Sibanye Stillwater Posts Record H1 2026: Profit Swings to R18.8bn, Declares R5.7bn Interim Dividend
SBSW sits 54% above its 52-week low of $7.36.
Summary
Sibanye Stillwater reported record H1 2026 results with profit of R18.8bn, declared a R5.7bn interim dividend, and approved the Burnstone and Mt Lyell growth projects.
Key Events · Earnings and Guidance · SBSW
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Record H1 2026 Financial Performance
Revenue surged 64% to R90bn (US$5.5bn); profit swung from a R3.9bn loss to R18.8bn (US$1.1bn); adjusted EBITDA rose 111% to R31.8bn (US$1.9bn).
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Interim Dividend Declared
Board declared 201 SA cents per share (US$352m total), representing 35% of normalised earnings at the upper end of policy; payable 21 September 2026.
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Balance Sheet Transformation
Net debt halved to R9.7bn (US$593m); net debt to adjusted EBITDA improved to 0.18x from 0.59x at December 2025; gross debt down 20% year-on-year.
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Organic Growth Projects Approved
Board approved Burnstone gold project (~130kozpa steady-state, NPV R19.2bn) and Mt Lyell copper project (~26ktpa copper, NPV US$550m), both funded from internal cash generation.
Analysis · SBSW · Energy & Transportation
A transformative first half of 2026 saw Sibanye Stillwater swing from a R3.9bn loss a year ago to a R18.8bn profit on record revenue of R90bn. The 111% jump in adjusted EBITDA to R31.8bn was driven by a 67% surge in PGM basket prices and a 35% rise in gold prices, converting 45% of EBITDA into R14.5bn of notional free cash flow. The balance sheet strengthened dramatically — net debt halved to R9.7bn and the gearing ratio fell to 0.18x — enabling a R5.7bn interim dividend at the top of the policy range. The Board also greenlit two organic growth projects, Burnstone gold and Mt Lyell copper, signaling confidence in the portfolio's long-term value. The only blemish is the loss of three colleagues in two fatal incidents during Q2 2026, which the company acknowledges as a setback to its otherwise record safety performance.
How filings like this one have moved
In the 30 days to Sep 12, 2026, 35.9% of the 1612 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.19%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SBSW was trading at $11.37 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $7.36 to $21.29. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.