Sibanye Stillwater (SBSW) H1 2026 earnings summary

Executive summary

• Achieved record revenue of R90bn (US$5.5bn), up 64% year-over-year, and adjusted EBITDA of R31.8bn (US$1.9bn), up 111% year-over-year, driven by stable operations and higher commodity prices.

• Delivered strong cash generation, reduced gross debt by 20% to R32.1bn and net debt by half to R9.7bn, and maintained a disciplined capital allocation framework.

• Declared an interim dividend of R5.7bn (US$352m), representing a 6.6% trailing 12-month yield and 8% implied annualized yield, among the highest in the industry.

• Advanced organic growth with board approval for Burnstone (gold) and Mt Lyell (copper-gold) projects, leveraging existing infrastructure.

• Maintained focus on safety and sustainability, achieving best-ever H1 safety performance, though up to three fatalities occurred.

Financial highlights

• Revenue increased by 64% to R89.98bn, with 75% from the South African portfolio.

• Adjusted EBITDA rose 111% year-over-year to R31.8bn, with a 35% margin.

• Headline earnings per share up 216% to 601 cents; profit for the period improved by 581% to R18.81bn.

• Cash generated by operations surged to R19.6bn, with liquidity headroom at R47.6bn and cash balance up 31% to R22.43bn.

• Interim dividend of 201 SA cents per share, totaling R5.69bn.

Outlook and guidance

• 2026 production and cost guidance maintained: SA PGM 1.65–1.75Moz 4E, SA gold 13,700–14,700kg, US PGM 280–300koz 2E.

• AISC guidance: SA PGM R26,500–27,500/4Eoz, SA gold R1,750k–1,840k/kg, US PGM US$1,520–1,580/2Eoz.

• Capital guidance: R8bn for SA PGM, R3bn for SA gold, US$125–135m for US PGM, €180–190m for Keliber.

• Strategy remains focused on reducing gross debt by 50% over 2–3 years, maintaining dividend policy, and investing in organic growth.