Gold Fields Limited

For 2025, attributable production was 2.44 million ounces, up 18% year over year. Headline earnings were $2.6 billion, up 117% year over year. Adjusted free cash flow was just under $3 billion, or $3.32 per share, up 391% year over year. The company said all-in costs rose 3% and AISC rose 1%, remaining within guidance, and it ended the year with net debt of $1.4 billion and a net debt-to-EBITDA ratio of 0.26x. For shareholder returns, Gold Fields declared a full-year base dividend of ZAR 25.50 per share, plus a ZAR 4.50 special dividend and a $100 million buyback. Looking ahead to 2026, management guided to production of 2.4 million to 2.6 million ounces, total capital of $1.9 billion to $2.1 billion, AISC of $1,800 to $2,000, and all-in costs of $2,075 million to $2,300. The 2026 outlook also included Salares Norte guidance of 525,000 to 550,000 ounces of gold equivalent at AISC of $450 to $600 per ounce.

Mike Fraser struck a confident tone, emphasizing safe operating delivery, stronger portfolio quality, and disciplined capital allocation. He highlighted Salares Norte’s successful ramp-up, the Gold Road acquisition, progress toward Windfall FID, and reserve growth as evidence that the strategy is working. He also said the company is focused on improving safety, reducing operational variability, and using both brownfields and greenfields exploration to build the next generation of growth.

Alex Dall focused on the financial step-up from higher production and a gold price of about $3,500 per ounce. He said operations before tax generated $5.5 billion of cash, cash from operations before investing was $4.5 billion, and after $1.4 billion of capital, $100 million of lease payments, and rehab outflows, free cash flow was $3 billion. He also said sustaining capital was over $1 billion, growth capital and exploration were $665 million, and the balance sheet remained strong after the Osisko and Gold Road transactions, with net debt-to-EBITDA at 0.26x.

Analysts focused on Ghana royalties and lease renewal, the rationale for a $100 million buyback, Windfall’s capital assumptions and permitting path, Australian capex inflation, and Gruyere labor turnover. Management said Ghana’s proposed royalty increase likely would not affect Tarkwa until the current lease expires in April 2027, but after that it could add about $350 per ounce at $5,000 gold if fully passed through. On buybacks, management said the program is intentionally small relative to total returns and is meant to balance investor preferences. On Windfall, they said the first phase is already supported by earlier feasibility work, while the bigger upside comes from later expansion opportunities; they also acknowledged Australia is seeing labor pressure and Gruyere contractor turnover reached nearly 50% in Q4 before remediation.