Sibanye Stillwater (SBSW) H2 2024 earnings summary

Executive summary

• CEO succession plan in place with Richard Stewart to take over in September, ensuring strategic continuity and a stable C-suite.

• Group safety metrics improved, with SIFR and TRIFR at their lowest since 2013, though eight fatalities occurred in 2024.

• Strategic diversification and restructuring stabilized profitability, with SA gold operations outperforming SA PGM for the first time since 2017.

• Group adjusted EBITDA for H2 2024 was R6.4 billion (US$360 million), stable for the third consecutive half-year.

• Significant balance sheet reinforcement through R36 billion in new financing, including stream and chrome prepay, increasing liquidity headroom to R45.7 billion (US$2.4 billion).

Financial highlights

• H2 2024 revenue rose 7% year-over-year to R56.9 billion (US$3.2 billion), driven by higher rand gold prices and Reldan acquisition.

• Full-year 2024 revenue was R113.7 billion (US$6.1 billion), down 1% from 2023 due to lower PGM prices, partially offset by a 22% increase in SA gold operations.

• Group adjusted EBITDA for 2024 was R13.1 billion (US$715 million), down from R20.6 billion (US$1.1 billion) in 2023.

• Full-year loss of R5.7 billion (US$311 million), mainly due to R9.2 billion in impairments; excluding impairments, profit would have been R3.5 billion.

• No final dividend declared for 2024, in line with policy tied to normalised earnings.

Outlook and guidance

• 2025 guidance largely unchanged; gold operations expected to contribute over half of group EBITDA due to sustained high gold prices.

• US PGM and recycling operations expect Section 45X tax credits to enhance 2025 profitability by US$60 million combined.

• US PGM AISC forecast at US$1,420–1,460/2Eoz, with S45x credits reducing this to US$1,320–1,360/2Eoz.

• Sandouville nickel refinery to cease normal operations in H1 2025; GalliCam pCAM feasibility ongoing.

• Keliber lithium project construction on schedule, with commissioning expected H1 2026.