H1 2026
Filed Aug 26, 2026Gold Fields reported profit attributable to owners of the parent of US$1,854.6 million, or US$2.07 per share, for the six months ended 30 June 2026, and declared an interim dividend of 1,625 SA cents per share.
Profit attributable to owners of the parent increased 81% to US$1,854.6 million, adjusted free cash flow was US$2,225.3 million, attributable gold-equivalent production increased to 1,267 (000 oz), and net debt fell to US$437 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gold-equivalent produced - attributable oz (000)other | 1,267 | – | – |
| Gold-equivalent produced - managed oz (000)other | 1,299 | – | – |
| Gold-equivalent sold - managed oz (000)other | 1,292 | – | – |
| Tonnes milled/treated 000other | 22,281 | – | – |
| Revenue US$/ozother | 4,681 | – | – |
| AISC US$/ozother | 1,893 | – | – |
| Total AIC US$/ozother | 2,125 | – | – |
| Net debt US$mother | 437 | – | – |
| Net debt (excluding lease liabilities) US$mother | (22) | – | – |
| Net debt to adjusted EBITDA ratioother | 0.06 | – | – |
| Adjusted free cash flownon-GAAP | US$2,225.3 million | – | – |
| Profit attributable to owners of the parentother | US$1,854.6 million | – | 81% |
| Profit per share attributable to owners of the parentother | US$2.07 per share | – | – |
| Headline earnings attributable to owners of the parentother | US$1,854.7 million | – | – |
| Headline earnings per share attributable to owners of the parentother | 208 US c.p.s. | – | – |
| Q2 2026 Gold-equivalent produced - attributable oz (000)other | 634 | – | – |
| Q2 2026 Gold-equivalent produced - managed oz (000)other | 650 | – | – |
| Q2 2026 Gold-equivalent sold - managed oz (000)other | 643 | – | – |
| Q2 2026 Tonnes milled/treated 000other | 10,631 | – | – |
| Q2 2026 Revenue US$/ozother | 4,505 | – | – |
| Q2 2026 AISC US$/ozother | 1,957 | – | – |
| Q2 2026 Total AIC US$/ozother | 2,204 | – | – |
| Q2 2026 Net debt US$mother | 437 | – | – |
| Q2 2026 Net debt (excluding lease liabilities) US$mother | (22) | – | – |
| Q2 2026 Net debt to adjusted EBITDA ratioother | 0.06 | – | – |
Capital returns
- Interim dividend number 104 of 1,625 SA cents per ordinary share (gross) for the six months ended 30 June 2026.
- Interim dividend of 1,625 SA cents per share, compared with H1 2025: 700 SA cents.
- The interim dividend is payable on 14 September 2026.
- 61% of adjusted free cash flow was paid to shareholders during the six months ended 30 June 2026.
- Completed share repurchases of US$300 million between March and July 2026.
- The Board allocated a further US$500 million to additional shareholder returns.
- The additional returns programme announced in November 2025 was lifted to US$1.25 billion, to be delivered through a combination of special dividends and targeted share buy-backs.
What drove it
- Gold-equivalent produced attributable ounces were 1,267 (000 oz), compared with 1,136 (000 oz) for the six months ended June 2025.
- Gold-equivalent sold managed ounces were 1,292 (000 oz), compared with 1,126 (000 oz) for the six months ended June 2025.
- Revenue was US$4,681/oz, compared with US$3,089/oz for the six months ended June 2025.
- Profit attributable to owners of the parent increased 81% to US$1,854.6 million.
Concerns
- AISC was US$1,893/oz, compared with US$1,682/oz for the six months ended June 2025.
- Total AIC was US$2,125/oz, compared with US$1,957/oz for the six months ended June 2025.
- Q2 2026 AISC was US$1,957/oz, compared with US$1,829/oz in March 2026.
- Q2 2026 total AIC was US$2,204/oz, compared with US$2,046/oz in March 2026.
- Q2 2026 tonnes milled/treated were 10,631 (000), compared with 11,650 (000) in March 2026.
What to watch
- Delivery of the US$1.25 billion additional shareholder returns programme, which remains subject to applicable legal, regulatory and board approval requirements.
- The 14 September 2026 payment of the interim dividend of 1,625 SA cents per share.
- AISC and total AIC following Q2 2026 levels of US$1,957/oz and US$2,204/oz, respectively.
- Net debt and net debt excluding lease liabilities after share repurchases and dividend payments.
Balance sheet and cash flow
- Adjusted free cash flow was US$2,225.3 million, compared with US$951.7 million for the six months ended 30 June 2025.
- Net debt was US$437 million at June 2026, compared with US$1,304 million at March 2026 and US$1,487 million at June 2025.
- Net debt excluding lease liabilities was US$(22) million at June 2026, compared with US$824 million at March 2026 and US$1,055 million at June 2025.
- Net debt to adjusted EBITDA ratio was 0.06 at June 2026, compared with 0.19 at March 2026 and 0.37 at June 2025.
Analysis
Gold Fields delivered a sharply stronger first half. Profit attributable to owners of the parent rose 81% to US$1,854.6 million, while profit per share attributable to owners of the parent was US$2.07 per share, compared with US$1.15 per share for the six months ended 30 June 2025. Headline earnings attributable to owners of the parent were US$1,854.7 million, compared with US$1,027.3 million in the prior-year period.
Operational volumes were higher on the reported measures. Attributable gold-equivalent production was 1,267 (000 oz), managed production was 1,299 (000 oz), and managed sales were 1,292 (000 oz), each above the corresponding six-month 2025 figure. Revenue was US$4,681/oz, compared with US$3,089/oz in the prior-year period. Tonnes milled or treated were 22,281 (000), compared with 20,893 (000).
Cash generation and leverage metrics strengthened materially. Adjusted free cash flow was US$2,225.3 million, compared with US$951.7 million for the six months ended 30 June 2025. Net debt was US$437 million, down from US$1,487 million at June 2025 and US$1,304 million at March 2026. Net debt excluding lease liabilities was US$(22) million, while the net debt to adjusted EBITDA ratio was 0.06.
Cost metrics increased versus the prior-year period and sequentially in Q2. H1 AISC was US$1,893/oz versus US$1,682/oz, and total AIC was US$2,125/oz versus US$1,957/oz. In Q2, AISC was US$1,957/oz and total AIC was US$2,204/oz, compared with US$1,829/oz and US$2,046/oz, respectively, in March 2026. Q2 tonnes milled or treated were 10,631 (000), below 11,650 (000) in March 2026.
The company directed a substantial portion of cash generation to shareholders. It declared an interim dividend of 1,625 SA cents per share, compared with 700 SA cents for H1 2025, completed US$300 million of share repurchases between March and July 2026, and allocated a further US$500 million to additional shareholder returns. The filing contains no forward production, cost, financial, or capital-expenditure guidance.
Not in the filing
stated, not guessed- Total revenue amount
- Revenue by operating segment or mine
- Gross profit and gross margin
- Operating income or operating profit
- Operating expenses
- Income tax expense and tax rate
- Total net income line beyond profit attributable to owners of the parent
- Cash and cash equivalents
- Gross debt
- Net cash from operating activities
- Capital expenditure
- Forward production guidance
- Forward cost guidance
- Forward financial guidance
- Prior outlook for guidance comparison
- Named executive commentary or executive quotes
- Accounting framework explicitly stated in the filing text
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.