Sibanye Stillwater Ltd (SBSW) reported a strong turnaround for the six months ended 30 June 2026. Group revenue was R89.98 billion, up 64% year-on-year, with adjusted EBITDA rising 111% to R31.84 billion. The Group moved from a loss of R3.91 billion in H1 2025 to a profit of R18.81 billion.
Net cash from operating activities reached a record R19.61 billion, with notional free cash flow of R14.45 billion, equivalent to 45% conversion of adjusted EBITDA. Gross debt fell 20% year-on-year to R32.10 billion and net debt more than halved to R9.72 billion, reducing net debt to adjusted EBITDA to 0.18x.
The board declared an interim dividend of 201 SA cents per share (R5.7 billion), equal to 35% of normalised earnings and implying an annualised yield of 8.0% based on the referenced share price. SA PGM and SA gold delivered high AISC margins of 44% and 32%, respectively. The company advanced organic growth, approving the Mt Lyell copper-gold project and confirming investment in Burnstone and Keliber, while noting higher costs in some operations and fatalities at its SA PGM and gold mines.
BlackRock, Inc. reports a significant ownership position in Sibanye Stillwater Limited common stock on a Schedule 13G. As of June 30, 2026, BlackRock’s reporting business units beneficially owned 142,688,728 shares, representing 5.0% of the outstanding common stock. BlackRock has sole voting power over 135,103,772 shares and sole dispositive power over 142,688,728 shares, with no shared voting or dispositive power. The filing notes that various underlying clients and investors have rights to dividends or sale proceeds, but no single such person holds more than five percent of the total outstanding common shares.