Sibanye Stillwater (SBSW) H2 2024 earnings summary

Executive summary

• CEO succession plan in place with Richard Stewart to take over in September, ensuring strategic continuity and a stable C-suite.

• Strategic focus validated by improved safety, operational excellence, and capital allocation, with ESG remaining central.

• The company supports over 147,000 jobs and generated ZAR 225.9 billion in economic impact, ZAR 61.3 billion in compensation, and ZAR 27 billion in tax impacts.

• Diversified portfolio across gold, PGMs, battery metals, recycling, and tailings reprocessing has stabilized earnings and mitigated commodity price volatility.

• Proactive restructuring and cost management have arrested declining profitability and positioned the company for future growth.

Financial highlights

• Revenue for H2 2024 increased 7% year-over-year, driven by higher rand gold prices, Reldan acquisition, and Century operations.

• Group Adjusted EBITDA for H2 2024 was ZAR 6.4 billion (US$360m), stable for the third consecutive half-year.

• Full-year 2024 revenue was ZAR 113.7 billion (US$6.1bn), down 1% due to lower PGM prices, partially offset by a 22% increase in SA gold operations.

• Full-year loss of ZAR 5.7 billion (US$311m), mainly due to ZAR 9.2 billion in impairments; excluding impairments, profit would have been ZAR 3.5 billion.

• Net debt to Adjusted EBITDA at 1.79x (1.1x pro forma including stream), with ZAR 16 billion cash on hand and ZAR 45.7 billion liquidity headroom.

Outlook and guidance

• 2025 guidance largely unchanged; gold operations expected to contribute over half of group EBITDA due to sustained high gold prices.

• US PGM mined guidance 255–270koz 2E; SA PGM 1.75–1.85Moz 4E; SA gold 547–579koz (excluding DRDGOLD).

• US PGM AISC forecast at US$1,420–1,460/2Eoz, with Section 45X credits reducing this to US$1,320–1,360/2Eoz.

• Operating costs expected to rise in line with inflation; gold AISC base at ZAR 1.3 million/kg, with potential for further 10% reduction.

• Sandouville nickel refinery to cease normal operations in H1 2025; Keliber lithium project construction on schedule, commissioning expected H1 2026.