Sibanye Stillwater (SBSW) H2 2025 earnings summary

Executive summary

• 2025 marked significant transformation with leadership transition, strategic simplification, and operational focus on high-return, cash-generative assets.

• Achieved solid operational output, exceeding guidance across priority operations, with notable progress in sustainability and lowest ever SIFR and TRIFR rates.

• Addressed key legal and labor issues, including settlement of the Appian court case for $215 million and conclusion of SA gold wage negotiations.

• Returned to dividend-paying status, achieving the highest EBITDA in three years.

Financial highlights

• Headline earnings per share rose 281% to ZAR 2.44; adjusted EBITDA nearly tripled to just under ZAR 38 billion, up 189% year-over-year.

• Net debt to adjusted EBITDA improved to 0.59x; revenue increased 16% to ZAR 129.7 billion, with costs down 8%.

• Dividend declared at ZAR 1.31 per share (2% yield), with total payout of ZAR 3.7 billion, up 146% from 2023.

• Impairments totaled ZAR 15.8 billion, mainly at US PGMs, Keliber, and Kloof; basic loss impacted by ZAR 14 billion impairments.

• Gross debt reduced by 50% over two years, with net debt at ZAR 22 billion and strong liquidity headroom of ZAR 40 billion.

Outlook and guidance

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

• US PGMs expected to increase output and reduce unit costs toward $1,000/oz; 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; production guidance 15,000–20,000 tons of spodumene concentrate, EUR 180–190 million in total costs.

• Century Zinc likely in its last full production year; focus remains on organic growth and disciplined capital allocation.