Sibanye Stillwater (SBSW) investor relations material

Executive summary

• 2025 marked significant change with leadership transition, strategic simplification, and operational focus on high-return assets, achieving solid operational output and financial stability.

• Most operations met or exceeded guidance, with sustained safety improvements and lowest ever SIFR and TRIFR rates.

• Major decisions included the staged ramp-up of the Keliber lithium project, cessation of deep mining at Kloof for safety, and settlement of the Appian court case for $215 million.

• Sustainability initiatives advanced, notably in renewable energy, with ZAR 100 million in savings and significant CO2 reductions.

• Fatality elimination remains a top priority, with a 40% reduction in serious injuries since 2021, though six fatalities occurred in 2025.

Financial highlights

• Headline EPS rose 281% to ZAR 2.44; adjusted EBITDA nearly tripled to just under ZAR 38 billion, a 189% increase year-over-year.

• Revenue increased 16% to ZAR 129.7 billion, costs fell 8%, driving a near 200% rise in adjusted EBITDA.

• Net debt to adjusted EBITDA dropped from 1.77x to 0.59x; gross debt at ZAR 39 billion, net debt at ZAR 22 billion.

• Dividend of ZAR 1.31/share declared (2% yield), up 146% from 2023 and more than double previous dividend.

• Significant non-routine items: ZAR 3.8 billion loss on financial instruments, ZAR 15.8 billion impairments (US PGMs, Keliber, Kloof), ZAR 3.6 billion Appian settlement.

Outlook and guidance

• 2026 guidance: SA PGM 1.65–1.75Moz, SA gold 13,700–14,700kg, US PGM 280–300koz, recycling 400–420koz gold equivalent.

• AISC guidance: R26,500–27,500/4Eoz for SA PGM, R1.62–1.73m/kg for SA gold, US$1,520–1,580/2Eoz for US PGM.

• Keliber lithium project to complete construction in Q1 2026, with staged ramp-up and optionality for refinery start-up.

• Growth capital plan for 2026 set at ZAR 3.7 billion, down from ZAR 9.4 billion in 2025.

• Positive outlook supported by higher commodity prices and operational improvements; further cash flow growth expected if prices hold.