Sibanye-Stillwater sees strong profit surge in first half of 2025

Sibanye-Stillwater announced a substantial improvement in its financial results for the six months ended 30 June 2025. The company reported headline earnings of R5.4bn, an almost 19-fold increase compared to H1 2024, and reduced its basic loss to R3.6bn. This turnaround was significantly boosted by R5.1bn in Section 45X credits and the restructuring of US PGM operations, leading to a 127% year-on-year increase in Group adjusted EBITDA to R15.1bn.

The company's balance sheet was reinforced, with net debt:adjusted EBITDA improving to 0.89x at 30 June 2025, down from 1.79x at 31 December 2024. All Group operations, except SA gold, are on track to meet annual guidance, with SA PGM and US PGM operations showing improved profitability. SA gold operations saw adjusted EBITDA increase by 118% to R4.8bn despite a 13% production decrease.

US recycling operations also contributed strongly, including a $126m Section 45X credit. The Keliber lithium project is nearing construction completion by H1 2026, though its start-up schedule is under review due to market surpluses.