Gold Fields Limited Earnings Recaps
Q2 2026
Aug 28, 2026
Gold Fields’ shares rose modestly by 1.0% following a half-year report that showed solid operational delivery and strong cash flow generation, but the market appears cautious given rising costs and mixed outlook components.
Key takeaways
- Attributable gold production increased 12% to 1.267 million ounces, driven notably by a 173% jump at Salares Norte and a 10% increase at Granny Smith.
- Average realized gold price surged 51% to $4,678 per ounce, underpinning adjusted free cash flow of $2.225 billion, more than double the prior period.
- Cash costs rose 10% and all-in sustaining costs increased 13% to $1,893 per ounce, pressured by royalties, inflation, stronger producing currencies, and higher discretionary capital spend.
- Net debt-to-EBITDA improved markedly to 0.06x from 0.37x a year ago, supporting sustained shareholder returns including a 132% higher interim dividend and $300 million completed buybacks.
- Operational headwinds persist with Tarkwa facing lower grades and weather impacts; Agnew recovering from a seismic event; and cautious outlook on sustaining cost guidance at mid to lower ends of ranges.
Q2 2025
Aug 26, 2025
Gold Fields reported strong H1 2025 results, achieving a 24% increase in gold production and substantial cash flow improvements, positioning the company for continued growth despite elevated costs.
Key takeaways
- Production increased by 24% year-over-year, contributing to a 256% improvement in cash flow from operations.
- Interim dividend announced at ZAR 7.00 per share, up 133% compared to the prior year.
- Salares Norte ramp-up is on track with a 46% quarter-on-quarter performance improvement, expected to reach commercial production in Q3.
- All-in costs decreased to $1,957 per ounce, aided by operational efficiencies despite rising operating costs from new projects.
- Strong progress in ESG commitments, with improvements in gender diversity and a 14% reduction in carbon emissions from 2016 levels.