Quarterly UpdatesAug 11, 2026, 09:13 AM
Gold Fields H1 2026 HEPS Up 72-90%; Free Cash Flow Up 91-111%
AI Summary
Gold Fields expects H1 2026 headline earnings per share (HEPS) to be between $1.98 and $2.18, representing a 72% to 90% increase year-over-year, driven by higher gold-equivalent ounces sold and a stronger gold price. Adjusted free cash flow is projected to rise by 91% to 111% to a range of $2.38 billion to $2.64 billion. While full-year production guidance is maintained at the upper end of the 2.4-2.6 million ounces range, the Windfall project's capital estimate is at the higher end of its guidance, and EIA approval is now expected in H2 2026. Additionally, Gruyere and Tarkwa operations are at risk of not meeting their full-year guidance.
Key Highlights
- H1 2026 HEPS expected $1.98-$2.18, up 72-90% from H1 2025.
- H1 2026 Adjusted free cash flow expected $2.38B-$2.64B, up 91-111% from H1 2025.
- H1 2026 attributable gold equivalent production 1,260koz, up 12% YoY.
- 2026 full-year production guidance expected at upper end of 2.4-2.6Moz range.
- Windfall project EIA approval expected H2 2026; capital at upper end of $1.7B-$1.9B.
- 2026 Group capital expenditure revised to $1.6B-$1.8B from $1.9B-$2.1B.
- Gruyere and Tarkwa operations are at risk of not meeting full-year guidance.
Price Impact
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