Sibanye Stillwater H1 2026 EBITDA nears $2B as debt falls 18%
- Adjusted EBITDA climbed to nearly $2 billion in H1 2026
- Sales surged 84.12% to $5.483 billion on higher metal prices
- Gross debt reduced by 18% as part of deleveraging plan
- Board approved Mt Lyell copper-gold restart and Burnstone gold project
- Platinum group metal prices rose 67-70% while gold gained 35%
*this image is generated using AI for illustrative purposes only.
Sibanye Stillwater (NYSE: SBSW) reported a robust financial rebound for the first half of 2026, driven by higher precious metals prices and steady operational output.
Adjusted EBITDA climbed to nearly $2 billion, while gross debt decreased by 18% as the Johannesburg-based miner continued its deleveraging plan. Shares rose 2.06% to $11.90 in premarket trading.
Financial Performance
The company logged $5.483 billion in sales for the period, marking an 84.12% increase from $2.978 billion in the same period last year. This top-line expansion was supported by significant realized price increases: platinum group metals (PGM) rose 67% in southern Africa and 70% in the U.S., while gold gained 35%.
| Metric | Current Period | Prior Year | Change |
|---|---|---|---|
| Sales | $5.483 billion | $2.978 billion | +84.12% |
| Adj. EBITDA | ~$2 billion | N/A | N/A |
| Gross Debt | Reduced by 18% | N/A | -18% |
Strategic Expansion
The board approved several key projects to diversify beyond legacy South African underground extraction:
- Mt Lyell Copper-Gold: Restarting operations in Tasmania with $340 million total capital. First ore is expected in 2029, targeting steady-state output of 26,000 tons of copper and 16,000 ounces of gold annually over a 23-year life.
- Keliber Lithium: The Finland-based project, Europe’s first integrated lithium mine and processing venture, continues to ramp up. Refining expansion is under review for 2027.
- Burnstone Gold: A 25-year project designed to produce 130,000 ounces of gold per year, intended to replace depleted deep-level shafts.
Chief Executive Officer Richard Stewart stated that the results demonstrate earnings potential but highlight the importance of stable production and cost discipline in converting supportive prices into sustainable cash flow.
What the Numbers Show
The data reveals a shift from margin compression to leverage reduction. While H1 sales surged 84.12%, adjusted EPS had previously declined 7.5% to $0.37 due to disproportionate cost rises. In H1 2026, the focus shifted to balance sheet strength, with gross debt falling 18%. This suggests that despite the earlier EPS drag, the company is successfully utilizing high commodity prices—PGM up 67-70% and gold up 35%—to repair its balance sheet rather than just boosting bottom-line per-share metrics immediately. BMO analyst Raj Ray noted that steady operational delivery was the positive takeaway, supporting the firm’s move into battery metals and copper.
How might the 2029 timeline for Mt Lyell's first ore production impact Sibanye Stillwater's short-term liquidity and capital allocation strategies?
What are the potential regulatory or geopolitical risks associated with expanding lithium operations in Finland amid Europe's evolving critical minerals supply chain policies?
Could the successful deleveraging of gross debt by 18% enable Sibanye Stillwater to pursue further M&A opportunities in the battery metals sector?
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