Tharisa Q4 2025 Results: Production Rises, Margins Improve, Guidance Steady

Tharisa plc reported steady progress in its Q4 2025 results, with production gains and margin improvements offset by mixed commodity pricing. Management highlighted operational resilience and disciplined cash management as the business navigates volatile markets.

Group revenues were supported by higher mined volumes across both chrome and platinum group metals (PGMs). Tharisa noted that full-year production increased year-on-year, driven by improved plant availability and execution of targeted uptime initiatives. The chrome business benefited from stronger sales mix while PGM volumes rose modestly, reflecting consistent reef access and concentration performance.

On costs, unit cash costs declined compared with the prior period after efficiency measures and lower consumable prices. Management reported an improved adjusted EBITDA margin, citing operational efficiencies and favourable cost control. However, average realised commodity prices were mixed: chrome prices showed resilience in key markets, while some PGM benchmarks softened, tempering headline revenue growth.

The board confirmed continued prioritisation of balance sheet strength. Free cash flow generation remained a focus, enabling the company to reduce short-term debt and preserve liquidity for cyclical flexibility. Capital expenditure was described as targeted and disciplined, focused on sustaining assets and selected productivity projects rather than expansionist spending.

Tharisa maintained its near-term production guidance, emphasising that any revisions would depend on commodity price trends and logistical factors. Management reiterated its commitment to delivering stable operations, improving cost per tonne and capturing margin on a recovery in PGM prices.

Investor questions during the call centred on commodity outlook, export logistics and timing for potential dividend reinstatement. Management stressed a cautious approach to distributions, indicating that dividends will be considered when cash generation and market conditions permit.

Looking ahead, Tharisa’s strategy remains on operational reliability, cost efficiencies and prudent capital allocation. While cyclical commodity dynamics will influence short-term earnings, the company’s focus on steady production and margin improvement positions it to benefit from any sustained upturn in chrome and PGM markets.