Sibanye Stillwater (SBSW) H2 2025 earnings summary

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.