Sibanye Stillwater (SBSW) H1 2025 earnings summary

Executive summary

• Group adjusted EBITDA for H1 2025 rose 127% year-over-year to R15.1bn (US$818m), driven by operational stability, gold price leverage, and Section 45X credits.

• Leadership transition completed as Neal Froneman retired and Richard Stewart became CEO, ensuring continuity.

• Headline earnings surged 19-fold year-over-year to R5.4bn (US$292m), with a reduction in basic loss to R3.6bn (US$194m).

• No interim dividend declared due to global economic and geopolitical uncertainty; dividend policy remains unchanged.

• Group safety performance improved, with TRIFR down 12% year-over-year and lowest since 2020.

Financial highlights

• Revenue for H1 2025 was R54.8bn, nearly flat year-over-year, with a 1% decrease due to lower volumes despite higher commodity prices.

• Adjusted EBITDA excluding S45X credits increased 51% to R10.0bn (US$533m) from H1 2024.

• Headline EPS rose from ZAR 0.10 to ZAR 1.19 per share, with a 1,900% year-over-year surge.

• Net debt at 30 June 2025 was R19.2bn (US$1.1bn), with liquidity headroom of R46.9bn (US$2.6bn).

• Gross debt increased 2% to R40.2bn (US$2.3bn), mainly due to Keliber capex.

Outlook and guidance

• Most operations remain within guidance; SA gold guidance revised down to 15,000–16,000kg (480–514koz) due to Kloof challenges.

• Positive outlook for H2 2025, with expectations of returning to dividend-paying territory if commodity prices hold.

• US PGM operations targeting sustainable AISC of US$1,000/2Eoz over 2–3 years.

• Project capital expenditure for Keliber lithium and Marikana K4 projects to decline significantly from H1 2026.

• S45X credits cash payment of R4.4bn (US$248.5m) expected in 2026.