Gold Fields (GFI) investor relations material

Executive summary

• Headline earnings per share (HEPS) for H1 2026 expected to rise 72%–90% year-over-year to $1.98–$2.18 per share, driven by higher gold sales and prices, partially offset by increased costs.

• Basic EPS for H1 2026 projected at $1.97–$2.17, up 71%–89% from H1 2025.

• Adjusted free cash flow before discretionary investments for H1 2026 expected at $2,385m–$2,636m, up 91%–111% year-over-year.

Financial highlights

• Group attributable gold equivalent production for H1 2026 expected at 1,260koz, up 12% year-over-year.

• All-in cost (AIC) for H1 2026 expected at $2,120/oz, up 8% year-over-year; all-in sustaining cost (AISC) at $1,900/oz, up 13%.

• Q2 2026 gold production at 630koz, with AIC of $2,200/oz and AISC of $1,960/oz, both higher sequentially due to increased costs.

Outlook and guidance

• Full-year 2026 gold-equivalent production expected at the upper end of 2.4Moz–2.6Moz guidance.

• AISC and AIC for 2026 forecasted at $1,800–$2,000/oz and $2,075–$2,300/oz, respectively; AIC likely at lower end due to reduced capital expenditure.

• Sustaining capital expenditure guidance unchanged at $1,300m–$1,400m.