Sibanye-Stillwater has posted a strong set of results for the first half of 2025, reporting improved operational stability, tighter cost management, and significantly stronger earnings across its global portfolio.
For the six months ended 30 June 2025, the Group cut its basic loss by R3.7 billion (US$196 million), narrowing it to R3.6 billion (US$194 million), while headline earnings rose to R5.4 billion (US$242 million). Adjusted EBITDA, boosted by S45X credits and restructuring benefits, climbed 127% year-on-year to R15.1 billion (US$818 million).
Outgoing CEO Neal Froneman, delivering his final reflections as head of the Group, described the half-year performance as a demonstration of Sibanye-Stillwater’s resilience and a sign of the long-term sustainability achieved since its mid-2023 operational restructuring. “Our H1 2025 results reflect not just resilience but a stronger foundation for long-term sustainability,” he said.
The Group reported its lowest-ever Total Recordable Injury Frequency Rate of 3.90 per million hours worked, underscoring its focus on safety. Operations across South Africa’s platinum group metals segment continued to deliver consistent output at well-managed costs, while South African gold operations benefitted from higher rand gold prices, lifting adjusted EBITDA by 118% to R4.8 billion (US$260 million). In the United States, phased restructuring of PGM operations reduced costs in line with plan and delivered significant benefit from S45X credits worth US$159 million (R2.8 billion). The Group’s US recycling business also maintained stable margins, with Reldan contributing US$18 million (R330 million) to earnings.
In Australia, the Century mine reported a 22% year-on-year increase in production, with adjusted EBITDA reaching US$36 million (R657 million). Meanwhile, the Keliber lithium project in Europe remained on schedule, with peak capital expenditure already concluded and pre-feasibility studies at the Sandouville project expected to be completed by year end.
Financially, Sibanye-Stillwater strengthened its balance sheet by reducing its net debt-to-adjusted EBITDA ratio to 0.89x at 30 June 2025, down from 1.79x at the close of 2024. With most operations on track to meet annual guidance, the Group described the outlook for the second half of 2025 as “improved,” reflecting both operational momentum and favorable commodity market conditions.
