DRDGOLD (DRD) H1 2026 earnings summary

Executive summary

• Interim cash dividend of 50 SA cents per share declared, marking the 19th consecutive year of dividends and the largest interim dividend to date.

• Revenue rose 33% year-over-year to R5,053.2 million, and operating profit surged 72% to R2,712.8 million.

• Headline earnings nearly doubled to R1,932.4 million, with headline EPS at 223.2 cents.

• Free cash flow increased 149% to R793.1 million, and cash and cash equivalents rose to R1,734.4 million.

• Significant progress on Vision 2028 capital projects, including major tailings and plant expansions.

Financial highlights

• Group operating margin improved to 53.7%, and all-in sustaining margin was 48%.

• Free cash flow for the period was R793.1 million after R1,651.3 million in capital expenditure.

• All-in sustaining costs rose 14% to R1,094,188/kg, reflecting lower production and higher input costs.

• Cash and cash equivalents at period end were R1,734.4 million.

• Headline earnings per share rose from 112.6 cents to 223.2 cents.

Outlook and guidance

• FY2026 gold production guidance set at 140,000–150,000oz at a cash operating cost of R995,000/kg.

• Focus on completing Vision 2028 'Big 5' projects and converting Kloof 2 dump to Mineral Reserve.

• Management expects current gold price levels to support ongoing capital projects and future growth.