Sibanye Stillwater (SBSW) H1 2025 earnings summary

Executive summary

• Adjusted EBITDA for H1 2025 surged 127% year-over-year to R15.1bn (US$818m), driven by operational improvements, gold price leverage, and Section 45X credits.

• Net debt to adjusted EBITDA improved to 0.89x, reflecting strengthened balance sheet and profitability.

• Leadership transition underway as Neal Froneman retires, with Richard Stewart taking over as CEO after a structured succession process.

• No interim dividend declared due to global economic and geopolitical uncertainty; dividend policy remains unchanged at 25–35% of normalized earnings.

• Most operations are on track for guidance, with SA gold facing challenges but benefiting from higher gold prices.

Financial highlights

• Group revenue for H1 2025 was R54.8bn, down 1% year-over-year due to lower volumes, offset by higher gold prices.

• Headline earnings per share surged 1,900% year-over-year to 190 cents; headline earnings rose to R5.4bn.

• Normalised EBITDA increased 60% to R10.7bn.

• Section 45X credits contributed R5.1bn (US$285m) to date, with fair value to 2034 estimated at US$694m.

• Net debt at 30 June 2025 was R19.2bn (US$1.1bn), with liquidity headroom of R46.9bn (US$2.6bn).

Outlook and guidance

• Positive outlook for H2 2025, with expectations of improved earnings and cash flow if commodity prices hold.

• SA gold production guidance revised to 15,000–16,000kg (480–514koz) with AISC of R1,450,000–1,550,000/kg (US$2,473–2,643/oz) due to Kloof challenges.

• US PGM operations guidance: 255–270koz at AISC US$1,420–1,460/2Eoz (US$1,320–1,360/2Eoz incl. S45X credits); targeting sustainable AISC of US$1,000/2Eoz over 2–3 years.

• SA PGM operations guidance: 1.75–1.85Moz at AISC R23,500–24,500/4Eoz (US$1,288–1,343/4Eoz).

• Keliber lithium project construction to complete H1 2026; start-up timing under review due to market conditions.