Gold Fields Q4 2025 Earnings Call Summary

1Key Financial Results and Metrics

Attributable Production: Increased 18% year-on-year to 2.44 million ounces, at the upper end of guidance (2.25-2.45 million ounces).

Cash Flow: Adjusted free cash flow reached nearly $3 billion, up 391% year-on-year.

Headline Earnings: Rose 117% to $2.6 billion.

Dividends: Total shareholder return of ZAR 31.90 per share, including a record base dividend of ZAR 25.50 per share and a special dividend of ZAR 4.50 per share.

Net Debt: Reduced to $1.4 billion with a net debt-to-EBITDA ratio of 0.26x.

All-in Costs: Increased by 3% year-on-year, primarily due to higher sustaining capital and royalties.

2Strategic Updates and Business Highlights

Acquisitions: Completed the acquisition of Gold Road Resources, consolidating 100% of the Gruyere mine.

Project Developments: Salares Norte achieved steady-state production in Q4 2025; Windfall Project is progressing towards final investment decision (FID) targeted for mid-2026.

ESG Performance: No serious environmental incidents reported; gender diversity improved with 27% female employees.

Portfolio Optimization: Identified asset optimization opportunities and continued brownfields exploration, increasing reserves by 9% year-on-year.

3Forward Guidance and Outlook

2026 Production Guidance: Expected between 2.4 million and 2.6 million ounces.

Capital Expenditure: Anticipated between $1.9 billion and $2.1 billion.

All-in Sustaining Costs: Projected between $1,800 and $2,000 per ounce.

Focus Areas: Improving safety performance, predictable delivery of production plans, and advancing exploration initiatives.

4Bad News, Challenges, or Points of Concern

Cost Inflation: Ongoing pressure from rising costs, including labor and materials, particularly in Australia.

Ghana Operations: Potential increases in royalty payments due to new legislation, with the government considering a sliding scale of royalties that could impact profitability post-2027.

Labor Turnover at Gruyere: High contractor turnover rates (up to 50%) affecting operational stability; corrective measures are being implemented.

Environmental and Regulatory Risks: Need to navigate permitting processes and community agreements, particularly for the Windfall Project and Agua Amarga.

5Notable Q&A Insights

KPI Concerns: Cost inflation and the Tarkwa lease renewal negotiations were highlighted as critical issues.

Exploration Strategy: Emphasis on prioritizing brownfields exploration due to lower costs per ounce replaced, while also ramping up greenfields exploration.

Buyback Rationale: The $100 million buyback program was introduced to balance shareholder returns, catering to diverse shareholder preferences.

Windfall Project Confidence: Management expressed optimism about Windfall's potential as a Tier 1 asset, contingent on successful permitting and optimization studies.

Regulatory Environment in Ghana: Discussions with the government are ongoing regarding fair value sharing, with a focus on maintaining investment attractiveness despite potential royalty increases.