Gold Fields Ltd. reported first-half 2026 attributable gold production of 1.267 million ounces, up 12% year-over-year, driven by gains at Salares Norte and other assets. Sales volumes rose 18% to $4.51 billion in revenue, while the average realized gold price climbed 51% to $4,678 per ounce.
Adjusted free cash flow reached $2.225 billion for the six months, more than double the prior-year period, with a free cash flow yield of 11%. Net debt fell to $437 million from $774 million a year earlier, leaving the company in a net cash position excluding lease liabilities. The net debt-to-EBITDA ratio declined to 0.06 times from 0.43 times.
Earnings per share totaled $0.95, missing the $1.06 consensus estimate by 10.4%. Gross profit margin stood at 55% for the last twelve months, while the P/E ratio was 12.07. The company maintained its 35-year streak of dividend payments, with an interim base dividend of R16.25 per share, up 132% year-over-year and representing 50% of operating cash flow.
Cost pressures persisted, with cash costs up 10% and all-in sustaining costs rising 13% to $1,893 per ounce. All-in costs reached $2,125 per ounce, while total capital expenditure increased 6%. Share buybacks were executed at an average price of roughly ZAR 590 per share between March and July.
Gold Fields raised full-year 2026 guidance for Salares Norte to 550,000-600,000 ounces, citing positive grade reconciliation and higher silver prices. Output at the asset surged 173% year-over-year. The company also allocated an additional $500 million to its shareholder returns program, bringing the total to $1.25 billion since November 2025. Of this, $553 million has been delivered through a special dividend and buybacks.
Management highlighted safety improvements, with no fatalities or serious injuries reported across operations. The Windfall project in Canada remains on track, though environmental approval delays could push first production to late 2029. Gold Fields completed the exit from Damang and $182 million in non-core asset disposals during the half. Water recycling rates across assets reached 93%.
At the time of reporting, Gold Fields shares traded near $47.92, up 1.25% on the day, with a 52-week range of $31.11 to $61.64.
