Sibanye-Stillwater reported FY 2025 revenue of ZAR129.68 billion and adjusted EBITDA of ZAR37.80 billion (US$2.12 billion), its highest in three years. Headline earnings per share rose 281% to 244 SA cents, while the group reported a loss for the period of ZAR4.74 billion, which it said was impacted by impairments of ZAR14.01 billion, including ZAR15.81 billion relating to Keliber, Kloof and US PGMs, partly offset by a ZAR1.92 billion reversal relating to Burnstone, Driefontein and Beatrix. A final dividend of 131 SA cents per ordinary share was declared. Net debt to adjusted EBITDA was 0.59x, and gross debt was ZAR22.10 billion at 31 December 2025, with net cash of ZAR5.85 billion. The company also highlighted an Appian settlement payment included in transaction and project costs, with US$215 million (ZAR3.57 billion) paid in December 2025. Operationally, SA PGM production was 1.80 million 4Eoz, with SA PGM adjusted EBITDA up 125% to ZAR16.70 billion and AISC up 10% to ZAR24,193/4Eoz. US PGM operations produced 284,000 2Eoz with AISC of US$1,203/2Eoz, beating annual guidance, and were profitable in H2 2025 following restructuring. SA gold production fell 10% to 19,668kg, with AISC at ZAR1.44 million/kg and a 3-year wage agreement concluded; Sibanye-Stillwater said Kloof’s life of mine was reduced to 1 year due to seismic-related safety constraints. In growth projects, Keliber’s construction is expected to be completed in Q1 2026, with mining start-up underway and concentrator hot commissioning targeted for mid-2026 under a staged ramp-up plan.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Sibanye Stillwater Limited published the original content used to generate this news brief on February 20, 2026, and is solely responsible for the information contained therein.