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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Sibanye Stillwater
Sibanye Stillwater (SBSW) investor relations material
Sibanye Stillwater H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary20 Feb, 2026
Executive summary
2025 marked a year of significant transformation, with a strategic refresh focused on simplification, operational excellence, and disciplined capital allocation.
Leadership transition, major project decisions (Keliber lithium, Kloof gold), and legacy issue resolutions (Appian settlement, wage negotiations) shaped the year.
Operations delivered within or above guidance, with sustained safety improvements and lowest ever SIFR and TRIFR rates.
Sustainability progress included renewable energy leadership and water stewardship, with substantial cost savings and emissions reductions.
Financial highlights
Headline EPS rose 281% to ZAR 2.44; adjusted EBITDA nearly tripled to just under ZAR 38 billion (+189%).
Revenue increased 16% to ZAR 129.7bn, costs fell 8%, driving a 200% rise in adjusted EBITDA.
Net debt to adjusted EBITDA improved to 0.59x; gross debt reduced by 50% over two years, with net debt at ZAR 22.1bn and strong liquidity headroom.
Dividend of ZAR 1.31/share (2% yield), at the top end of policy, with total payout up 146% from 2023.
Non-routine items: ZAR 3.8bn loss on financial instruments, ZAR 15.8bn impairments (US PGMs, Keliber, Kloof), ZAR 3.6bn 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.
Growth capital plan for 2026 (ex-DRD): ZAR 3.7bn, down from ZAR 9.4bn in 2025.
Strategy pillars: simplification, performance excellence, organic growth, disciplined capital allocation.
Commodity prices expected to remain volatile but at a higher base; focus remains on operational delivery.
Keliber lithium project to complete construction in Q1 2026, with staged ramp-up and optionality for refinery start-up.
SA gold strategy post-Kloof LoM
Keliber refinery decision criteria
S45X credits impact on 2025 EBITDA
Keliber: What triggers refinery startup decision?
Kloof: What gold price sustains year-to-year ops?
US PGM: Timeline to achieve $1,000/oz AISC?
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Next Sibanye Stillwater earnings date
H1 202627 Aug, 2026
Sibanye Stillwater
Next Sibanye Stillwater earnings date
H1 202627 Aug, 2026
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Frequently asked questions
Sibanye Stillwater Limited explores for gold, platinum group metals, and associated minerals. It also produces silver, uranium oxide, copper cathode, nickel sulphate hexahydrate, and sulphuric acid. The company owns the Kloof and Driefontein gold mines located in the Witwatersrand Basin, South Africa. It is also involved in zinc mining activities; and mining and processing of copper ore sand. In addition, the company engages in refining of gold ore/concentrates; production of palladium anodes for the electrolytic extraction of electron-rich platinum group pharmaceuticals; exploration for iron ore deposits; and provision of engineering services in the fields of geology, tailings dam construction design and management, shaft sinking, mine design and planning, metallurgy and mineral processing technology solutions.
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