Adrian Hammond

Chris Nicholson

Alexandra Simiandi

Arnold Van Kraan

Dmitriy Dyachenko

Itumeling Rancho

Lorenzo Parisi

Raj Ray

Robert Senat

Siphelele Mdudu

- Sibanye Stillwater reported a **120% increase** in group adjusted EBITDA for H1 2025 compared to H1 2024, reaching **R15.1 billion**.  **[1786909_tx_340096_0]** **[1786909_tx_340096_18]**  Headline earnings per share increased **19-fold** to **190 South African cents**.  **[1786909_tx_340096_18]**  However, the company recorded a net loss of **R3.9 billion** for the period, primarily due to impairments of **R4.2 billion** related to the Section 45X credit phase-out for US operations and **R5.3 billion** for the Calibre lithium project.  **[1786909_tx_340096_18]** 
- Section 45X credits amounted to **ZAR5.2 billion** to date, with a total fair value of **ZAR12.6 billion** until 2034, significantly contributing to the value of US operations.  **[1786909_tx_340096_0]**  The company also filed a petition for a palladium trade remedy against Russian imports.  **[1786909_tx_340096_0]** **[1786909_tx_340096_4]** **[1786909_tx_340096_13]** 
- Net debt to adjusted EBITDA improved to **0.89 times**.  **[1786909_tx_340096_0]**  Gross debt increased to **R40.2 billion** from R39.4 billion at December 2024, with net debt at **R19.2 billion**.  **[1786909_tx_340096_18]**  No interim dividend was declared due to the current volatile global economic and geopolitical environment.  **[1786909_tx_340096_18]** 
- US PGM operations returned to positive earnings with an all-in sustaining cost of **$1,207 an ounce** for H1 2025, aiming to reduce costs below **$1,000 per ounce** in 2-3 years.  **[1786909_tx_340096_6]** **[1786909_tx_340096_13]**  SA Gold operations' adjusted EBITDA increased by **118%** to **ZAR4.8 billion**.  **[1786909_tx_340096_11]** 
- CEO Neal Froneman is retiring in September 2025, with Richard Stewart appointed as CEO designate.  **[1786909_tx_340096_0]**

Sibanye Stillwater Reports Strong H1 2025 Earnings Amidst Impairments and Leadership Transition

- Sibanye-Stillwater reported a significant increase in adjusted EBITDA for H1 2025, up **120%** from H1 2024, or **51%** to **ZAR 10 billion** excluding Section 45X credits.  **[0001786909_2205388_0]** 
- The company recorded a net loss of **ZAR 3.9 billion** for H1 2025, primarily due to **ZAR 4.2 billion** impairment at U.S. operations and **ZAR 5.3 billion** at Keliber, but would have been a profit of **ZAR 1.9 billion** excluding these non-cash impairments and historical Section 45X credits.  **[0001786909_2205388_18]** 
- **Neal Froneman** is retiring as CEO at the end of September, with **Richard Stewart** taking over as CEO-designate.  **[0001786909_2205388_0]** 
- Net debt to adjusted EBITDA improved to **0.89x**, well below the target of 1x.  **[0001786909_2205388_0]** **[0001786909_2205388_5]** 
- No interim dividend was declared due to market volatility, but the company is confident of being in dividend-paying territory by year-end if commodity prices remain stable.  **[0001786909_2205388_6]** **[0001786909_2205388_18]**

Sibanye-Stillwater Reports Strong H1 2025 Adjusted EBITDA Amidst CEO Transition and Impairments

Sibanye Stillwater (SBSW)