Sibanye Stillwater (SBSW) Investor presentation summary

Strategic overview and business model

• Operates as a global mining and metals processing group with a diversified portfolio across five continents, producing platinum group metals (PGMs), gold, chrome, battery metals, and recycling metals.

• Maintains a disciplined capital allocation framework, prioritizing returns, sustainability, and value-accretive growth, with a focus on organic growth and operational excellence.

• Emphasizes stakeholder primacy, shared value creation, and sustainability, with a vision to lead in creating shared value for all stakeholders.

• Embeds sustainability through climate action, water stewardship, and community investment, targeting carbon neutrality by 2040 and significant renewable energy penetration.

Financial and operational performance

• Achieved record financial results in H1 2026, with revenue up 64%, adjusted EBITDA up 111%, and net operating cash of R19.6bn (US$1.2bn).

• Maintained strong margins and cash generation, with a 35% adjusted EBITDA margin and robust cash conversion supporting dividends and organic growth.

• Net debt halved to R9.7bn (US$0.6bn), with a low gearing ratio of 0.18x and strong liquidity headroom of R47.6bn (US$2.9bn).

• Attractive dividend yield of 6.6% trailing and 8.0% implied annualized, with interim dividends declared at the upper end of policy.

Segment and asset highlights

• SA PGM operations delivered high margins and cash, with consistent production and cost discipline, supported by chrome as a material value driver.

• Brownfield projects and mechanisation sustain a stable 1.5Moz underground PGM production profile, increasing UG2 contribution and extending mine life.

• SA gold operations achieved record earnings and margins, transitioning to a higher-margin, shallower, and longer-life portfolio with Burnstone and DRDGOLD.

• US PGM operations focused on mechanisation and cost reduction, targeting a structurally lower AISC of ~US$1,000/2Eoz by 2029 and a 45% production uplift.

• Recycling operations contributed 16% of group revenue in 2025, with stable margins, low capital intensity, and rapid working capital turnover.

• Century zinc operation generated strong cash as it approaches end-of-life, leveraging secondary mining expertise.