REG-Petra Diamonds Ltd: Publication of 2025 Annual Report, and Sustainability Supplementary Information
Yesterday 07:02
Publication of 2025 Payments to Governments Report
and 2025 Modern Slavery Act Transparency Statement
17 October 2025 LSE: PDL
Petra Diamonds Limited
(“Petra or “the Company”)
Audited Full Year 2025 results
Publication of 2025 Annual Report, and Sustainability Supplementary
Information
Publication of 2025 Payments to Governments Report
and 2025 Modern Slavery Act Transparency Statement
Delivering in a challenging environment; proposed Refinancing on-track
Petra announces its audited Full Year 2025 results for the twelve months ended
30 June 2025 (FY 2025 or Year or Period).
Petra also announces that its Annual Report and Accounts for the year ended
30 June 2025 ( 2025
Annual Report ) and supporting Sustainability Supplementary
Information and GRI report have been published and are available to view on
the Company’s website at
www.petradiamonds.com/investors/results-reports/
. The 2025 Annual Report will be posted to shareholders on
31 October 2025.
In addition, the Company has today published its 2025 Payments to Governments
Report which is available to view on the link above, and its 2025 Modern
Slavery Act Transparency Statement which is available to view on the
Company’s website at
https://www.petradiamonds.com/about-us/corporate-governance/modern-slavery-act-statement/
.
It is currently expected that the Annual General Meeting (
AGM ) of the Company will be held in late November 2025.
The Notice of AGM will be published on the Company’s website in due course.
In accordance with UK Listing Rule 6.4.3R, a copy of the 2025 Annual Report,
and the 2025 Payments to Governments Report will be submitted to the
Financial Conduct Authority via the National
Storage Mechanism and will be available for viewing at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
.
Vivek Gadodia and Juan Kemp, Joint Interim CEOs at Petra Diamonds, commented:
“FY 2025 was a year of inward focus and change for Petra, against another
challenging year for the industry. We achieved some significant milestones for
the business, including the sale of Koffiefontein and Williamson, and are on
track to deliver the Refinancing that will secure our future. We end the Year
as a lower cost, streamlined business with world-class assets, and a clear
path forward. We reduced cash expenditure by US$18-20 million on a sustainable
basis (compared to previous guidance provided in June 2024) through the
successful implementation of a multi-stream Business Restructuring Plan, with
revised guidance for FY 2026 onwards, as announced in our Q4 FY 2025 Operating
Update.
Despite the significant cuts in the business, we are pleased to have delivered
on production targets, demonstrating our operational resilience.
Unfortunately, alongside a challenging market, we also experienced weakness to
our product mix which impacted our overall revenue, but we were pleased to see
this turnaround by Year-end as fresh ore from the progression of our capital
projects started contributing to our production profile.
Post Period end, the Company has been focusing on the execution of its updated
business plan. Cullinan Mine completed its transition from a 24/7 continuous
operation to a 3-shift operation and although it experienced some early
transition related productivity issues, the Cullinan Mine has made significant
strides in settling into the new production schedule. Encouragingly, the
product mix at Cullinan Mine continues to improve as we open up new production
areas. At Finsch, it has been a steady production quarter, with the focus
being on ensuring our capital execution remains on track to open up new parts
of the ore body at Finsch.
The market has remained volatile since Period end, with the higher US tariffs
on India being the biggest factor affecting the rough diamond market. Petra
has held two tenders since Period end, achieving prices ahead of our guidance
for Cullinan Mine goods, on the back of a stronger product mix, while
achieving prices within our guidance range for Finsch, for the two tenders
combined despite a variation in product mix from Tender 2 versus Tender 1 FY
2026. In our second tender for the FY 2026, held in September 2025, we
achieved revenue of c.US$ 26 million through the sale of 224,352 kcts, with
the Cullinan Mine achieving US$155/ct and Finsch achieving US$70/ct.
Today, we also announce the final phase of the Refinancing that was announced
in August 2025, with the launch of the Rights Issue for raising US$25 million
and the Consent Solicitation process to amend and extend the bonds. We remain
on track to complete the Refinancing before the end of CY 2025. The completion
of the Refinancing will significantly improve Petra’s balance sheet and
allow us to continue with our mine life extension capital projects.”
Highlights
* Results for FY 2025 are presented for continuing
operations, and exclude the results from Williamson and Koffiefontein, which
have been classified as discontinued operations
* FY 2025 revenue amounted to US$207 million (FY 2024:
US$310 million) including revenue from profit share agreements of US$1 million
(FY 2024: US$1 million). FY 2024 benefited from approximately US$50 million in
revenue from unsold diamonds in FY 2023 carried over to the first half of FY
2024
* The average realised price in FY 2025 for Petra was
US$87/ct, compared to US$108/ct in FY 2024, largely due to a 17% decline in
like-for-like prices, with the balance attributed to product mix movements
* Total on-mine cash costs in FY 2025 decreased 8%
compared to FY 2024 largely due to cost-optimisation efforts. This, together
with lower diamond inventory movements of US$38 million, resulted in lower
Adjusted mining and processing costs which decreased from US$234 million in FY
2024 to US$175 million in FY 2025.
* Loss before taxation in FY 2025 increased 68% from
US$114 million in FY 2024 to US$191 million in FY 2025. This increase is due
to carryover of revenue from FY 2023 to FY 2024, lower sales volumes, an
unfavourable product mix, weaker market prices and impairments.
* Adjusted EBITDA, being profit from mining activities
less adjusted corporate overhead, reduced to US$27 million (FY 2024: US$70
million), representing lower revenue of US$103 million, and an adjusted EBITDA
margin of 13% (FY 2024: 23%). Disciplined cost management partially offset
this impact.
* Adjusted profit declined 58% to US$33 million
compared to US$78 million for FY 2024 due to a carryover of revenue from FY
2023 to FY 2024, lower sales volumes, an unfavourable product mix and weaker
market prices. Improvements in on-mine cash costs and lower group costs
mitigated these.
* Adjusted loss per share of USc29 compared to a USc21
loss per share for FY 2024.
* Total capital expenditure decreased to US$63 million
in FY 2025 (FY 2024: US$73 million), reflecting the planned rationalisation of
stay in business projects during the latter part of the Year.
* Operational free cash outflow for the Year was
negative US$27 million in FY 2025 compared to negative US$17 million in FY
2024, reflecting a US$11 million year-on-year decline. Cash generated from
operations before working capital changes was US$23 million, further supported
by positive working capital inflows of US$23 million. Capital expenditure
totaled US$63 million, reflecting Petra’s continued investment in its asset
base.
* Consolidated net debt increased to US$261 million
compared to US$193 million in FY 2024.
* Petra’s Refinancing announced in August 2025
remains on-track, with completion expected before the end of CY 2025.
This announcement contains selected information from the Company’s full set
of Financial Statements for FY 2025.
Those financial statements include a material uncertainty relating to going
concern. For the Company’s full set of Financial Statements for FY 2025,
please refer to pages 127 to 169 of the Company’s Annual Report and
Financial Statements for FY 2025.
The Company’s Annual Report and Financial Statements for
FY 2025 is available here:
https://www.petradiamonds.com/investors/results-reports-presentations/
US$m unless stated otherwise FY2025 FY 2024 2 Variance
Rough diamonds sold (carats) 2,359,905 2,860,865 -18%
Revenue 207 310 -33%
Average realised price per carat (US$/carat) 87 108 -19%
Adjusted mining and processing costs 175 234 -25%
Adjusted EBITDA 1 27 70 -61%
Adjusted EBITDA margin (%) 1 13% 23% -43%
Adjusted loss before tax 1 77 34 +126%
Adjusted loss after tax 1 68 20 +240%
Net loss after tax 154 82 +88%
Basic loss per share (USc) 64 43 +49%
Adjusted loss per share 1 (USc) 29 21 -90%
Capital expenditure 63 73 -14%
Operational free cash outflow 1 (27) (17) +59%
Consolidated net debt 1 261 193 +35%
Unrestricted cash 34 28 +21%
Consolidated net debt : Adjusted EBITDA 1 9.7x 2.8x +246%
Note 1: For all non-GAAP measures refer to the Summary of Results table within
the Financial Results section of the FY 2025 Annual Report
Note 2: Numbers are restated to remove Williamson and Koffiefontein which were
sold during the financial year.
Adjusted profit contribution per mine
US$m FY2025 FY2024
Cullinan Mine Finsch Total Cullinan Mine Finsch Total
Revenue 137 70 207 190 120 310
Adjusted mining and processing costs 2 (98) (77) (175) (123) (111) (234)
Other direct income 1 - 1 1 1 2
Adjusted profit (loss) from mining activities 40 (7) 33 68 10 78
Adjusted profit margin 29% (10) % 16% 36% 8% 25%
Adjusted Group G&A Not allocated per mine (6) Not allocated per mine (8)
Adjusted EBITDA 1 27 70
Note 1: For all non-GAAP measures refer to the Summary of Results table within
the Financial Results section of the FY 2025 Annual Report
Note 2: Adjusted mining and processing costs include certain technical and
support activities which are conducted on a centralised basis; these include
sales & marketing, human resources, finance & supply chain, technical, and
other functions. For purposes of the above, these costs have been allocated
60% to Cullinan Mine and 40% to Finsch. For more information, refer to
operational cost reconciliation available on the analyst guidance pages on our
website.
Adjusted profit from mining activities declined 58% to US$33 million (FY 2024:
US$78 million). The decrease was partly driven by the decision to postpone the
sale of diamonds mined in FY 2023 in order to benefit from what were
anticipated to be better prices in FY 2024 (gross profit impact of
approximately US$13 million), lower sales volumes of around US$3 million, an
unfavourable product mix of about US$22 million, and weaker market prices of
roughly US$29 million. While these factors were largely outside management’s
control, they were actively mitigated by improvements in on-mine cash costs of
about US$15 million, lower group costs of approximately US$3 million, and a
one-off royalty tax refund at Finsch, underscoring management’s focus on
controllable levers to
protect profitability.
Capital expenditure breakdown
Operating Capex
US$ millions FY2025 FY2024
Cullinan Mine Finsch Total Cullinan Mine Finsch Total
Extension 31 23 54 36 19 55
Stay in Business 5 4 9 12 6 18
Total 36 27 63 48 25 73
Total capital expenditure decreased to US$63 million in FY 2025 (FY 2024:
US$73 million), reflecting the planned rationalisation of stay in business
projects during the latter part of the Year. Looking ahead, capital
expenditure is expected to increase to between US$83 million and US$ 90
million in FY 2026 as investment levels normalise. This disciplined approach
ensures that Petra maintains flexibility in allocating capital, while
continuing to prioritize essential projects that underpin operational
stability and long-term value creation.
Dividends
In line with our dividend policy, no dividends are proposed for FY 2025 and
the Board will review this again in FY 2026.
Outlook and guidance
Key operational guidance maintained and is available on Petra’s website at:
https://www.petradiamonds.com/investors/analysts/analyst-guidance/
PRESENTATION DETAILS
With management focused on the Refinancing of the Company, the decision has
been taken to not host a results presentation at this time.
The Company will be publishing its Q1 FY 2026 Operating Update, which will
include our full tender results for Q1 FY 2026, on 29 October 2025, at which
point we will host an Investor Update call. More details will follow in due
course.
In the meantime, we welcome questions and one-to-one calls via email, please
contact: investorrelations@petradiamonds.com
.
FURTHER INFORMATION
Petra Diamonds, London
Julia Stone/Kelsey Traynor: +44 (0)7495 470187
investorrelations@petradiamonds.com
ABOUT PETRA DIAMONDS
Petra Diamonds is a leading independent diamond mining
group and a supplier of gem quality rough diamonds to the international
market. The Company's portfolio incorporates interests in two underground
mines in South Africa (Cullinan Mine
and Finsch).
Petra's strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to maximise
their efficiency and profitability. The Group has a significant resource base
which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical
standards and only operates in countries which are members of the Kimberley
Process. The Company aims to generate tangible value for each of its
stakeholders, thereby contributing to the socio-economic development of its
host countries and supporting long-term sustainable operations to the benefit
of its employees, partners and communities.
Petra's Ordinary Shares are admitted to the equity shares (commercial
companies) category of the FCA's Official List and are admitted to trading on
the Main Market of the London Stock Exchange
under the ticker "PDL". The Company's loan notes, due in 2026, are
listed on EuroNext Dublin (Irish Stock Exchange). For more information, visit
www.petradiamonds.com
.
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