Sibanye Stillwater Limited reported its Q4 2025 results on February 20, 2026, showing a 16% year‑over‑year increase in revenue driven by robust performance in its South African gold and platinum‑group‑metal (PGM) operations. The company’s headline earnings per share (HEPS) surged 281% to 244 South African cents, while adjusted EBITDA climbed 189% to R37.8 billion, underscoring the impact of higher commodity prices and disciplined cost management.
The earnings beat was largely attributable to the strong mix of high‑margin gold and PGM production, which offset modest headwinds in the zinc and lithium segments. Management highlighted that operating costs fell 8% year‑over‑year, a result of targeted efficiency initiatives and lower input prices, allowing the company to preserve margins even as revenue grew.
Looking ahead, Sibanye guided for fiscal year 2025 earnings per share of $0.31 and revenue of $7.68 billion, and for fiscal year 2026 EPS of $0.81 with revenue of $10.74 billion. The upward revision reflects management’s confidence in sustained commodity price support and the continued execution of its simplification strategy, which prioritizes core assets and reduces capital intensity.
The company also announced a full‑year dividend of R3.7 billion, or R1.31 per share, marking the first payout since 2023. The dividend resumption signals a return to profitability and a stronger cash‑flow position, reinforcing investor confidence in the company’s long‑term value creation plan.
Sibanye’s balance sheet improved markedly, with net debt to adjusted EBITDA falling to 0.59× from 1.77× in the prior year. This reduction in leverage, combined with the dividend and earnings growth, positions the company to pursue future growth opportunities while maintaining financial flexibility.
Overall, the results demonstrate that Sibanye’s focus on cost discipline, operational excellence, and a diversified commodity portfolio is delivering tangible financial benefits, setting a solid foundation for the next fiscal year.
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