R57bn profit sees Gold Fields deliver R4bn special dividends to investors

Gold Fields is returning a total of $1.7 billion (R27 billion) to its investors. Picture: iStock Gold Fields Limited has delivered a massive nearly three-fold increase in annual profit, as record bullion prices and a strong ramp-up at its new Salares Norte mine in Chile fuelled a record-breaking financial year. For the 12 months ended 31 December 2025, the globally diversified miner reported profit attributable to owners of $3 567.4 million (R57 billion), up from US$1 245.0 million (R20 billion) in the previous year.

Capitalising on a surge in adjusted free cash flow, which jumped to $2 970 million (R47 billion) from just $605 million (R9.7 billion) in 2024, Gold Fields is returning a total of $1.7 billion (R27 billion) to its investors. This distribution represents 54% of adjusted free cash flow, significantly exceeding the company’s targeted base dividend policy. The payout is structured to provide both immediate yield and long-term value: The miner’s performance was underpinned by a 18% increase in group attributable gold-equivalent production, which reached 2.438 million ounces.

This growth was primarily driven by the successful commissioning of the Salares Norte project, which reached steady-state operations in the fourth quarter, contributing 397 000 ounces for the year, surpassing the company’s upper guidance limit. Other key assets also showed strength, with the South Deep mine in South Africa increasing production by 16% to 309 000 ounces. While all-in sustaining costs (AISC) remained elevated at $1 645/oz due to industry-wide inflation and higher royalties, the average realised gold price soared to $3 496/oz, creating a vast margin for cash generation.

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Despite the aggressive capital returns, Gold Fields significantly de-leveraged its balance sheet. This resulted in a robust net-debt-to-ebitda ratio of 0.26x, down from 0.73x in 2024, providing the company with substantial flexibility for its five-year growth outlook.

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