Sibanye Stillwater Ltd

Group Adjusted EBITDA of R 37,800 million in 2025 increased by R 24,712 million or 189% from R 13,088 million in 2024. Adjusted EBITDA for the SA

PGM operations increased by 125% to R 16,682 million due to higher 4E PGM basket prices, which rallied in the second half of the year.

Adjusted EBITDA at the SA gold operations increased by 114% to R 12,505 million in 2025, mainly due to a 39% increase in the rand gold price,

which reached an all time high in 2025. Negative adjusted EBITDA from the US PGM underground operations decreased by 4104% to swing

into a positive Adjusted EBITDA of R 4,444 million mainly due to the S45X credits recognised in 2025, but in respect of the 2025, 2024 and 2023

years, and higher 2E PGM basket prices. Similarly for the Columbus recycling operations (US PGM) adjusted EBITDA increased by 792% to

R 2,909 million mainly due to the S45X credits recognised in 2025 but in respect of the 2025, 2024 and 2023 years, and higher 3E PGM basket

prices. Adjusted EBITDA at the US Pennsylvania (PA) and North Carolina (NC) recycling operations (Reldan and Metallix) increased by 336%

to R 1,169 million mainly due to increased commodity prices and the inclusion of the NC recycling site (Metallix acquired during September

2025. which is consolidated with the Reldan Group. Negative adjusted EBITDA from the Sandouville nickel refinery decreased by 18% to

negative R 590 million, mainly due to the operation ramping down and ceasing production. Adjusted EBITDA at the Century zinc retreatment

operation increased by 247% to R 1,582 million mainly due to higher sales volumes.

Adjusted EBITDA includes other cash costs, strike costs, care and maintenance costs, corporate and social investment costs and non-mining

royalties expenditures. The care and maintenance costs were R 1,761 million in 2025 compared with R 1,609 million in 2024. Corporate and

social investment costs (CSI) were R 352 million in 2025 compared with R 405 million in 2024. Non-mining royalties relating to royalties payable

to the Bafokeng nation were R 20 million in 2025 compared with R 73 million in 2024.

Non-IFRS measures such as Adjusted EBITDA is considered as pro forma financial information as per the JSE Listings Requirements. The pro

forma financial information is the responsibility of the Group’s Board of Directors and is presented for illustration purposes only, and because

of its nature, Adjusted EBITDA should not be considered as a representation of financial performance see – Consolidated financial

statements – Notes to the consolidated financial statements – Note 27.10: Capital management

The (Loss)/profit and Adjusted EBITDA are shown in the graphs below:

The (Loss)/profit in the graph above includes the impairment losses recognised/reversed during the 2025 year, which are discussed under the

impairments section further below.