Gold Fields (GFI) Q1 2026 earnings summary

Executive summary

• Achieved a fatality and serious injury-free quarter, continuing multi-year safety improvements.

• Attributable gold-equivalent production rose 15% year-over-year to 633,000 ounces, though down 7% quarter-over-quarter.

• Net debt reduced by 34% year-over-year to $1.3 billion, with net debt/adjusted EBITDA at 0.19x.

• Share buyback program initiated, but execution was limited due to market volatility from geopolitical tensions.

• Strategy execution focused on safety, operational reliability, business simplification, and portfolio quality.

Financial highlights

• All-in sustaining costs increased 13% year-over-year to $1,829/oz; all-in costs up 10% to $2,046/oz, mainly due to higher royalties, stronger producer currencies, and inflation.

• Revenue for the quarter was $4,855/oz, up from $2,900/oz in Q1 2025.

• Strong cash flows enabled net debt reduction to $1.3 billion after a $1.2 billion dividend payment.

• Group sustaining capital expenditure guidance unchanged; Q1 costs reflect elevated market-driven pressures.

Outlook and guidance

• Full-year production and cost guidance reaffirmed: 2.40–2.60Moz gold-equivalent, AISC $1,800–2,000/oz, AIC $2,075–2,300/oz.

• Sensitivity analysis indicates a $100/bbl oil price would add ~$50/oz to costs if sustained.

• Total capital expenditure expected at $1,900–2,100m for 2026.

• Management monitoring macroeconomic risks, especially commodity price inflation due to the Iran war.

• Portfolio-level performance expected to recover from Q1 operational variations.