Sibanye Stillwater Ltd (SBSW) Form 6-K — Sep 1, 2026
Sibanye-Stillwater delivered record H1 2026 results, with revenue of R90bn (US$5.5bn) up 64% year-on-year and adjusted EBITDA of R31.8bn (US$1.9bn) up 111%, swinging to a profit of R18.8bn (US$1.1bn) from a R3.9bn loss in H1 2025 on stronger PGM and gold prices and stable operations. The board declared an interim dividend of R5.7bn (US$352m), equal to 201 SA cents per share or 49.73 US cents per ADR — 35% of normalised earnings at the upper end of policy, implying an 8.0% annualised yield.
Key figures
- Eps
- 627 SA cents basic / 561 SA cents diluted (H1 2025: -127 SA cents)
- Revenue
- R89,977 million (US$5,483 million), record
- Guidance
- 2026 annual production, cost and capital guidance maintained except SA gold cost guidance and inclusion of 2026 capital guidance for Burnstone and Mt Lyell
- Net Income
- R18,807 million profit (US$1,147 million) vs R3,906 million loss in H1 2025
- Total Debt
- R32,104 million gross debt (down 20% YoY); net debt R9,718 million (more than halved)
- Revenue Yoy
- +64%
- Total Assets
- R159,433 million
- Cash Position
- R22,434 million at 30 June 2026 (up 31% from R17,178 million at 31 December 2025)
- Keliber Capex
- €719 million cumulative construction spend of €783 million approved budget; 217.5kt ore mined
- Notes Redeemed
- US$675 million 2026 Notes redeemed in full plus US$75 million of 2029 Notes
- Adjusted EBITDA
- R31,843 million (US$1.9 billion), up 111%
- Group Liquidity
- R47,637 million
- Interim Dividend
- R5,685 million (US$352 million); 201 SA cents per share / 49.73 US cents per ADR; 35% of normalised earnings at upper end of policy
- Net Debt To EBITDA
- 0.18x
- Sa Pgm Production
- 831,307 4Eoz including third-party PoC, down 1%
- Senior Notes2031
- US$500 million issued, proceeds R8,075 million received 15 May 2026
- Us Pgm Production
- 137,930 2Eoz, down 2%
- Mt Lyell Economics
- NPV ~US$550m at 7.4% WACC; IRR ~20%; ~26kt copper, 16koz gold, 116koz silver per year; US$340m project capital, max cash draw ~US$370m; first production early 2029
- Sa Gold Production
- 9,134kg (293,665oz), down 2%
- Us Pgm Basket Price
- US$1,672/2Eoz, up 70%
- Shares Outstanding
- 2,830,567,264 ordinary shares
- Burnstone Economics
- NPV ~R19.2bn at 10% discount; IRR ~36.1%; ~130kozpa gold; R3.5bn infrastructure capex over six years plus R2.5bn pre-production capital through 2028; R98m approved for 2026
- Sa Pgm Adjusted EBITDA
- R19.2 billion (US$1.2 billion), up 302%; 44% AISC margin
- Us Pgm Adjusted EBITDA
- US$66 million, down 56% YoY on 45X credit timing (H1 2025 included once-off US$139 million)
- Notional Free Cash Flow
- R14,450 million (US$881 million), 45% EBITDA conversion
- Sa Gold Adjusted EBITDA
- R9.0 billion (US$549 million), record
- Century Adjusted EBITDA
- US$55 million, up 54%
- Implied Annualised Yield
- 8.0%
- Recycling Adjusted EBITDA
- US$164 million; underlying +536% YoY to US$137 million ex-45X credits
- Trailing Twelve Month Yield
- 6.6%
- Net Cash From Operating Activities
- R19,614 million (US$1.2 billion), record
AI analysis
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