Inferra AI / Company / SBSW
Sibanye Stillwater Ltd
SBSW · Materials
Last earnings Sep 1, 2026
Key results
Revenuequarter
US$5.5bn
revenue of R90bn (US$5.5bn), up 64%, and adjusted EBITDA of R31.8bn (US$1.9bn), up 111%, supported by stable operational delivery and stronger commodity prices Significant increase in profitability, generating a profit of R18.8bn (US$1.1bn) Record net cash from operating activities of R19.6bn (US$1.2bn)
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Growthquarter
up 64%
revenue of R90bn (US$5.5bn), up 64%, and adjusted EBITDA of R31.8bn (US$1.9bn), up 111%, supported by stable operational delivery and stronger commodity prices Significant increase in profitability, generating a profit of R18.8bn (US$1.1bn) Record net cash from operating activities of R19.6bn (US$1.2bn)
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Free cash flowquarter
US$881m
free cash flow of R14.5bn (US$881m) High operating margins from the SA portfolio, with SA PGM and SA gold all-in sustaining cost (AISC) margins of 44% and 32%, respectively Disciplined capital allocation resulted in a 20% reduction in gross debt year-on-year to R32.1 billion (US$1.99bn)
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
The Group delivered record revenue of R 90 bn (US$ 5.5 bn), a 111% increase in adjusted EBITDA to R31.8bn (US$1.9bn), record net cash from operating activities of R 19.6 bn (US$ 1.2 bn) and a net profit of R 18.8 bn (US$ 1.1 bn), compared to a net loss of R 3.9 bn (US$ 211 m) for H1 2025.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
The quality of this result is reflected in the conversion of 45% of adjusted EBITDA into notional free cash flow of R14.5bn (US$881m).
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Notional free cash flowquarter
US$631m
The SA PGM operations delivered an industry competitive 44% AISC margin, while adjusted EBITDA increased by 302% to R19.2 billion (US$1.2 billion) and Notional free cash flow of R10.4 billion (US$631m) was generated.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Higher sales volumes of 9,588kg (308,261oz), combined with a 35% increase in the average gold price, resulted in the SA gold operations delivering record adjusted EBITDA of R9.0bn (US$549m), and Notional free cash flow of R4.0bn (US$241m).
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
E PGM revenuequarter
11%
4E PGM sales (excluding Mimosa which is equity accounted) increased by 11% while the average PGM basket price increased by 67% to R43,996 4Eoz (US$2,681 4Eoz), lifting SA PGM operations revenue by 73% to R43.1 billion (US$2.6 billion ).
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Group revenuequarter
64%
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sibanye-Stillwater Operating and financial results Six months ended 30 June 2026 10 FINANCIAL REVIEW OF THE SIBANYE-STILLWATER GROUP Group financial performance Group revenue for H1 2026 increased by 64% compared to H1 2025.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
AI analysis
Latest earnings event · reported Sep 1, 2026
Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held
Headline figures
| Metric | Latest earnings event | Prior qtr | Year ago |
|---|---|---|---|
| Revenue | US$5.5bn | — | — |
| Growth | up 64% | — | — |
| Free cash flow | US$881m | — | — |
| Notional free cash flow | US$631m | — | — |
| E PGM revenue | 11% | — | — |
| Group revenue | 64% | — | — |
Guidance · company-stated
Direction: Reiterated
“Despite these near-term investments, AISC of US$1,347 2Eoz (R22,105 2Eoz) remained below the lower end of annual guidance, supporting a 12% AISC margin.”
“The AISC at the managed SA PGM operations remained below the lower end of annual guidance, achieving a 44% AISC margin while adjusted EBITDA increased by 302% to R19.”
“AISC at the managed SA PGM operations, excluding third-party PoC, increased by 10% year-on-year to R26,252 4Eoz (US$1,600 4Eoz), however remained below the lower end of annual guidance of R26,500 4Eoz.”
“AISC increased by 12% year-on-year to US$1,347 2Eoz (R22,105 2Eoz) from US$1,207 2Eoz (R22,200 2Eoz) in H1 2025, but remained marginally below the lower end of 2026 annual guidance of US$1,360 2Eoz to US$1,420 2Eoz (R24,800 2Eoz to R25,900 2Eoz).”
Classified from the release's primary full-year outlook statement.
Cash flow & capex
Capital allocation
The 6.6% trailing 12-month dividend yield is calculated using combined dividends of 332 SA cents per ordinary share, comprising the H1 2026 interim dividend of 201 SA cents and the FY2025 final dividend of 131 SA cents.
Company-stated claims
Historical · increased by 302% · production_deliveries
“The SA PGM operations delivered an industry competitive 44% AISC margin, while adjusted EBITDA increased by 302% to R19.2 billion (US$1.2 billion) and Notional free cash flow of R10.4 billion (US$631m) was generated.”
EX-99 · Sep 1, 2026Historical · increased by 536% · ebitda
“Normalising for S45X credits in both periods, underlying adjusted EBITDA increased by 536% year-on-year to US$137 million (R2.2 billion).”
EX-99 · Sep 1, 2026Historical · increased by 302% · cash_flow
“The AISC at the managed SA PGM operations remained below the lower end of annual guidance, achieving a 44% AISC margin while adjusted EBITDA increased by 302% to R19.2 billion (US$1.2 billion) and notional free cash flow increased to R10.4 billion (US$631 million).”
EX-99 · Sep 1, 2026Historical · increased by 302% · ebitda
“Adjusted EBITDA increased by 302% to R19.2 billion (US$1.2 billion), reflecting significant operational leverage from higher PGM commodity prices and sales volumes.”
EX-99 · Sep 1, 2026Historical · increased by 111% · ebitda
“Group adjusted EBITDA for H1 2026 increased by 111% or R16,770 million to R31,843 million.”
EX-99 · Sep 1, 2026Event summary
Sibanye Stillwater Ltd — Earnings release (2026-09-01)
Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held
Guidance & outlook
Direction: Reiterated
Margin: “Despite these near-term investments, AISC of US$1,347 2Eoz (R22,105 2Eoz) remained below the lower end of annual guidance, supporting a 12% AISC margin.”
Margin: “The AISC at the managed SA PGM operations remained below the lower end of annual guidance, achieving a 44% AISC margin while adjusted EBITDA increased by 302% to R19.”
Company outlook: “AISC at the managed SA PGM operations, excluding third-party PoC, increased by 10% year-on-year to R26,252 4Eoz (US$1,600 4Eoz), however remained below the lower end of annual guidance of R26,500 4Eoz.”
Margin: “AISC increased by 12% year-on-year to US$1,347 2Eoz (R22,105 2Eoz) from US$1,207 2Eoz (R22,200 2Eoz) in H1 2025, but remained marginally below the lower end of 2026 annual guidance of US$1,360 2Eoz to US$1,420 2Eoz (R24,800 2Eoz to R25,900 2Eoz).”
Margin — Lowered (“lower”)
“Despite these near-term investments, AISC of US$1,347 2Eoz (R22,105 2Eoz) remained below the lower end of annual guidance, supporting a 12% AISC margin.”
Company outlook — Reiterated (“maintained”)
“Sibanye-Stillwater Operating and financial results Six months ended 30 June 2026 4 Operating guidance for 2026* Following a stable H1 2026 operational delivery, annual production, cost and capital guidance is maintained except where specifically indicated below The SA gold operation's cost guidance and the inclusion of the 2026 capital guidance for Burnstone and Mt Lyell 2026 Annual guidance Production All-in sustaining cost Total capital SA operations SA PGM operations (4E PGMs) 1.”
Margin — Raised (“increased”)
“The AISC at the managed SA PGM operations remained below the lower end of annual guidance, achieving a 44% AISC margin while adjusted EBITDA increased by 302% to R19.”
Company outlook — Raised (“increased”)
“AISC at the managed SA PGM operations, excluding third-party PoC, increased by 10% year-on-year to R26,252 4Eoz (US$1,600 4Eoz), however remained below the lower end of annual guidance of R26,500 4Eoz.”
Company outlook — Raised (“increase”)
“AISC is expected to increase during H2 2026 in line with the annual guidance range, reflecting the planned increase in ore-reserve development and sustaining capital.”
Company outlook — Raised (“increased”)
“International and recycling operations US PGM operations Resilient operating delivery while investing for mechanised, lower-cost production The US PGM operations delivered production in line with annual guidance while continuing to invest in development, mechanisation and enabling infrastructure for higher productivity, increased production and structurally lower costs.”
Margin — Raised (“increased”)
“AISC increased by 12% year-on-year to US$1,347 2Eoz (R22,105 2Eoz) from US$1,207 2Eoz (R22,200 2Eoz) in H1 2025, but remained marginally below the lower end of 2026 annual guidance of US$1,360 2Eoz to US$1,420 2Eoz (R24,800 2Eoz to R25,900 2Eoz).”
Company outlook — Initiated (“initial”)
“1 billion, including capitalised interest and expenditure outside the project s initial forecast scope.”
Classified from the release's primary full-year outlook statement.
Capital allocation
The 6.6% trailing 12-month dividend yield is calculated using combined dividends of 332 SA cents per ordinary share, comprising the H1 2026 interim dividend of 201 SA cents and the FY2025 final dividend of 131 SA cents.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
The 8.0% implied yield is calculated by annualising the H1 2026 interim dividend of 201 SA cents per ordinary share and the same reference share price Sibanye-Stillwater Operating and financial results Six months ended 30 June 2026 2 OVERVIEW BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER In January 2026, we shared a refreshed Group strategy that prioritises our business fundamentals.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
This includes declaring an interim dividend of R 5.7 bn (US$ 352 m), strengthening the balance sheet, with gross debt declining by 20% to R32.1 billion (US$1.99bn) and net debt more than halving to R 9.7 bn (US$593m), reducing net debt to adjusted EBITDA to 0.18x, as well as continuing to invest in value-accretive organic growth through commodity cycles.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
The Board declared an interim dividend of R5.7bn (US$352m), equivalent to 201 SA cents per ordinary share or 49.73 US cents per ADR.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
This represents 35% of normalised earnings 1 , at the upper end of the Group s dividend policy, and reflects an H1 2026 annualised interim dividend yield* of 8.0%.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Including the H2 2025 final dividend, the trailing 12-month dividend yield* is 6.6%, among the highest in our peer group.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Strategy & priorities
The 8.0% implied yield is calculated by annualising the H1 2026 interim dividend of 201 SA cents per ordinary share and the same reference share price Sibanye-Stillwater Operating and financial results Six months ended 30 June 2026 2 OVERVIEW BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER In January 2026, we shared a refreshed Group strategy that prioritises our business fundamentals.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
This strategy outlined a focus on optimising profitability, which, combined with disciplined capital allocation, would create flexibility to deliver long term value accretive growth.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
During the period under review, we have continued to drive profitability through our strategic priorities including increasing operating margins through performance excellence, improving cost efficiencies through simplification of our operating model, enhancing capital returns through simplifying our portfolio and improving cash conversion.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
This has not only demonstrated the value and earnings potential of our unique portfolio, but also allowed the company to materially advance our short term strategic objective of strengthening the business fundamentals.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
The stronger financial position enabled the Group to deliver against its capital-allocation priorities.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Risks & headwinds
Gold and platinum prices were supported by strong investment demand and continued central bank gold purchases, although higher US interest rates and a stronger US dollar created headwinds for precious metal prices.
SEC original ↗Sibanye Stillwater Ltd — Earnings release (6-K exhibit)EX-99Sep 1, 2026
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
54 documents- Q3 2026
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Sep 15, 2026
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Earnings releases
8 documentsPresentations
0 documentsNo presentations for Sibanye Stillwater Ltd are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Sibanye Stillwater Ltd are held in this edition of the library.
Mentioned by
1 companyOther tracked companies whose held documents mention Sibanye Stillwater Ltd by name or ticker. A mention is counted once per document, from the document text the library holds.
“MPSA”), and the Government… … / NYSE: FNV News Release U.S.: • Stillwater (5% royalty) Sibanye-Stillwater completed a further restructuring of its US PGM operations in Q4 2024 to reduce operating costs in light of current PGM prices. Sibanye-Still”
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