Sibanye Stillwater (47V) Q2 2026 Earnings Report
DE:47V Q2 2026 EPS Results
- Actual EPS
- EUR 0.33
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -EUR 0.06
DE:47V Q2 2026 Revenue Results
- Actual Revenue
- EUR 4.74B
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +84.06%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/01/2026
- Time
- Before Open
- Conference Call
- Tuesday, September 1, 2026
Sibanye Stillwater's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call was strongly positive overall. Management reported record revenue, EBITDA, cash generation and earnings, an 18% reduction in gross debt, a dividend at the upper end of policy and progress across organic growth projects. These strengths outweighed clearly stated challenges involving fatalities, macroeconomic uncertainty, higher costs, lower production in certain operations, labor negotiations and unresolved Section 45X timing.
The company remains on target to meet its operational and financial guidance: South African PGM production was 790,000 4E ounces, with second-half all-in sustaining costs expected to lift but remain inside the guided range; Century production was 45 kilotonnes of payable zinc, in line with guidance, with all-in sustaining cost at the lower end of the guidance range at $2,162 a tonne; gold operating unit cost guidance was increased to 1.75 to 1.84; lithium prices are expected to decrease somewhat but are not expected to drop below the levels of 2025; Stillwater is targeting $1,000 an ounce by 2028; Burnstone is expected to produce about 130,000 ounces a year at steady state over a 25-year life, with about ZAR 98 million of capital in 2026; Mount Lyell guidance includes around USD 7.5 million of spending this year, total project capital of around USD 340 million, a life of around 23 years and about 26,000 kilotonnes of copper, around 16,000 ounces of gold and about 116,000 ounces of silver at steady-state production; and the company remains focused on reducing gross debt by 50% over a 2- to 3-year period, while its dividend policy remains between 25% and 35% of normalized earnings.
- Record Group Revenue and EBITDA GrowthSix-month revenue reached just under ZAR 90 billion, up 64% year-on-year. Adjusted EBITDA was ZAR 31.8 billion, up 111% year-on-year, with a 35% margin. Profit increased 581%.
- Strong Cash GenerationCash generated by operations increased 531% to just under ZAR 21 billion, representing 65% EBITDA-to-cash conversion. The group reported record net operating cash for the six-month period.
- Higher Commodity Prices Supported ResultsThe South African and U.S. PGM basket increased approximately 70% year-on-year, South African gold prices increased 35%, and the Australian zinc price increased 25%.
- South African PGM Operational DeliverySouth African PGM production was 790,000 4E ounces, in line with guidance. K4 production increased 24% and added 10,600 ounces, while underground production including Mimosa increased 1%. Adjusted EBITDA was ZAR 19.2 billion, up 302%, with a 44% all-in sustaining cost margin and 45% EBITDA margin.
- South African PGM Cash Flow and Chrome ContributionSouth African PGM notional free cash flow was ZAR 10.4 billion, up ZAR 9.9 billion year-on-year, with 54% conversion. Chrome generated ZAR 1.1 billion of operating profit, and the company expects chrome to contribute more as UG2 feed is prioritized.
- Record South African Gold EarningsSouth African gold sold increased 5% and the average gold price increased 35%. Adjusted EBITDA reached a record ZAR 9 billion, up 87%, with a 39% margin. Notional free cash flow was ZAR 3.9 billion and cash generation increased 267%.
- Growth in Surface Gold ProductionSurface gold production increased 13% to 105,000 ounces and now represents 36% of the South African gold production mix. DRDGOLD produced 2.5 tonnes of gold, up 10% on yield, while Cooke production increased 11% on third-party material.
- Burnstone Project ApprovedThe Board approved the Burnstone project, which is expected to produce approximately 130,000 ounces per year at steady state with a 25-year life. The project has an approved 2026 capital allocation of ZAR 98 million, existing shaft, decline and surface infrastructure, expected total project capital of approximately ZAR 6.2 billion, a net present value of ZAR 19.2 billion and an internal rate of return of 36%.
- Mount Lyell Project ApprovedThe Board approved the Mount Lyell copper-gold project in Tasmania. The project has approximately USD 340 million of total capital to production, a net present value of approximately USD 550 million, a 20% internal rate of return, an estimated 23-year life and is expected to create approximately 300 steady-state jobs.
- Debt Reduction and Strong LiquidityGross debt declined from ZAR 39.3 billion at the second-half 2025 reference point to ZAR 32.1 billion at the end of the first half of 2026, an 18% reduction in six months. Net gearing was 0.18x, liquidity headroom was approximately ZAR 48 billion, and the company said its maturity profile remained very manageable.
- Dividend Declared at Upper End of PolicyThe Board declared an interim dividend of ZAR 5.7 billion, or ZAR 2.01 per share, at the upper end of the 25% to 35% normalized earnings policy. The annualized dividend yield was approximately 8%, while the 12-month trailing yield was 6.6%.
- U.S. PGM Mechanization ProgressU.S. PGM production was 138,000 ounces of palladium and platinum, in line with guidance. Mechanized bolting was successfully trialed at Stillwater East, mine development and operating-model work progressed, and year-to-date all-in sustaining cost was slightly below guidance.
- Improved U.S. PGM Cash PerformanceU.S. PGM cash outflow decreased 52% year-to-date to negative USD 28 million in notional free cash flow, supported by higher palladium and platinum prices while proceeds were used to fund mechanization.
- Recycling Business Scale and Margin ExpansionThe recycling business delivered a 13% adjusted EBITDA margin, USD 164 million of adjusted EBITDA and USD 103 million of cash generation, representing 63% adjusted EBITDA conversion. Precious-metals production increased 142% year-on-year to approximately 2.8 million gold-equivalent ounces.
- Century Zinc Cash GenerationCentury produced 45 kilotonnes of payable zinc, in line with guidance. Adjusted EBITDA was USD 55 million, up 54% year-on-year, and notional free cash flow was USD 41 million, up 86%, supported by a 25% higher average zinc concentrate price, lower treatment charges and contracting.
- Keliber Project ProgressMining at Keliber was fully underway, with 218 kilotonnes mined and 186 kilotonnes added to the strategic stockpile, exceeding the stockpile milestone. Concentrator commissioning was underway, capital spend was on plan at EUR 719 million against a EUR 783 million budget, and the company said it was achieving the targeted mining run rates.
- Organic Growth PipelineThe approved project pipeline includes Thembelani, Siphumelele, Western Limb Tailings Retreatment, Burnstone and Mount Lyell. Management said the projects materially support the production outlook over the next five years and are being sequenced using returns, affordability, readiness and strategic fit.
- Renewable Energy ExpansionThe company had more than 165 megawatts of renewable energy producing and expects this to increase to more than 835 megawatts by 2028. Management said this could generate more than ZAR 1 billion of energy-cost savings by 2028, with 50% of power supply expected to be under company control.
- Improving Water IndependenceSouth African gold operations were described as 95% water independent, while South African PGM operations were 42% water independent and have a plan to reach 90% by 2028.
- Safety Metrics Continued to ImproveManagement reported a continued downward trend in lagging safety indicators and said the company's safety performance compared favorably with its own history, peers and local benchmarks. Driefontein also completed one year without a fatal incident.
- Full-Year Guidance Largely UnchangedManagement said full-year guidance remained largely unchanged, with only the South African gold operating-cost guidance updated and approximately ZAR 100 million each added for Burnstone and Mount Lyell in the second half.
DE:47V Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | ―- | -0.03 | ― | ― |
| Sep 01, 2026 | 2026 (Q2) | ―0.33 | -0.06 | 653.62% (+0.39) | |
| Feb 20, 2026 | 2025 (Q4) | ―-0.03 | 0 | -3300.00% (-0.03) | |
| Aug 28, 2025 | 2025 (Q2) | ―-0.06 | -0.12 | 51.06% (+0.06) | |
| Feb 21, 2025 | 2024 (Q4) | ―0.00 | -0.74 | 100.12% (+0.74) | |
| Sep 12, 2024 | 2024 (Q2) | ―-0.12 | 0.12 | -197.92% (-0.25) | |
| Mar 05, 2024 | 2023 (Q4) | ―-0.74 | 0.11 | -756.92% (-0.85) | |
| Aug 29, 2023 | 2023 (Q2) | ―0.12 | 0.24 | -47.83% (-0.11) | |
| Feb 28, 2023 | 2022 (Q4) | ―0.11 | 0.17 | -33.33% (-0.06) | |
| Aug 25, 2022 | 2022 (Q2) | ―0.24 | 0.5 | -52.41% (-0.26) |
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.