Sibanye Stillwater (SBSW) Company Report

Analyst Coverage

Research analysts who have asked questions during Sibanye Stillwater earnings calls.

Adrian Hammond

SBG Securities

2 questions for SBSW

Also covers: AU, GFI, HMY +1 more

Chris Nicholson

Morgan Stanley

2 questions for SBSW

Also covers: GFI, SSL

Alexandra Simiandi

William Blair & Company

1 question for SBSW

Arnold Van Kraan

Nedbank Group

1 question for SBSW

Dmitriy Dyachenko

Investment Capital Ukraine (ICU)

1 question for SBSW

Itumeling Rancho

St. Bannister Waters

1 question for SBSW

Lorenzo Parisi

JPMorgan Chase & Co.

1 question for SBSW

Raj Ray

BMO Capital Markets

1 question for SBSW

Also covers: AU, CGAU, GAU +1 more

Robert Senat

Seaver Hill Capital

1 question for SBSW

Siphelele Mdudu

Matrix Fund Managers

1 question for SBSW

Latest news

Recent press releases and 8-K filings for SBSW.

Sibanye Stillwater Reports Strong FY 2025 Financial and Operating Results

SBSW

Earnings

Dividends

New Projects/Investments

Sibanye Stillwater reported a 14% year-on-year increase in revenue to R129.7 billion (US$7.3 billion) for the year ended December 31, 2025.
The Group's adjusted EBITDA surged by 189% year-on-year to R37.8 billion (US$2.1 billion), with headline earnings per share (HEPS) increasing by 281% to 244 SA cents (14 US cents).
A final dividend of R1.31 per share (32.68 US cents per ADR) was declared, representing 35% of normalised earnings for the year ended December 31, 2025.
The balance sheet leverage improved, with the net debt:adjusted EBITDA ratio declining to 0.59x at December 31, 2025.
All operations achieved their annual guidance, and the staged start-up of the Keliber lithium project was approved, with mining expected to commence in Q1 2026.

8 days ago

6-K

Sibanye Stillwater Reports Strong 2025 Financial Results and Strategic Simplification

SBSW

Earnings

Dividends

New Projects/Investments

Sibanye Stillwater reported a significant financial turnaround for 2025, with Adjusted EBITDA increasing 189% to just under ZAR 38 billion and headline earnings per share up 281% to ZAR 2.44 per share. The company's net debt to Adjusted EBITDA ratio improved to 0.59 times at year-end 2025.
The company declared a dividend of ZAR 1.31 per share, equating to roughly a 2% dividend yield, marking a return to dividend-paying territory and a 146% increase from the last dividend paid in 2023.
A strategic refresh was implemented, centered on simplification, operational excellence, and a disciplined capital allocation framework allocating roughly one-third to shareholder returns, one-third to gross debt reduction, and one-third to growth.
Key operational updates include the staged ramp-up of the Keliber lithium project in Finland, targeting 15,000-20,000 tons of spodumene production in 2026 , and consistent delivery from SA PGM operations with 1.8 million ounces of total full year production in 2025.

Feb 20, 2026, 7:00 AM

Transcript

Sibanye Stillwater Reports Strong 2025 Financial Results and Outlines 2026 Guidance

SBSW

Earnings

Guidance Update

Dividends

Sibanye Stillwater reported robust financial performance for 2025, with Headline Earnings Per Share (HEPS) increasing 281% to ZAR 2.44 per share and Adjusted EBITDA rising 189% to ZAR 38 billion. The company declared a dividend of ZAR 1.31 per share, representing a 2% dividend yield.
The balance sheet significantly improved, with net debt to Adjusted EBITDA declining to 0.59 times at year-end 2025 from 1.77 times in 2024. A new capital allocation framework commits one-third of capital to shareholder returns, one-third to gross debt reduction, and one-third to growth.
Operational highlights for 2025 included 1.8 million ounces of PGM production from South African operations and 284,002 ounces from US PGM operations at an all-in sustaining cost of $1,203 per ounce. However, gold production was down 10% to 19.7 tons, partly due to the cessation of mining in high-risk areas at Kloof, which led to a one-year life of mine adjustment for the operation.
Strategic decisions included a staged ramp-up of the Keliber lithium project due to market volatility, with EUR 90 million of the remaining project capital to be spent in Q1/Q2 2026. The company also provided 2026 guidance, expecting a slight decline in SA PGM and Gold production, but an increase in US PGM output with a target to reduce unit costs towards $1,000 per ounce.

Feb 20, 2026, 7:00 AM

Transcript

Sibanye Stillwater Reports Strong H2 2025 Financial Results and Outlines Strategic Refresh

SBSW

Earnings

Dividends

New Projects/Investments

Sibanye Stillwater reported a significant financial turnaround for 2025, achieving its highest EBITDA in 3 years at just under ZAR 38 billion (over $2 billion) and a 281% increase in headline earnings per share to ZAR 2.44.
The company's balance sheet strengthened, with net debt to Adjusted EBITDA declining to below 0.6 times by the end of 2025, down from 1.77 times at the end of 2024. A dividend of ZAR 1.31 per share was declared, representing a 2% yield.
A strategic refresh was implemented, focusing on simplification of the operating model and portfolio, driving operational excellence, and a disciplined capital allocation framework that dedicates one-third each to shareholder returns, gross debt reduction, and growth.
Key operational updates include a staged ramp-up of the Keliber lithium project due to market volatility, and a reduction in output at Kloof operations following the cessation of mining in deeper, high-risk areas. US PGM operations exceeded guidance with 284,002 ounces produced at an all-in sustaining cost of $1,203 per ounce, with a goal to reach $1,000 per ounce.
For 2026, the company anticipates a slight decline in South African PGM and gold production, a slight increase in US PGM output, and guidance of 400,000-420,000 gold equivalent ounces for its recycling business.

Feb 20, 2026, 7:00 AM

Transcript

Sibanye Stillwater Reports Strong H2 2025 Financial Results and Provides 2026 Guidance

SBSW

Earnings

Guidance Update

New Projects/Investments

Sibanye Stillwater reported its highest adjusted EBITDA in three years of R37.8 billion (US$2.1 billion) and a 281% increase in Headline earnings per share to 244 SA cents for H2 2025.
The company declared a final dividend of 131 SA cents per ordinary share and strengthened its balance sheet, achieving a net debt: adjusted EBITDA ratio of 0.59x.
Operationally, SA PGM operations delivered 1,797,928 4Eoz production and US PGM operations produced 284k 2Eoz, surpassing annual guidance and becoming profitable in H2 2025.
The Keliber lithium project's construction is anticipated to be completed in Q1 2026, with mining already commenced and concentrator hot commissioning scheduled for mid-2026.
For 2026, the company provided guidance including SA PGM production of 1.65 - 1.75Moz at an All-in Sustaining Cost (AISC) of R26,500 - 27,500/4Eoz, and US PGM production of 280 - 300koz at an AISC of US$1,520-1,580/2Eoz.

Feb 20, 2026, 6:00 AM

Presentation

Sibanye-Stillwater Updates Mineral Resources and Reserves as of December 2025

SBSW

New Projects/Investments

M&A

Guidance Update

Sibanye-Stillwater declared its attributable Group Mineral Resources and Mineral Reserves as of December 31, 2025.
4E PGM Mineral Reserves at SA PGM operations increased by 4.7% to 29.4 Moz, primarily due to the inclusion of the Marikana E4 mechanised UG2 project.
Gold Mineral Reserves at SA gold operations decreased by 6.3% to 9.4 Moz, significantly impacted by a 1.4 Moz writedown at the Kloof operation due to production constraints and geotechnical considerations.
A maiden Uranium Oxide (U3O8) Mineral Reserve of 25.2 Mlb was declared following the completion of the Cooke TSF feasibility study, which also informed a 44.1% reduction in Uranium Oxide Mineral Resources to 33.1 Mlb.
Lithium Mineral Resources decreased by 38.0% to 263 kt LCE due to the disposal of interest in Ioneer Ltd, while Lithium Mineral Reserves remained unchanged at 248 kt LCE.

Feb 17, 2026, 3:18 PM

6-K

Sibanye-Stillwater Signs 220 MW Renewable Energy PPA with Etana Energy

SBSW

New Projects/Investments

Etana Energy has signed a 10-year power purchase agreement (PPA) to supply Sibanye-Stillwater with 220 MW of wheeled renewable electricity in South Africa, with deliveries via the national grid expected to commence in late 2027.
This agreement is structured to integrate with Sibanye-Stillwater’s existing power arrangements and is anticipated to provide lower-cost energy while supporting the miner’s carbon-neutrality objective by 2040.
The supply will constitute more than 35% of Sibanye-Stillwater's targeted renewable capacity and follows the commercial operation of its 89 MW Castle Wind Farm in April 2025.

Feb 6, 2026, 2:37 PM

Morningstar

Sibanye Stillwater Updates Strategy and Outlines Financial Targets

SBSW

Guidance Update

New Projects/Investments

Dividends

Sibanye Stillwater Limited (SBSW) released a strategy update on January 29, 2026, for Q4 2025, emphasizing simplification, performance excellence, growth, and disciplined capital allocation to become a high-performing, future-focused metals business.
The company aims for R3 billion in annual cost savings by 2027, a ~2.5% increase in Au equivalent oz production by 2027, and a 50% reduction in gross debt.
Key project milestones include hot commissioning of the Keliber lithium refinery concentrator in Q3 2026 and refinery in Q4 2026 , and a Final Investment Decision for the Burnstone SA gold project in H1 2026.
A disciplined capital allocation framework prioritizes liquidity and sustaining capital, with remaining capital split equally among stakeholder returns (25-35% of normalised earnings for dividends), debt reduction, and life extension/growth.

Jan 29, 2026, 12:04 PM

6-K

West Wits Opens New Gold Mine in South Africa

SBSW

New Projects/Investments

West Wits Mining Limited has opened the Qala Shallows project, South Africa's first new underground gold mine in 15 years, located near Johannesburg.
The mine is projected to produce approximately 70,000 ounces of gold annually for 12 years, contributing over $1.15 billion to the national economy and creating more than 1,000 jobs.
This project, representing a $90 million (R1.5 billion) investment, marks West Wits' transition from a developer to a producer and aims to revitalize South Africa's gold mining sector.

Dec 4, 2025, 6:51 PM

Bloomberg

Aldebaran Resources Files Altar PEA; Nuton Terminates Option Agreement

SBSW

New Projects/Investments

M&A

Aldebaran Resources Inc., a joint venture partner of Sibanye-Stillwater, filed an updated Preliminary Economic Assessment (PEA) for its Altar copper-gold project, effective September 1, 2025, which indicates an NPV (8%) of US$2 billion and an IRR of 20.5%.
Nuton Holdings Ltd., a Rio Tinto venture, terminated its option to joint venture agreement with Aldebaran for the Altar project, initially announced November 7, 2024, due to a shift in priorities to later-stage projects.
Sibanye-Stillwater remains Aldebaran's joint venture partner, with Aldebaran retaining an 80% interest in the Altar project and planning to advance it towards a pre-feasibility study.