Gold Fields
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Gold Fields (GFI) investor relations material

Gold Fields H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

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.

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Frequently asked questions

Gold Fields Limited is a globally diversified gold producer with a strong focus on mechanized underground and open-pit mining. The company operates a portfolio of mines located across Australia, Ghana, Peru, and South Africa, with an emphasis on sustainable and responsible mining practices. The firm's operations extend beyond gold production to include exploration activities aimed at discovering new gold deposits and extending the life of existing mines. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.

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