Sibanye Stillwater Ltd (STU:47V)

Half Year 2026 Sibanye Stillwater Limited Earnings Call Transcript

Sep 1, 2026 / 11:00 AM GMT

Release Date Price: €2.52 (-0.40%)

Transcript

Key Points

Positve

Record revenue and EBITDA, with EBITDA more than doubling year-over-year, driven by strong commodity prices and operational stability.
Significant debt reduction of 18% in six months, with gross debt down to R32.1 billion, improving balance sheet resilience.
Declared an interim dividend at the upper end of policy, implying a yield of 8%, among the highest in the peer group.
Approved two new organic growth projects (Burnstone and Mount Lyell) with robust returns, leveraging existing infrastructure.
Strong cash generation with record net operating cash flow and a 65% EBITDA-to-cash conversion rate.
Safety performance improved, with a continued downward trend in lagging indicators, despite two fatal incidents in Q2.
Recycling business delivered strong results with 13% EBITDA margin and significant cash conversion, benefiting from recent acquisitions.
Renewable energy portfolio expanding to 835 MW by 2028, expected to save over R1 billion in energy costs.
PGM and gold operations in South Africa achieved high all-in sustaining cost margins of 44% and 32% respectively.
K4 operation increased production by 24%, adding lower-cost ounces with capital already spent.

Negative

Fatal incidents occurred in Q2, with three colleagues lost, highlighting ongoing safety challenges.
US PGM operations remain a concern, with adjusted EBITDA down 56% due to the absence of Section 45X credits and higher costs.
Union labor negotiations in Montana are complex and could impact the mechanization timeline and cost reduction targets.
Gold unit costs increased due to planned infrastructure maintenance, higher electricity costs, and expensed capital at Klipspruit.
Chrome production declined 18% year-over-year due to the planned closure of the BTT concentrator.
Century Zinc production fell 13% year-over-year, impacted by a wet season and end-of-life constraints.
Lithium market prices are expected to decrease in H2 as new supply comes online, potentially affecting Keliber's economics.
The company is lagging on its growth investment target, with project spending behind schedule due to timing.
Stillwater West is out of the five-year plan, with no near-term development until cost targets are met.
Geopolitical and macroeconomic risks, including the war on Iran and potential tariffs, could pressure commodity prices and global growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SSWJ.J - Sibanye Stillwater Limited
Half Year 2026 Sibanye Stillwater Limited Earnings Call
Sep 01, 2026 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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Okay.

Good afternoon.

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Unidentified_2 [2]
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Good morning, everybody. Are we online?

All good.

Thank you very much. Good afternoon, good morning, evening. Those joining us online, welcome.

Just before we kick off with the formal part of the presentation today, please just take note that obviously there are a lot of forward-looking statements, so please note the safe harbour statement.

Before we kick off, listen, I would like to just invite George Kutzier, our head of safety. Perhaps just to

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