Earnings Reports This Week: AB InBev, Old Mutual, and Three Mining Firms

This week is set to bring a new wave of earnings announcements, including updates from the following companies:

• AB InBev on Tuesday: The company reported revenue for 2025 surpassing $59 billion, with underlying earnings per share (EPS) increasing by 6% to $3.73. Normalized earnings before interest, tax, depreciation, and amortization (Ebitda) rose by 4.9% to $21.2 billion, driven by margin growth and a strong free cash flow of $11.3 billion. For 2026, AB InBev expects Ebitda growth of between 4% and 8%. FNB economists project first-quarter revenue of $14.8 billion (+8.9%) and adjusted EPS of $0.90 (+10.5%).

Read: AB InBev offsets beer slump with non-alcoholic, premium sales

• Old Mutual on Wednesday: The financial services group reported a profit after tax of R9.2 billion for 2025, an increase from R8.4 billion the year prior. The board declared a final dividend of 56 cents per share, in addition to an interim payout of 37 cents. Overall, operating income for the first half is anticipated to be R4.8 billion (-2.5%) with adjusted EPS at R0.77 (-20%).

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On Thursday, miners Sibanye-Stillwater and Gold Fields will announce their results.

• Sibanye-Stillwater reported revenue of R129.7 billion for 2025, with adjusted Ebitda skyrocketing by 189% to R37.8 billion, thanks to strong precious metals prices and solid operational performance. The company announced a dividend of R3.7 billion and improved its net debt-to-Ebitda ratio to 0.59 times, reflecting a strengthened balance sheet. FNB economists foresee revenue of R90 billion (+64.5%) for the multinational mining and metals group, with adjusted EPS at R0.32 (-83.2%).

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• In the 2025 financial year, Gold Fields reported a significant rise in profitability, with attributable earnings climbing to $3.6 billion from $1.2 billion the previous year. Production increased by 18% to 2.4 million ounces, bolstered by much higher gold prices. Shareholder returns reached $1.7 billion, which includes dividends and share buybacks. For 2026, production is projected to be between 2.4 million and 2.6 million ounces. Market forecasts suggest first-quarter revenue of R3.2 billion and adjusted EPS of R1.21.

Read: R57bn profit leads Gold Fields to issue R4bn in special dividends to investors

Lastly, AngloGold Ashanti will close the week with its interim results announcement.

The global gold mining company, headquartered in South Africa, reported record free cash flow of $2.9 billion in 2025, as production increased by 16% to 3.1 million ounces and adjusted Ebitda more than doubled to $6.3 billion, supported by a 45% increase in realized gold prices. The company declared $1.8 billion in dividends and anticipates 2026 production between 2.8 and 3.17 million ounces, while also noting increased unit costs due to inflation and higher royalties. Market consensus expects first-quarter revenue of R3.3 billion (+68.7%) and adjusted EPS of R2.33 (+164.5%).

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