EarningsQ2 2026 Earnings Report
DE:47VS Q2 2026 EPS Results
Actual EPS€1.18
Consensus EPS€1.11
Beat/MissBeat by +€0.07
One Year Ago EPS€0.38
DE:47VS Q2 2026 Revenue Results
Actual Revenue€4.82B
Expected Revenue€4.59B
Beat/MissBeat by +€232.65M
YoY Revenue Growth+84.06%
Earnings Announcement Details
QuarterQ2 2026
Date09/01/2026
TimeBefore Open
Conference CallTuesday, September 1, 2026
DE:47VS Upcoming Earnings
Sibanye Stillwater's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:47VS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall, supported by record revenue, sharply higher EBITDA and cash generation, an 18% six-month reduction in gross debt, a high-yield dividend, solid South African operating results and progress on organic growth projects. The main negatives were the loss of colleagues, geopolitical and commodity-market risks, lower production and higher costs in selected operations, ongoing U.S. labor negotiations, and uncertainty around the Section 45X cash receipt and Keliber refinery timing.Company Guidance
Record Group Revenue and Strong Earnings Growth
Six-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, while profit increased 581%.
Significant Cash Generation
Cash generated by operations increased 531% to just under ZAR 21 billion, representing a 65% EBITDA-to-cash conversion. The group also reported record net operating cash generation for the six-month period.
Debt Reduction and Strong Liquidity
Gross debt declined from ZAR 39.3 billion at the half-two 2025 reference point to ZAR 32.1 billion at the end of half-one 2026, an 18% reduction in six months. Net gearing was 0.18x, liquidity headroom was approximately ZAR 48 billion, and the company remains focused on reducing gross debt by 50% over two to three years.
Dividend Declared at Upper End of Policy
The 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 yield was approximately 8%, while the 12-month trailing yield was 6.6%, both described as being at the top end of the peer group.
South African PGM Operational Leverage
South African PGM production was 790,000 4E ounces, in line with guidance. Adjusted EBITDA was ZAR 19.2 billion, up 302% year-on-year, with a 44% all-in sustaining cost margin and a 45% EBITDA margin. Notional free cash flow was ZAR 10.4 billion, ZAR 9.9 billion higher year-on-year.
K4 Growth and PGM Project Pipeline
K4 production increased by 10,600 ounces, or 24%, offsetting planned maintenance at the Rustenburg UG2 concentrator. The company is investing in shallow, infrastructure-backed extensions with a targeted 1.5 million ounce underground production profile, including projects in execution at Siphumelele, Thembelani and Western Limb Tailings Retreatment.
Strong South African Gold Earnings and Cash Flow
South African gold production was 294,000 ounces, with surface production up 13% and representing 36% of the mix. Gold sold increased 5%, the average price increased 35%, adjusted EBITDA reached a record ZAR 9 billion, up 87% year-on-year, and notional free cash flow was ZAR 3.9 billion, with cash generation up 267%.
Surface Gold Growth and Burnstone Approval
The surface gold business produced 105,000 ounces, up 13%. Burnstone was approved as a project targeting approximately 130,000 ounces per year at steady state over a 25-year life, with ZAR 98 million approved for 2026. The project is expected to create approximately 2,500 jobs at steady state, with an estimated net present value of ZAR 19.2 billion and an internal rate of return of 36%.
Recycling Business Margin Expansion
The recycling business delivered a 13% adjusted EBITDA margin, $164 million of adjusted EBITDA and $103 million of cash generation, representing 63% adjusted EBITDA conversion. Precious metals produced increased 142% year-on-year to a combined equivalent of 2.8 million ounces following the integration of two acquisitions.
Century Zinc Cash Generation
Century Zinc produced 45 kilotonnes of payable zinc, in line with guidance. Adjusted EBITDA was $55 million, up 54% year-on-year, while notional free cash flow was $41 million, up 86%. The average zinc concentrate price increased 25%, supported by lower treatment charges and contracting.
Keliber Mining Ramp-Up on Plan
Keliber mining is fully underway, with 218 kilotonnes mined and 186 kilotonnes added to the strategic stockpile. The stockpile exceeded the strategic target and provides security for a controlled concentrator ramp-up. Capital spend was EUR 719 million, within the EUR 783 million budget.
Mount Lyell Project Approved
The Board approved the Mount Lyell copper-gold project in Tasmania. The project has approximately USD 340 million of total capital to production, an estimated net present value of about USD 550 million, an internal rate of return of 20%, an expected life of approximately 23 years and approximately 300 jobs at steady state.
Progress on U.S. PGM Mechanization
U.S. PGM production was 138 thousand ounces of palladium and platinum, in line with guidance. The company successfully trialed mechanized bolting at Stillwater East, advanced mine development and operating-model changes, and reported year-to-date all-in sustaining costs slightly below guidance.
Energy and Water Resilience Initiatives
Renewable energy capacity was over 165 megawatts and is expected to exceed 835 megawatts by 2028, which management said would produce more than ZAR 1 billion in energy-cost savings by 2028 and place 50% of power supply under the company’s control. Gold operations were described as 95% water independent, while South African PGM operations were 42% water independent with a plan to reach 90% by 2028.
Safety Performance Improvement
Management described the safety performance as strong against the company’s history, peers and local benchmarks, with a continued downward trend in lagging indicators over the past five years. Driefontein, described as the second-deepest mine in the world, reached one year fatal-free.
Strategy Progress Ahead of Expectations
Management said strong cash generation and supportive commodity prices allowed the company to progress its strategy faster than expected. Debt reduction was ahead of the original two- to three-year schedule, margin optimization was tracking well, and the company remains on target to meet its operational and financial guidance.
DE:47VS 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