Upcoming Week: Earnings Reports from AB InBev, Old Mutual, and Three Mining Companies

This week promises another wave of earnings reports, featuring updates from the following companies:

• AB InBev on Tuesday: For 2025, AB InBev reported revenue exceeding $59 billion, with underlying earnings per share (EPS) climbing 6% to $3.73. The company saw a normalized earnings before interest, tax, depreciation, and amortization (Ebitda) increase of 4.9% to $21.2 billion, fueled by margin growth and robust free cash flow of $11.3 billion. Looking ahead, the company projects Ebitda growth between 4% and 8% for 2026. FNB economists anticipate 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, up from R8.4 billion the previous year. The board announced a final dividend of 56 cents per share, supplementing an interim payout of 37 cents. Overall, operating income for the first half is projected at R4.8 billion (-2.5%) and adjusted EPS at R0.77 (-20%).

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Miners Sibanye-Stillwater and Gold Fields will release their results on Thursday.

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

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• In the 2025 financial year, Gold Fields achieved a notable rise in profitability, with attributable earnings increasing to $3.6 billion from $1.2 billion the year prior. Production grew by 18% to 2.4 million ounces, supported by significantly higher gold prices. Shareholder returns amounted to $1.7 billion, including dividends and share buybacks. For 2026, production is expected to range between 2.4 million and 2.6 million ounces. Market forecasts indicate first quarter revenue of R3.2 billion and adjusted EPS of R1.21.

Read: R57bn profit sees Gold Fields deliver R4bn special dividends to investors

AngloGold Ashanti will conclude the week of earnings reports with its interim results release.

The global gold mining company, based in South Africa, reported record free cash flow of $2.9 billion in 2025, as production rose by 16% to 3.1 million ounces and adjusted Ebitda more than doubled to $6.3 billion. This performance was supported by a 45% rise in realized gold prices. The company announced $1.8 billion in dividends and anticipates 2026 production of between 2.8 and 3.17 million ounces, with increased unit costs reflecting 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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