Gold Fields (GFI) H1 2025 earnings summary

Executive summary

• Attributable gold production rose 24% year-over-year to 1,136koz, with strong operational delivery, improved safety, and no fatalities reported in H1 2025.

• Interim dividend of 700 SA cents per share declared, up 133% year-over-year, reflecting robust cash generation and a 34% payout ratio.

• Revenue increased 64% to $3,478m, driven by higher gold sales and a 40% increase in the average gold price received.

• Portfolio optimization advanced through the Gold Road acquisition, brownfields and greenfields exploration, and ongoing M&A activity.

• Salares Norte ramp-up progressing as planned, with commercial production expected in Q3 and steady state in Q4 2025.

Financial highlights

• Headline and normalized earnings reached $1,027m, up 220% year-over-year, with headline EPS at $1.15.

• Adjusted free cash flow from operations was $1,143m, up 256% year-over-year, reversing a prior outflow.

• All-in sustaining cost (AISC) was $1,682/oz (down 4% YoY); all-in cost (AIC) was $1,957/oz (down 5% YoY).

• Net debt reduced to $1,487m from $2.1bn at December 2024; net debt/EBITDA at 0.37x.

• Cash inflow from operations increased 204% to $1,306m; capital expenditure rose 11% to $665m.

Outlook and guidance

• 2025 production guidance unchanged at 2.25–2.45Moz, AISC of $1,500–$1,650/oz, and AIC of $1,780–$1,930/oz.

• Group capex guidance maintained at $1,490m–$1,550m for the year.

• Salares Norte expected to reach commercial production in Q3 and steady-state in Q4 2025.

• Longer-term production and AISC guidance for 2026–2027 to be provided at Capital Markets Day in November.

• Focus on improving safety, predictable delivery, and portfolio quality, including ramp-up at Salares Norte and advancing Windfall and Gold Road projects.