Sibanye Stillwater Ltd (SBSW): Financial results for Q3 2026
Sibanye Stillwater Ltd (SBSW) furnished an SEC Form 6-K — earnings release. Sibanye-Stillwater Operating update | Quarter ended 30 September 2026 1 Johannesburg, 5 November 2026: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) ( JSE and A2X: SSW; and NYSE: SBSW ) is p leased to provide an operating update for the quarter ended 30 September 2
How this was made
The 30-second read
Why it matters
The earnings beat and updated guidance suggest stable performance, but the US PGM strike remains a risk factor for future periods.
Market read
Investors will assess the earnings beat against prior expectations and monitor the US strike impact for upcoming quarters.
What to watch
Potential cost pressures from rising commodity prices and the recent acquisition of the NC recycling site.
Group adjusted EBITDA increased 9% year-on-year to R 10.8 billion (US$ 662 million), while US PGM guidance was revised following an approximately five-week strike.
Higher commodity prices and stable performance in SA PGM, SA gold, recycling and Century zinc lifted group adjusted EBITDA, but the US PGM strike reduced production and led to lower annual production guidance and higher AISC guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Group adjusted EBITDAnon-GAAP | R 10,773 million (US$ 662 million) | – | 9% |
| Group profit/(loss) before royalties, carbon tax and taxother | R 7,075 million | – | – |
| SA PGM adjusted EBITDAnon-GAAP | R 5,767 million (US$ 354 million) | – | 16% |
| SA PGM production excluding third party PoC and Mimosaother | 439,802 4Eoz | – | – |
| SA PGM production including third party PoC and Mimosaother | 458,202 4Eoz | – | decreased by 10% |
| SA PGM average 4E PGM basket priceother | R 37,250 /4Eoz (US$ 2,288 /4Eoz) | – | 15% increase |
| SA PGM all-in sustaining cost excluding third party PoCnon-GAAP | R 26,598 /4Eoz (US$ 1,634 /4Eoz) | – | – |
| SA PGM total capital expenditureother | R 1,936 million (US$ 119 million) | – | increased by 33% |
| SA gold adjusted EBITDAnon-GAAP | R 3,419 million (US$ 210 million) | – | 8% lower |
| SA gold productionother | 4,835 kg (155,449 oz) | – | – |
| SA gold price receivedother | R 2,208,545 /kg (US$ 4,219 /oz) | – | 14% higher |
| SA gold all-in sustaining cost including DRDGOLDnon-GAAP | R 1,668,973 /kg (US$ 3,189 /oz) | – | – |
| SA gold total capital expenditureother | R 1,468 million (US$ 90 million) | – | – |
| US PGM adjusted EBITDAnon-GAAP | US$ 36 million (R 580 million) | – | 9% increase |
| US PGM underground productionother | 59,417 2Eoz | – | decreased by 19% |
| US PGM production soldother | 72,514 2Eoz | – | declined by 7% |
| US PGM average basket priceother | US$ 1,411 /2Eoz (R 22,971 /2Eoz) | – | 19% increase |
| US PGM all-in sustaining costnon-GAAP | US$ 1,617 /2Eoz (R 26,322 /2Eoz) | – | increased by 39% |
| US PGM all-in sustaining cost excluding Section 45X creditsnon-GAAP | US$ 1,809 /2Eoz (R 29,445 /2Eoz) | – | – |
| US PGM total capital expenditureother | US$ 38 million (R 617 million) | – | – |
| Recycling adjusted EBITDAnon-GAAP | US$ 40 million (R 652 million) | – | increased by 54% |
| Recycling adjusted EBITDA excluding Section 45X creditsnon-GAAP | US$ 25 million (R 406 million) | – | increased by 41% |
| Recycling precious metals soldother | 1.2 million ounces of precious metals | – | – |
| Keliber adjusted EBITDAnon-GAAP | R (153) million (US$ (9) million) | – | – |
| Keliber Q3 project capital expenditureother | €16 million, or R 0.3 billion | – | – |
| Keliber year-to-date project capital expenditureother | € 75 million or R 1.4 billion | – | – |
| Keliber cumulative construction-phase capital expenditure at 30 September 2026other | €726 million (R13.8 billion) | – | – |
| Century zinc adjusted EBITDAnon-GAAP | US$ 57 million (R 925 million) | – | more than doubled |
| Century payable zinc productionother | 25 kt | – | increased by 2% |
| Century payable zinc salesother | 29 kt | – | increased by 72% |
| Century average equivalent zinc concentrate priceother | US$ 4,059 /tZn (R 66,085 /tZn) | – | 51% increase |
| Century all-in sustaining costnon-GAAP | US$ 2,520 /tZn (R 41,022 /tZn) | – | increased by 25% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
2026 Annual guidance outlook
- NoteSA PGM operations production: 1.65 - 1.75Moz
- NoteSA PGM operations all-in sustaining cost: R26,500 - 27,500/4Eoz (US$1,453 - 1,508/4Eoz)²
- NoteSA PGM operations total capital: R8bn (US$439m)² (incl. R1.79bn (US$98m) for project capital)
- NoteSA gold operations (excl. DRDGOLD) production: 13,700 - 14,700kg (440 - 473koz)
- NoteSA gold operations (excl. DRDGOLD) all-in sustaining cost: R1,750k - 1,840k/kg (US$2,984 - 3,138/oz)²
- NoteSA gold operations (excl. DRDGOLD) total capital: R3bn (US$164m)² (incl. R98m (US$5m) for Burnstone project capital)
- NoteSA gold operations (incl. DRDGOLD) production: 19,100 - 19,750kg (614 - 635koz)
- NoteSA gold operations (incl. DRDGOLD) all-in sustaining cost: R1,565k - R1,685k/kg (US$2,670 - 2,870/oz)²
- NoteSA gold operations (incl. DRDGOLD) total capital: R6.6bn (US$364m)² (incl. R3.1bn (US$172m) for DRDGOLD project capital)
- NoteUS PGM operations production: 245 - 255koz
- NoteUS PGM operations AISC: US$1,700 – 1,760/2Eoz; Including Section 45X: US$1,510 – 1,570/2Eoz
- NoteUS PGM operations total capital: US$125m - US$135m (incl. US$6m growth) (R2.3bn - R2.5bn incl. R109m growth)²
- NoteRecycling operations production: Total 400 - 420koz gold equivalent ounces
- NoteRecycling operations total capital: US$12.2m (R223m)²
- NoteKeliber lithium project production: 15k - 20k tonnes of spodumene concentrate
- NoteKeliber lithium project total capital: €180m - €190m⁶ (R3.7bn – R3.9bn)² (incl. €90m (R1.8bn) for project capital)
- NoteCentury zinc operations production: 86.3k - 98.3k tonnes (payable)
- NoteCentury zinc operations all-in sustaining cost: A$3,400 – 3,800/t (R42,160 – 47,120/t)² (US$2,311 - 2,583/ t)²
- NoteCentury zinc operations total capital: A$5m - A$5.5m (US$3.4m – US$3.7m, R62m - R68.2m)²
- NoteMt Lyell total capital: A$11m (US$7.5m, R136m)²
What drove it
- Higher commodity prices supported group adjusted EBITDA.
- SA PGM adjusted EBITDA benefited from stable 4E PGM sales volumes and a 15% increase in the average 4E PGM basket price.
- SA gold benefited from a 14% higher gold price received and a 17% increase in surface production.
- Recycling benefited from higher precious metal prices, North Carolina integration and higher Pennsylvania production.
- Century zinc EBITDA benefited from higher payable zinc sales volumes, a 51% increase in equivalent zinc concentrate prices and lower treatment charges.
- US PGM EBITDA benefited from a 19% increase in the 2E PGM basket price despite strike-related operational disruption.
Concerns
- The approximately five-week USW strike reduced US PGM production by 19% year-on-year to 59,417 2Eoz and annual guidance was revised.
- US PGM labour attrition left staffing levels approximately 25% below the planned 2027 mechanised workforce.
- SA gold underground production declined, including declines at Beatrix, Driefontein and Kloof; flooding at Driefontein's Khomanani 8 Shaft resulted in a six-week suspension of mining activities.
- SA PGM production including third party PoC declined by 10% year-on-year, reflecting lower surface production and lower Rustenburg production.
- Lithium prices remained under pressure as global lithium supply forecasts were upgraded and the expected market surplus for 2026 increased.
- Two fatalities occurred at Beatrix during the quarter.
What to watch
- US PGM rebuilding of work teams, restoration of operational momentum and the expected normalisation of inventory levels in Q4 2026.
- The US PGM productivity plan targeting a structurally lower AISC of ~US$1,000/2Eoz by the end of 2028.
- Completion of Keliber hot commissioning and testing of the concentrator at design capacity in Q4 2026.
- SA PGM production ramp-up at Marikana K4 and progress at the Siphumelele and Thembelani extension projects.
- Kwezi Section 189 consultation process and assessment of options to mine the Kwezi Shallows project.
- Century's planned Q4 2026 shutdown and evaluation of life-extension opportunities.
Balance sheet and cash flow
- No cash balance, debt balance, operating cash flow, free cash flow, dividends or share repurchases were reported in this quarterly operating update.
- The Group stated that financial results are only provided on a six-monthly basis.
Analysis
Sibanye-Stillwater reported a stronger year-on-year operating quarter, with group adjusted EBITDA increasing 9% to R 10,773 million (US$ 662 million). The improvement was supported by higher commodity prices and stable performance at SA PGM, SA gold, recycling and Century zinc operations. Group adjusted EBITDA was lower than R 12,471 million (US$ 755 million) in the prior quarter, while the filing does not state a quarter-on-quarter percentage change. The company does not provide full group financial results in this quarterly update, limiting visibility on revenue, net income, earnings per share and cash flow.
SA PGM was the principal earnings contributor, with adjusted EBITDA rising 16% to R 5,767 million (US$ 354 million). The average 4E PGM basket price rose 15% to R 37,250 /4Eoz (US$ 2,288 /4Eoz), offsetting a 10% year-on-year decline in production including third party PoC and Mimosa. SA PGM AISC excluding third party PoC was R 26,598 /4Eoz (US$ 1,634 /4Eoz), above the prior-year level but below the June-quarter level. Capital expenditure increased 33% to R 1,936 million (US$ 119 million), led by higher sustaining and project spending.
SA gold adjusted EBITDA declined 8% to R 3,419 million (US$ 210 million). A 14% increase in gold price received and higher surface production partly offset lower underground output, which was affected by deeper mining and ground conditions at Beatrix, flooding at Driefontein and Kloof's rebased life-of-mine profile. US PGM production fell 19% to 59,417 2Eoz following the strike that began on 3 September 2026, and AISC increased 39% to US$ 1,617 /2Eoz. The higher US PGM basket price supported a 9% rise in adjusted EBITDA to US$ 36 million, but the operational disruption is expected to be more evident in Q4 as concentrate inventories normalise.
International operations produced divergent results. Recycling adjusted EBITDA increased 54% to US$ 40 million, while Century zinc adjusted EBITDA more than doubled to US$ 57 million on higher sales volumes, pricing and lower treatment charges. Keliber remained in commissioning, reported adjusted EBITDA of R (153) million (US$ (9) million), and incurred €16 million, or R 0.3 billion, of Q3 project capital expenditure. Cumulative construction-phase capital expenditure was €726 million (R13.8 billion), while the project remained within its approved capital forecast of €783 million (R14.9 billion) in 2024 real terms.
The guide is unchanged for all operations other than US PGM. US PGM annual production guidance was reduced to 245 - 255koz from the prior 280k - 300k 2Eoz range stated in the filing, while AISC guidance was increased to US$1,700 – 1,760/2Eoz from US$1,520 - US$1,580/2Eoz. Including Section 45X, AISC guidance was raised to US$1,510 – 1,570/2Eoz from US$1,360 - US$1,420/2Eoz. The central execution issue is the recovery of US PGM staffing and operating performance during Q4, alongside delivery of mechanisation-led productivity improvements.
Management, verbatim
The Group continued to make progress on its strategic priorities during Q3 2026, delivering encouraging safety improvements, consistent operating results and a significantly stronger financial position.
Richard Stewart, Chief Executive Officer of Sibanye-Stillwater
The Group remains on track to achieve annual operating guidance for 2026, with the exception of the US PGM operations, where production and cost guidance has been revised to reflect the impact of the approximate five-week strike.
Richard Stewart, Chief Executive Officer of Sibanye-Stillwater
Despite the impact on the performance for Q3 2026, the conclusion of the multi-year collective bargaining agreements supports the long-term sustainability and competitiveness of the US PGM operations, in the interests of all stakeholders.
Richard Stewart, Chief Executive Officer of Sibanye-Stillwater
Not in the filing
stated, not guessed- Total revenue
- Revenue by segment
- Gross profit and gross margin
- Operating income
- Net income
- GAAP earnings per share
- Non-GAAP earnings per share
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Dividend declaration or payment
- Share repurchases
- Full IFRS income statement and balance sheet
- Prior-outlook section from the previous release for formal actual-versus-prior-guidance comparisons
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Sibanye Stillwater is a dual‑listed mining company with primary listing on the JSE and ADRs on the NYSE (SBSW). The filing is a Form 6‑K earnings release for Q3 2026.
Ticker impact
Sibanye Stillwater disclosed its Q3 2026 operating results, reporting a 9% YoY increase in adjusted EBITDA to $662 million and updated its annual operating guidance despite US PGM strike impact.
likely modest upside as investors digest the EBITDA increase and guidance reaffirmation
The primary earnings numbers are new and material, but guidance remains updated, limiting upside potential.
Market effects
Provides a benchmark for the PGM and zinc mining sector, showing resilience in SA operations and pressure on US PGM output.
May influence South African mining stocks and ADRs linked to commodity price trends.
Limited global impact; primarily relevant to investors in mining and commodity exposure.
Counterpoint
The US PGM strike could depress earnings in the next quarter, outweighing the current EBITDA gain.
Key entities
- CompanySibanye Stillwater Ltd
Global PGM and zinc miner, issuer of the SBSW ADR.
- ExecutiveRichard Stewart
Chief Executive Officer of Sibanye Stillwater, author of the operating update.
