The week ahead: Results from AB InBev, Old Mutual and three miners

It will be another strong flow of earnings updates this week, with the following companies releasing their latest data:

• AB InBev on Tuesday: AB InBev generated revenue of more than $59 billion in 2025, with underlying earnings per share (EPS) rising 6% to $3.73. Normalised earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 4.9% to $21.2 billion, supported by margin expansion and strong free cash flow of $11.3 billion. The company expects Ebitda growth of 4% to 8% in 2026. Economists at FNB expect 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 profit after tax of R9.2 billion for 2025, up from R8.4 billion in the previous year. The board declared a final dividend of 56 cents per share, adding to an interim payout of 37 cents. Broadly, operating income for the first half of the year is expected to come in at R4.8 billion (-2.5%) and adjusted EPS at R0.77 (-20%).

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

• Sibanye-Stillwater reported revenue of R129.7 billion for 2025, with adjusted Ebitda surging 189% to R37.8 billion, driven by strong precious metals pricing and solid operational output. The company declared a R3.7 billion dividend and reduced its net debt-to-Ebitda ratio to 0.59 times, indicating improved balance sheet strength. Economists at FNB are among those that 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 delivered a sharp increase in profitability, with attributable earnings rising to $3.6 billion from $1.2 billion in the prior year. Production grew 18% to 2.4 million ounces, supported by significantly higher gold prices. Shareholder returns totalled $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 expectations point to 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 close out the week of reporting when it publishes its interim results.

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

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