Strong Production Growth
Attributable production increased 18% year-on-year to 2.44 million ounces, at the upper end of guidance (2.25–2.45 Moz), driven by portfolio performance and the ramp-up of Salares Norte.
Salares Norte Ramp-Up and Performance
Salares Norte achieved commercial production in Q3 2025 and steady-state in Q4, contributing materially to group production with recoveries above expectations and uninterrupted operations through winter after winterization investment.
Exceptional Cash Generation and Profitability
Adjusted free cash flow was just under $3.0 billion (up ~391% year-on-year). Headline earnings rose 117% year-on-year to $2.6 billion. Management reported a ~175% increase in cash flow from operations and net group cash flow nearly 4x versus 2024.
Record Shareholder Returns and Capital Allocation
Company declared a record base dividend of ZAR 25.50/share plus a special dividend of ZAR 4.50/share (total ZAR 30/share) and announced a $100 million share buyback; total shareholder return reported ~ZAR 31.85–31.90 per share and an implied yield ~6.3%.
Strong Balance Sheet
Net debt-to-EBITDA was 0.26x after funding acquisitions, leaving the company with balance sheet flexibility and cash headroom following Osisko and Gold Road transactions.
Reserve Replacement and Exploration Success
Group increased reserves by ~4.0 million ounces over the year, a ~9% improvement in the reserve position (after ~2.5 Moz depletion). Brownfields spend of ~$129 million and greenfields $101 million supported reserve additions and future pipeline.
Operational Wins Across Assets
Notable site-level improvements: Gruyere achieved record tonnes mined (+37%) and mill throughput (9.6 Mt); St Ives production +12% with AISC down 5% year-on-year; South Deep production +16% with significant leverage to free cash flow.
ESG and Stewardship Progress
No serious environmental incidents for seven consecutive years; completed all 23 Elizabeth Broderick & Co recommendations; gender diversity improved to 27% women overall and 28% in leadership; water recycling at 74% (target 73%); full conformance with GISTM tailings management.