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Sibanye Stillwater H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary28 Aug, 2025
Executive summary
Group adjusted EBITDA for H1 2025 rose 127% year-over-year to R15.1bn (US$818m), driven by operational stability, gold price leverage, and Section 45X credits.
Leadership transition completed as Neal Froneman retired and Richard Stewart became CEO, ensuring continuity.
Headline earnings surged 19-fold year-over-year to R5.4bn (US$292m), with a reduction in basic loss to R3.6bn (US$194m).
No interim dividend declared due to global economic and geopolitical uncertainty; dividend policy remains unchanged.
Group safety performance improved, with TRIFR down 12% year-over-year and lowest since 2020.
Financial highlights
Revenue for H1 2025 was R54.8bn, nearly flat year-over-year, with a 1% decrease due to lower volumes despite higher commodity prices.
Adjusted EBITDA excluding S45X credits increased 51% to R10.0bn (US$533m) from H1 2024.
Headline EPS rose from ZAR 0.10 to ZAR 1.19 per share, with a 1,900% year-over-year surge.
Net debt at 30 June 2025 was R19.2bn (US$1.1bn), with liquidity headroom of R46.9bn (US$2.6bn).
Gross debt increased 2% to R40.2bn (US$2.3bn), mainly due to Keliber capex.
Outlook and guidance
Most operations remain within guidance; SA gold guidance revised down to 15,000–16,000kg (480–514koz) due to Kloof challenges.
Positive outlook for H2 2025, with expectations of returning to dividend-paying territory if commodity prices hold.
US PGM operations targeting sustainable AISC of US$1,000/2Eoz over 2–3 years.
Project capital expenditure for Keliber lithium and Marikana K4 projects to decline significantly from H1 2026.
S45X credits cash payment of R4.4bn (US$248.5m) expected in 2026.
Kloof gold ops: What's the stable production profile
Keliber: What defines a responsible start-up
Stillwater: Key steps to <$1,000/oz cost target
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Next Sibanye Stillwater earnings date
H2 202520 Feb, 2026
Sibanye Stillwater
Next Sibanye Stillwater earnings date
H2 202520 Feb, 2026
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Frequently asked questions
Sibanye Stillwater Limited explores for gold, platinum group metals, and associated minerals. It also produces silver, uranium oxide, copper cathode, nickel sulphate hexahydrate, and sulphuric acid. The company owns the Kloof and Driefontein gold mines located in the Witwatersrand Basin, South Africa. It is also involved in zinc mining activities; and mining and processing of copper ore sand. In addition, the company engages in refining of gold ore/concentrates; production of palladium anodes for the electrolytic extraction of electron-rich platinum group pharmaceuticals; exploration for iron ore deposits; and provision of engineering services in the fields of geology, tailings dam construction design and management, shaft sinking, mine design and planning, metallurgy and mineral processing technology solutions.
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