Adrian Hammond

Chris Nicholson

Raj Ray

- 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 (SBSW)