Sibanye Stillwater (SBYSF)
OTHER OTC:SBYSF
Earnings Data
Report Date
Sep 01, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
-0.07Same Quarter Last Year
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a clear financial and operational turnaround: materially higher EBITDA and EPS, strong deleveraging, reinstatement of a dividend, robust liquidity, and operational resilience across core businesses (PGMs, gold, recycling). These positives were balanced against notable challenges — large impairments (ZAR 15.8b), a material safety-driven rebasing at Kloof with a LOM reduction and production loss, six fatalities in 2025, and several one-off cash impacts (Appian settlement, hedging losses). Management outlined pragmatic measures (simplification strategy, staged Keliber ramp-up, mechanization in the U.S., disciplined capital allocation and sustainability/renewables investments) to lock-in gains and mitigate risks. Overall, the highlights (strong cash generation, deleveraging, strategic clarity and renewables progress) materially outweigh the lowlights, although the operational safety and impairment issues require ongoing attention.Company Guidance
Record EBITDA and Earnings Per Share
Adjusted EBITDA nearly tripled year-on-year from ~ZAR 13 billion to just under ZAR 38 billion (approx. +189%), the highest EBITDA in 3 years. Headline earnings per share rose ~281% to ZAR 244 cents per share, driven largely by stronger commodity prices and improved operational performance.
Substantial Deleveraging and Strong Liquidity
Net debt to adjusted EBITDA improved materially from 1.77x at end-2024 to 0.59x at end-2025. Gross debt stood at ZAR 39 billion with cash of ZAR 17 billion (net debt ~ZAR 22 billion). Liquidity headroom is ~ZAR 40 billion, supporting upcoming maturities and capital allocation flexibility.
Dividend Reinstated at Top of Policy
Board declared a dividend of ZAR 131 cents per share (approx. 2% yield), representing a full year dividend of ZAR 3.7 billion and at the top end of the stated dividend policy.
SA PGM Operational Resilience and Price Tailwind
4E PGM production was ~1.8 million ounces (within guidance 1.75–1.85m). Underground production increased ~2% to >1.6m oz. Average 4E basket price rose ~28% to >ZAR 31,000/oz in 2025 (early 2026 spot up ~43% to >ZAR 44,000/oz), contributing to SA PGM adjusted EBITDA up ~125% to ZAR 16.7 billion. AISC rose ~10% to ~ZAR 24,000/40oz but byproduct credits of ZAR 11.1 billion (strong ruthenium/iridium) supported margins.
Gold Business Turnaround and Strong Cash Generation
Although total gold production fell ~10% to 19.7 tonnes, the sustained rand gold price (+39% year-on-year in the period referenced) helped gold segment adjusted EBITDA increase ~115% to ZAR 12.5 billion (33% of group EBITDA). DRDGOLD investment provides long-life, high-margin surface exposure.
Renewable Energy and Sustainability Progress
Renewable pipeline expanded to 765 MW (largest contracted private renewables offtake in SA mining). Early commissioning delivered ~ZAR 100 million savings year-to-date and avoided >300,000 tCO2; target savings ~ZAR 1 billion annually and avoidance of ~2.6 million tCO2 p.a. by 2028 (41% emissions reduction from 2024). Four operations are fully independent of municipal potable water; gold assets 94% independent.
Keliber Greenfield Project: Constructed and Staged Ramp-Up
Keliber concentrator and refinery (except rotary kiln) mechanically complete. Management adopted a staged ramp-up to mitigate market risk: initial stage capex Stage 1 ~EUR 783 million (per presentation), with 2026 total spend guidance EUR 180–190 million (approx. half is remaining project capital ~EUR 90 million). Long-term lithium assumption used in impairment/review ~USD 20,000/t (life-of-mine average cited ~USD 17,500/t). Initial concentrate production guidance for the year: at least 15,000–20,000 (as stated in transcript).
U.S. PGM Operations and Recycling Platform Progress
U.S. PGM production of 284,000 3E oz with AISC ~USD 1,203/oz (beating guidance). Management is executing mechanization and productivity programs targeting ~USD 1,000/oz sustainable costs (benefits expected to crystallize in 2027). Recycling platform expanded through Reldan and Metallix acquisitions and Columbus integration to provide low-capital, stable-margin exposure.
Resource Base and Reserve Additions
Group resource: ~356 million ounces (resource-to-reserve conversion ~16%, 58.2 million oz reserves). SA PGM resource ~177 million oz (29.4m oz reserves). Maiden reserves added for Marikana East, Cooke TSF and Mount Lyell, supporting long-life optionality (examples: K4 project ~45-year LOM, Rustenburg assets >32 years).
SBYSF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SBYSF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 20, 2026 | $3.72 | $3.72 | -0.13% |
Aug 28, 2025 | $1.94 | $1.80 | -6.82% |
Feb 21, 2025 | $0.90 | $0.85 | -6.20% |
Sep 12, 2024 | $0.82 | $0.90 | +9.49% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sibanye Stillwater (SBYSF) report earnings?
Sibanye Stillwater (SBYSF) is schdueled to report earning on Sep 01, 2026, Before Open (Confirmed).
What is Sibanye Stillwater (SBYSF) earnings time?
Sibanye Stillwater (SBYSF) earnings time is at Sep 01, 2026, Before Open (Confirmed).
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What is SBYSF EPS forecast?
Currently, no data Available