Sibanye Stillwater’s (SBSW) Record Half Comes With Strings Attached

Sibanye Stillwater reported first-half results that marked a significant turnaround from the prior year. Revenue climbed 64% to R90 billion, equivalent to $5.5 billion, while headline earnings per share surged 216% to R6.01 compared with R1.90 in the first half of 2025. The company swung to a profit of R18.8 billion from a R3.9 billion loss a year prior, driven primarily by higher prices for platinum group metals and gold.
Management deployed the earnings windfall conservatively, focusing on ba