DRDGOLD reports stronger FY2026 earnings as Vision 2028 investment takes shape
Gold production held steady at 4 839kg while higher gold prices and continued investment helped lift earnings and free cash flow
DRDGOLD has ended its 2026 financial year with higher earnings and a stronger cash position, while keeping gold production broadly stable as investment in its Vision 2028 strategy begins to add new capacity.
Revenue rose 42% to R11.2 billion, while operating profit increased 83% to R6.5 billion. Headline earnings climbed 89% to R4.3 billion.
Gold production remained steady at 4 839kg, marginally above the previous financial year and ahead of the company’s annual guidance.
CEO Niël Pretorius said the results reflected a year in which the company continued to invest heavily without taking on debt.
“This was a year of delivery,” said Pretorius. “We maintained production while investing at a level that is fundamentally reshaping the business, and we did that while remaining debt-free and continuing to return value to shareholders.”
More than R5 billion has now been invested in Vision 2028, DRDGOLD’s long-term programme to expand and strengthen its operations. The company said infrastructure developed through the programme is now beginning to come online.
“What is particularly encouraging is that we are now seeing that investment translate into operating capability,” Pretorius said. “The infrastructure we have been building is starting to come online and the next phase of DRDGOLD is beginning to take shape.”
The company generated R2.3 billion in free cash flow during the year, an 85% increase from FY2025. Capital expenditure reached R3.5 billion as DRDGOLD continued to fund its expansion and infrastructure programme.
Despite the investment, the company ended the year with R2.8 billion in cash and cash equivalents and no debt.
DRDGOLD also returned R779.3 million to shareholders through dividends during the year. The board has declared a final cash dividend of 120 cents per share.
The results leave the company entering its next phase with production holding steady, major infrastructure projects progressing and a balance sheet that remains debt-free.
For Vision 2028, the company aims to increase its R10 billion programme throughput at ERGO and Far West Gold Recoveries (FWGR), lift annual gold production towards six tonnes and extend FWGR’s life of mine. Sor far, over R5 billion has been invested.
