Gold Fields (GFI) investor relations material

Executive summary

• Achieved strong operating and financial performance in FY2025, with attributable production rising 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.

• Delivered significant shareholder returns: total dividend of R25.50/share, special dividend of US$253m, US$100m in share buybacks, and total yield of 6.3%.

• Achieved record adjusted free cash flow just under $3 billion, up 391% year-over-year.

• Announced a special dividend and a $100 million share buyback, delivering total shareholder returns of ZAR 31.85 per share.

Financial highlights

• Headline earnings increased 170% year-over-year to $2.6 billion, driven by higher production and gold prices averaging $3,500/oz.

• Adjusted free cash flow from operations reached US$3,164m; adjusted free cash flow US$2,970m, up 391% year-over-year.

• All-in sustaining cost (AISC) was US$1,645/oz (+1% YoY); all-in cost (AIC) was US$1,927/oz (+3% YoY).

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

• Free cash flow reached $3 billion, approximately five times the $600 million generated in 2024.

Outlook and guidance

• FY2026 production guidance: 2.4–2.6 million ounces; all-in sustaining costs: $1,800–$2,000/oz; all-in costs: $2,075–$2,300/oz.

• Capital expenditure for 2026 expected between $1.9–$2.1 billion, with significant increases in Australia due to asset consolidation and upgrades.

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

• Windfall project targeting FID by mid-2026, with first gold expected in 2029.

• Focus on safety, reliable delivery, and portfolio quality improvement.