Gold Fields (GFI) H2 2025 earnings summary

Executive summary

• Achieved strong operating and financial performance in FY2025, with attributable production up 18% year-over-year to 2.44 million ounces, exceeding guidance.

• Completed the acquisition of Gold Road Resources, consolidating 100% of Gruyere and expanding the asset base; Salares Norte reached commercial and steady-state production in 2025.

• Significant returns to shareholders: total dividend of ZAR 25.50/share, special dividend of US$253 million, and US$100 million in share buybacks, totaling a 6.3% yield.

• Portfolio quality improved through acquisitions, project ramp-ups, and a 9% increase in reserves.

• Delivered strong safety and production outcomes, with a focus on advancing key projects and operational improvements.

Financial highlights

• Adjusted free cash flow reached US$2,970 million, up 391% year-over-year.

• Headline earnings increased 117% year-over-year to US$2,576 million.

• Net group cash flow up nearly fourfold from 2024; net debt/EBITDA improved to 0.26x.

• All-in sustaining cost was US$1,645/oz (+1% YoY); all-in cost was US$1,927/oz (+3% YoY), mainly due to higher royalties and sustaining capital.

• Record base dividend of ZAR 25.50 per share, with total dividends for the year at ZAR 30 per share.

Outlook and guidance

• 2026 production guidance: 2.4–2.6 million ounces; total capital expenditure US$1.9–$2.1 billion.

• AISC guidance for 2026: US$1,800–$2,000/oz; AIC: US$2,075–$2,300/oz.

• Salares Norte 2026 guidance: 525,000–550,000 gold equivalent ounces at $450–$600/oz AISC.

• Focus on advancing Windfall to FID, improving safety, and progressing key permitting and lease renewals.