Gold Fields (GFI) H1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 2026, with attributable gold-equivalent production up 12% to 1.267Moz, headline earnings up 81% to $1,855 million, and no fatalities or serious injuries, reflecting ongoing safety improvements.

• Salares Norte ramped up, delivering 173% year-over-year production growth to 337koz, outperforming guidance and driving group results.

• Significant shareholder returns through dividends and buybacks, with $1.25 billion allocated, $553 million distributed, and a 132% increase in interim dividend.

• Portfolio optimization included Damang exit and $182 million in non-core disposals.

Financial highlights

• Adjusted free cash flow surged 134% to $2.225 billion, with a free cash flow yield of 11% and margin of 37%.

• Revenue increased 79% to $5,937 million, with sales volumes up 18% and average realized gold price up 51% to $4,678/oz.

• Headline earnings per share rose to 208 US cents, and interim dividend increased to 1,625 SA cents/share (+132% YoY).

• Net debt reduced to $437 million, net debt/EBITDA improved to 0.06x from 0.37x.

• All-in sustaining cost rose 13% to $1,893/oz, mainly due to royalties, currency, and inflation.

Outlook and guidance

• Attributable gold-equivalent production for 2026 expected at the upper end of 2.4–2.6Moz guidance.

• AISC and AIC for 2026 guided between $1,800–$2,000/oz and $2,075–$2,300/oz, with AIC expected at the lower end.

• Group capital expenditure forecast reduced to $1,600–$1,800 million, with sustaining capital unchanged at $1,300–$1,400 million.

• Salares Norte full-year production guidance raised to 550,000–600,000 ounces; Gruyere and Tarkwa at risk of missing targets.