Sibanye Stillwater Ltd
For the period ended Dec 31, 2025. Filed Apr 24, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Apr 24, 2026
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Contents
2. Segment reporting
- Segment reporting
Accounting PolicyOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations (operating segments) per geographic area. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes strategic decisions.
During 2025, management updated the internal financial reporting to the chief operating decision maker by reporting adjusted EBITDA (previously net profit/loss) as the main and only measure of financial performance for operating segments. The Group therefore updated the structure of the segment reporting, including representation of all comparative information, to reflect this change in
internal reporting. See note 27.10 for a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA.
The table below summarises the segmental information disclosed in note 2.1 and 2.2:
| 31 December 2025 · 31 December 2024 · 31 December 2023 | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GROUP · SOUTHERN AFRICA OPERATIONS · INTERNATIONAL AND RECYCLING OPERATIONS · GROUP · GROUP · SOUTHERN AFRICA OPERATIONS · INTERNATIONAL AND RECYCLING OPERATIONS · GROUP · GROUP · SOUTHERN AFRICA OPERATIONS · INTERNATIONAL AND RECYCLING OPERATIONS · GROUP | |||||||||||||||||||||||||||
| Figures in million – SA rand | Total | Total SAoperations | TotalSA PGM | TotalSA gold | Total international operations | Total US operations | Total EU operations | Total AUS operations | Corporate1 | Total | Total SA operations | Total SA PGM | Total SA gold | Total international operations | Total US operations | Total EU operations | Total AUS operations | Corporate1 | Total | Total SA operations | Total SA PGM | Total SA gold | Total international operations | Total US operations | Total EU operations | Total AUS operations | Corporate1 |
| Revenue | 129,677 | 97,942 | 60,883 | 37,059 | 32,304 | 27,114 | 518 | 4,672 | (569) | 112,129 | 82,402 | 51,257 | 31,145 | 29,854 | 23,087 | 2,784 | 3,983 | (127) | 113,684 | 84,736 | 55,593 | 29,143 | 29,087 | 23,812 | 3,024 | 2,251 | (139) |
| Underground | 90,364 | 84,166 | 58,381 | 25,785 | 6,718 | 6,718 | — | — | (520) | 78,867 | 69,787 | 48,314 | 21,473 | 9,207 | 9,207 | — | — | (127) | 83,612 | 73,257 | 52,375 | 20,882 | 10,494 | 10,494 | — | — | (139) |
| Surface | 18,448 | 13,776 | 2,502 | 11,274 | 4,672 | — | — | 4,672 | — | 16,598 | 12,615 | 2,943 | 9,672 | 3,983 | — | — | 3,983 | — | 13,730 | 11,479 | 3,218 | 8,261 | 2,251 | — | — | 2,251 | — |
| Recycling/processing | 20,865 | — | — | — | 20,914 | 20,396 | 518 | — | (49) | 16,664 | — | — | — | 16,664 | 13,880 | 2,784 | — | — | 16,342 | — | — | — | 16,342 | 13,318 | 3,024 | — | — |
| Cost of sales, before amortisation and depreciation | (88,439) | (66,202) | (43,214) | (22,988) | (22,268) | (18,440) | (767) | (3,061) | 31 | (96,398) | (66,560) | (42,963) | (23,597) | (29,838) | (23,128) | (3,384) | (3,326) | — | (89,756) | (60,780) | (36,699) | (24,081) | (28,976) | (22,391) | (4,329) | (2,256) | — |
| Underground | (59,899) | (57,750) | (41,137) | (16,613) | (2,149) | (2,149) | — | — | — | (67,784) | (57,936) | (40,994) | (16,942) | (9,848) | (9,848) | — | — | — | (62,482) | (52,802) | (34,819) | (17,983) | (9,680) | (9,680) | — | — | — |
| Surface | (11,513) | (8,452) | (2,077) | (6,375) | (3,061) | — | — | (3,061) | — | (11,950) | (8,624) | (1,969) | (6,655) | (3,326) | — | — | (3,326) | — | (10,234) | (7,978) | (1,880) | (6,098) | (2,256) | — | — | (2,256) | — |
| Recycling/processing | (17,027) | — | — | — | (17,058) | (16,291) | (767) | — | 31 | (16,664) | — | — | — | (16,664) | (13,280) | (3,384) | — | — | (17,040) | — | — | — | (17,040) | (12,711) | (4,329) | — | — |
| Adjusted EBITDA | 37,800 | 29,187 | 16,682 | 12,505 | 9,198 | 8,522 | (776) | 1,452 | (585) | 13,088 | 13,231 | 7,399 | 5,832 | 126 | 483 | (878) | 521 | (269) | 20,556 | 21,143 | 17,620 | 3,523 | (428) | 1,317 | (1,459) | (286) | (159) |
| note 2.1 · note 2.2 · note 2.1 · note 2.2 · note 2.1 · note 2.2 | |||||||||||||||||||||||||||
1 Group corporate includes items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations, the Wheaton Stream and Franco-Nevada transactions and mainly includes, corporate tax, interest and transaction costs
AFR –67
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