Key Highlights

● Interim revenue rose 65 per cent year over year to R90 billion.

● Adjusted EBITDA increased 111 per cent to R31.8 billion for the six months.

● South African PGM EBITDA rose 302 per cent to R19.2 billion on higher basket prices.

● Net debt fell to R9.7 billion from R22.1 billion at the end of 2025.

Sibanye Stillwater (NYSE:SBSW) is a South African group producing platinum group metals, gold and recycled metals, with additional exposure to lithium and zinc. Its American Depositary Shares trade on the New York Stock Exchange under the symbol SBSW, and the company's Form 20-F for 2025 states that each ADS represents four ordinary shares. The group reports in South African rand, so any dollar comparison reflects translation as well as operating performance. Investors using the S&P 500 as a yardstick should note that Sibanye is a commodity producer based outside the United States, and its earnings are driven by metal prices, the rand and operating safety rather than domestic economic cycles. Readers should also bear in mind that ADS holders receive distributions in dollars after conversion, so currency movements between the rand and the dollar affect what they receive.

Interim results for the six months to June 2026

On 1 September 2026 the company reported its interim results. Revenue rose 65 per cent to R90 billion, while adjusted EBITDA increased 111 per cent to R31.8 billion. Profit was R18.8 billion, and headline earnings were R17.0 billion. Net cash from operating activities reached a record R19.6 billion, and notional free cash flow was R14.5 billion, equivalent to 45 per cent of EBITDA. The South African PGM operations produced 831,307 4E ounces, with EBITDA up 302 per cent to R19.2 billion, helped by a 67 per cent increase in basket prices. The South African gold operations produced 293,665 ounces, down 2 per cent, but delivered record EBITDA of R9 billion at a 32 per cent all-in sustaining cost margin. Recycling EBITDA rose 11 per cent to R2.7 billion. The company's own filing, rather than the press coverage, is the source for the headline earnings figure.

Balance sheet and the interim dividend

Net debt fell to R9.7 billion at 30 June 2026 from R22.1 billion at the end of 2025, a ratio of 0.18 times adjusted EBITDA. On the same day the board declared an interim dividend of 201 South African cents per ordinary share, totalling about R5.7 billion. Because the ADS represents four shares, the company stated the distribution as 49.73 US cents per ADS, against 12.43 US cents per ordinary share. The two should not be confused. The last day to trade cum dividend was 15 September, the record date for shares and ADRs was 18 September, ordinary shares were paid on 21 September, and the ADR payment followed on 6 October 2026. The cash conversion and lower gearing support the payout, although the dollar amount per ADS will vary with the rand exchange rate at conversion, and the dividend remains tied to metal prices.

Safety Incidents Temper a Strong Financial Half

Sibanye Stillwater's sharply lower net debt and record operating cash flow give the group room to fund its Burnstone gold project and brownfield PGM expansions, supported by an interim dividend that converts to 49.73 US cents per ADS. That financial strength sits alongside a difficult safety record, with three employee deaths during the half and a 15 per cent rise in the South African PGM lost-time injury frequency rate, plus unresolved items including US labour negotiations, a tax authority examination and an adverse Akanani court ruling now under appeal.