- SBSW
Key Points
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Record first-half financial results: Revenue increased 64% year over year to nearly ZAR 90 billion, while adjusted EBITDA more than doubled to ZAR 31.8 billion. Operating cash flow surged 551% to almost ZAR 21 billion, supporting an interim dividend of ZAR 5.7 billion, or 201 cents per share.
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Debt reduction and strong South African operations: Sibanye reduced gross debt 18% to ZAR 32.1 billion, while South African PGM and gold operations generated significant cash flow amid higher commodity prices. PGM adjusted EBITDA rose 302% and gold adjusted EBITDA reached a record ZAR 9 billion.
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Growth projects approved and lithium ramp-up continues: The board approved the Burnstone gold project in South Africa and Mt Lyell copper-gold project in Tasmania, with production targeted from 2029. At the Keliber lithium project in Finland, mining and concentrator commissioning are progressing, with refinery startup dependent on operating performance and lithium-market conditions.
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Sibanye Gold (NYSE:SBSW) reported record revenue and operating cash flow for the first half of 2026, supported by higher commodity prices and stable operating delivery across its South African gold and platinum-group metals operations.
The company said revenue rose 64% year over year to nearly ZAR 90 billion, while adjusted EBITDA increased 111% to ZAR 31.8 billion, representing a 35% margin. Cash generated by operations climbed 551% to just under ZAR 21 billion, with a 65% EBITDA-to-cash conversion rate.
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CFO Charl Keyter said headline earnings per share rose to 601 South African cents, from 190 cents in the first half of 2025. The board declared an interim dividend of ZAR 5.7 billion, or 201 cents per share, at the upper end of the company’s policy range of 25% to 35% of normalized earnings.
“The dividend implies a yield of 8% if we look at an annualized number,” Keyter said, adding that the company’s trailing 12-month yield was 6.6%.
Cash Flow Supports Debt Reduction and Project Spending
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Sibanye-Stillwater reduced gross debt to ZAR 32.1 billion at the end of the first half, from ZAR 39.3 billion at the end of the second half of 2025. Keyter said the reduction represented 18% in six months, leaving the company with net gearing of 0.18 times and liquidity headroom of about ZAR 48 billion.
Source: finance.yahoo.com
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