
| Overdrafts and short-term borrowings – interest bearing | 13 | 33 | 636 | ||
| 4 336 | 4 521 | ||||
| Total equity and liabilities | 78 116 | 74 325 |
| 1 | Increase in goodwill and intangibles mainly relates to the goodwill recognised on acquisition of Nkomati Mine (refer note 23). |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2026 Rm |
Audited F2025 Rm |
|||
| Revenue | 3 | 16 323 | 13 027 | ||
|---|---|---|---|---|---|
| Sales | 3 | 15 248 | 11 661 | ||
| Cost of sales | (10 851) | (11 851) | |||
| Gross profit/(loss) | 4 397 | (190) | |||
| Other operating income | 16 | 1 304 | 1 619 | ||
| Other operating expenses | 17 | (2 545) | (2 022) | ||
| Net income/(expenses) from insurance service1 | 15 | 29 | (120) | ||
| Net (expenses)/income from reinsurance contracts held | 15 | (23) | 146 | ||
| Profit/(loss) from operations before capital items | 3 162 | (567) | |||
| Income from investments | 1 285 | 1 033 | |||
| Finance costs | (297) | (357) | |||
| Net finance expenses from insurance contracts issued | 15 | (11) | (9) | ||
| Net finance expenses from reinsurance contracts held | 15 | (35) | (50) | ||
| Share of loss from associate | 5 | (355) | (87) | ||
| Share of profit from joint venture | 6 | 2 409 | 3 289 | ||
| Profit before taxation and capital items | 6 158 | 3 252 | |||
| Capital items before tax | 7 | 416 | (2 182) | ||
| Profit before taxation | 6 574 | 1 070 | |||
| Taxation | 18 | (1 409) | (561) | ||
| Profit for the year | 5 165 | 509 | |||
| Attributable to: | |||||
| Equity holders of ARM | |||||
| Profit for the year | 3 998 | 330 | |||
| Basic earnings for the year | 3 998 | 330 | |||
| Non-controlling interest | |||||
| Profit for the year | 1 167 | 179 | |||
| 1 167 | 179 | ||||
| Profit for the year | 5 165 | 509 | |||
| Earnings per share | |||||
| Basic earnings per share (cents) | 8 | 2 073 | 169 | ||
| Diluted basic earnings per share (cents) | 8 | 2 061 | 168 |
| 1 | Change in presentation of F2025 figure. Insurance revenue of R48 million is netted off against the net income/(expenses) from insurance services line item.
The accompanying notes are an integral part of these condensed group financial statements. |
for the year ended 30 June
| Financial instruments at fair value through other compre- hensive income Rm |
Other Rm |
Retained earnings Rm |
Total share- holders of ARM Rm |
Non-controlling interest Rm |
Total Rm |
|||
| For the year ended 30 June 2025 (Audited) | ||||||||
| Profit for the year ended 30 June 2025 | – | – | 330 | 330 | 179 | 509 | ||
| Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods | ||||||||
| Fair value hedge – Harmony collar hedge | – | 53 | – | 53 | – | 53 | ||
| Financial asset | – | 68 | – | 68 | – | 68 | ||
| Deferred tax on above | – | (15) | – | (15) | – | (15) | ||
| Net impact of revaluation of listed investment – Harmony | 4 493 | – | – | 4 493 | – | 4 493 | ||
| Revaluation of listed investment | 5 731 | – | – | 5 731 | – | 5 731 | ||
| Deferred tax on above | (1 238) | – | – | (1 238) | – | (1 238) | ||
| Net impact of revaluation of listed investment – Surge Copper | 9 | – | – | 9 | – | 9 | ||
| Revaluation of listed investment | 12 | – | – | 12 | – | 12 | ||
| Deferred tax on above | (3) | – | – | (3) | – | (3) | ||
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | ||||||||
| Foreign currency translation reserve movement | – | 73 | – | 73 | – | 73 | ||
| Total other comprehensive income | 4 502 | 126 | – | 4 628 | – | 4 628 | ||
| Total comprehensive income for the year | 4 502 | 126 | 330 | 4 958 | 179 | 5 137 | ||
| For the year ended 30 June 2026 (Reviewed) | ||||||||
| Profit for the year ended 30 June 2026 | – | – | 3 998 | 3 998 | 1 167 | 5 165 | ||
| Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods | ||||||||
| Fair value hedge – Harmony collar hedge | (333) | (20) | – | (353) | – | (353) | ||
| Derivative financial liability | (424) | (20) | – | (444) | – | (444) | ||
| Deferred tax on above | 91 | – | – | 91 | – | 91 | ||
| Net impact of revaluation of listed investment – Harmony | 304 | – | – | 304 | – | 304 | ||
| Revaluation of listed investment | 388 | – | – | 388 | – | 388 | ||
| Deferred tax on above | (84) | – | – | (84) | – | (84) | ||
| Net impact of revaluation of listed investment – Surge Copper | 227 | – | – | 227 | – | 227 | ||
| Revaluation of listed investment | 290 | – | – | 290 | – | 290 | ||
| Deferred tax on above | (63) | – | – | (63) | – | (63) | ||
| Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods | ||||||||
| Foreign currency translation reserve movement | – | (246) | – | (246) | – | (246) | ||
| Total other comprehensive income/(loss) | 198 | (266) | – | (68) | – | (68) | ||
| Total comprehensive income/(loss) for the year | 198 | (266) | 3 998 | 3 930 | 1 167 | 5 097 |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Other reserves | |||||||||
| Share capital and premium Rm |
Treasury shares Rm |
Financial instruments at fair value through other compre- hensive income Rm |
Share- based payments Rm |
Other1 Rm |
Retained earnings Rm |
Total share- holders of ARM Rm |
Non- controlling interest2 Rm |
Total Rm |
|
| Balance at 30 June 2024 (Audited) | 5 278 | (2 405) | 9 002 | 323 | 160 | 41 648 | 54 006 | 4 081 | 58 087 |
|---|---|---|---|---|---|---|---|---|---|
| Total comprehensive income for the year | – | – | 4 502 | – | 126 | 330 | 4 958 | 179 | 5 137 |
| Profit for the year ended 30 June 2025 | – | – | – | – | – | 330 | 330 | 179 | 509 |
| Other comprehensive income | – | – | 4 502 | – | 126 | – | 4 628 | – | 4 628 |
| Conditional shares issued to employees | – | – | – | (95) | – | – | (95) | – | (95) |
| Dividend paid3 | – | – | – | – | – | (2 644) | (2 644) | – | (2 644) |
| Repurchase of own shares4 | – | (500) | – | – | – | – | (500) | – | (500) |
| Cancellation of repurchased shares4 | (500) | 500 | – | – | – | – | – | – | – |
| Cancellation of treasury shares5 | (651) | 651 | – | – | – | – | – | – | – |
| Share-based payment expense | – | – | – | 137 | – | – | 137 | – | 137 |
| Other | – | – | – | – | – | (1) | (1) | – | (1) |
| Balance at 30 June 2025 (Audited) | 4 127 | (1 754) | 13 504 | 365 | 286 | 39 333 | 55 861 | 4 260 | 60 121 |
| Total comprehensive income/(loss) for the year | – | – | 198 | – | (266) | 3 998 | 3 930 | 1 167 | 5 097 |
| Profit for the year ended 30 June 2026 | – | – | – | – | – | 3 998 | 3 998 | 1 167 | 5 165 |
| Other comprehensive income/(loss) | – | – | 198 | – | (266) | – | (68) | – | (68) |
| Conditional shares issued to employees | – | – | – | (64) | – | – | (64) | – | (64) |
| Transfer between reserves | – | – | 33 | – | (33) | – | – | – | – |
| Dividend paid3 | – | – | – | – | – | (2 121) | (2 121) | – | (2 121) |
| Share-based payment expense | – | – | – | 113 | – | – | 113 | – | 113 |
| Other | – | – | – | – | – | (1) | (1) | – | (1) |
| Balance at 30 June 2026 (Reviewed) | 4 127 | (1 754) | 13 735 | 414 | (13) | 41 209 | 57 718 | 5 427 | 63 145 |
| 1 | Other reserves consist of the following: |
| F2026 Rm |
F2025 Rm |
F2024 Rm |
|
| Dilution in Two Rivers | (26) | (26) | (26) |
|---|---|---|---|
| Foreign currency translation reserve – Assmang | – | 241 | 167 |
| Foreign currency translation reserve – other entities | 84 | 89 | 90 |
| Capital redemption and prospecting loans written off | 28 | 28 | 28 |
| Harmony collar hedge financial instrument | – | 53 | – |
| Tamboti assets sale to Two Rivers | (99) | (99) | (99) |
| Total | (13) | 286 | 160 |
| 2 | Non-controlling interest includes R4 728 million (F2025: R3 704 million) for Two Rivers and R624 million (F2025: R480 million) for Modikwa. |
| 3 | Interim dividend paid of 500 cents (F2025: 450 cents) per share and final dividend paid of 600 cents (F2025: 900 cents) per share. |
| 4 | ARM repurchased and cancelled 3 239 681 ordinary shares at an average price of R154.27 per share. |
| 5 | Opilac Proprietary Limited, a wholly owned subsidiary of ARM, effected a distribution in specie of its entire shareholding in ARM, being 12 717 328 ordinary shares. ARM cancelled these shares once the dividend in specie was received. |
The accompanying notes are an integral part of these condensed group financial statements.
for the year ended 30 June
| Notes | Reviewed F2026 Rm |
Audited F2025 Rm |
||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Cash receipts from customers | 16 402 | 12 920 | ||
| Cash paid to suppliers and employees | (12 169) | (12 875) | ||
| Cash generated from operations | 19 | 4 233 | 45 | |
| Interest received | 759 | 783 | ||
| Interest paid1 | (157) | (260) | ||
| Taxation paid | (445) | (408) | ||
| 4 390 | 160 | |||
| Dividends received from joint venture | 6 | 3 400 | 4 500 | |
| Dividends received from associate | 5 | – | 192 | |
| Dividends received from investments – Harmony | 512 | 240 | ||
| Dividends paid to equity holders of ARM | (2 121) | (2 644) | ||
| Net cash inflow from operating activities | 6 181 | 2 448 | ||
| CASH FLOW FROM INVESTING ACTIVITIES | ||||
| Additional investment in Surge Copper | (105) | (3) | ||
| Additions to property, plant and equipment to maintain operations | (1 493) | (1 827) | ||
| Additions to property, plant and equipment to expand operations | (1 186) | (831) | ||
| Proceeds on disposal of property, plant and equipment | 4 | 30 | ||
| Net cash inflow on acquisition of Nkomati Mine | 23 | 377 | – | |
| Investments in financial assets | (923) | (619) | ||
| Proceeds from financial assets matured | 794 | 817 | ||
| Payment of financial instrument | (22) | – | ||
| Net cash outflow from investing activities | (2 554) | (2 433) | ||
| CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Repurchase of own shares | – | (500) | ||
| Cash payments to owners to acquire the entity’s shares | (43) | (60) | ||
| Long-term borrowings raised | – | 771 | ||
| Long-term borrowings repaid | (1 288) | (43) | ||
| Short-term borrowings raised | – | 154 | ||
| Short-term borrowings repaid2 | (611) | (19) | ||
| Net cash (outflow)/inflow from financing activities | (1 942) | 303 | ||
| Net increase in cash and cash equivalents | 1 685 | 318 | ||
| Cash and cash equivalents at beginning of year | 8 626 | 8 309 | ||
| Net foreign exchange difference | (2) | (1) | ||
| Cash and cash equivalents at end of year | 10 309 | 8 626 | ||
| Made up as follows: | ||||
| – Available | 12 | 9 464 | 7 591 | |
| – Cash set aside for specific use | 12 | 845 | 1 035 | |
| 10 309 | 8 626 | |||
| Overdrafts | 13 | 19 | 18 | |
| Cash and cash equivalents per statement of financial position | 10 328 | 8 644 | ||
| Cash generated from operations per share (cents) | 2 195 | 23 |
| 1 | Includes group interest repayments of lease liabilities of R13 million (F2025: R11 million). |
| 2 | Includes group capital repayments of lease liabilities of R22 million (F2025: R17 million). |
The accompanying notes are an integral part of these condensed group financial statements.