EarningsQ4 2026 Earnings Report
MX:DRDN Q4 2026 EPS Results
Actual EPS$27.71
Consensus EPS―
Beat/Miss―
One Year Ago EPS$13.59
MX:DRDN Q4 2026 Revenue Results
Actual Revenue$6.31B
Expected Revenue$6.92B
Beat/MissMissed by -$618.60M
YoY Revenue Growth+67.83%
Earnings Announcement Details
QuarterQ4 2026
Date08/19/2026
TimeTBA
Conference CallWednesday, August 19, 2026
MX:DRDN Upcoming Earnings
Drdgold's next earnings date is estimated for February 17, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:DRDN Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a materially positive operating and financial performance driven by a strong gold price, improved production (slightly ahead of guidance), substantial margin expansion and robust free cash generation despite a peak capital expenditure program. Key project milestones (Daggafontein, DP2 smelt house, pipeline progress and RTSF construction) were achieved, and sustainability metrics (water, carbon, energy intensity) improved markedly. Near-term headwinds include high ongoing capital spend, input cost inflation (diesel, reagents, trucking), and regulatory/weather timing risk around Withok and RTSF which could delay full throughput benefits. On balance, the positives (substantial profit, cash flow, project progress and sustainability gains) outweigh the manageable challenges and timing risks.Company Guidance
Strong Revenue Growth Driven by Higher Gold Price
Group revenue rose to just over ZAR 11 billion, a ~42% year-on-year increase, driven by a ~40% increase in the average gold price and modest growth in gold sold.
Record Operating Profit and Headline Earnings
Operating profit increased to ZAR 6.4 billion (an ~83% increase year-on-year) and headline earnings rose to ZAR 4.2 billion (an ~89% increase), reflecting improved margins and higher gold prices.
Robust Free Cash Flow and Dividend
Free cash flow was strong at approximately ZAR 2.2–2.3 billion (an ~85% increase). The company declared a final cash dividend (reported as ZAR 1.20 per share) and earlier paid an interim dividend of ZAR 0.50 per share, with declared dividends representing ~65% of free cash flow for the year.
Production Ahead of Guidance
Group gold production finished just under 5 tonnes for the year and was ~5,000 ounces higher than the top end of guidance due to smart throughput mix management and improved plant yields (average yield just under 0.2 g/t, a ~2% increase).
High Margins at Far West
Far West delivered revenue of ZAR 3.1 billion (vs ZAR 2.2 billion prior year) and exceptional operating margins (~76%). Far West cash operating cost was ~ZAR 561,000/kg with an all-in sustaining cost of ~ZAR 639,000/kg.
Improved Unit Economics and Operating Margins
Group operating margin improved from 45% to 58% and the all-in sustaining cost margin improved from 39% to 53% year-on-year, reflecting strong leverage to the gold price and disciplined cost control.
Debt-Free, Increased Asset Base and Rehabilitation Fund
Balance sheet remains debt-free; property, plant and equipment increased to ZAR 11.9 billion (from ZAR 8.5 billion) reflecting ZAR 3.5 billion capital investment. Rehabilitation trust/insurance ring-fenced funds exceeded ZAR 1 billion.
Sustainability and Efficiency Gains
Notable sustainability improvements: potable water use down ~23% (saving ~900 million liters), carbon emissions down from ~303,000 t to ~233,000 t (~23% reduction), solar generation reported at ~146 GWh used, and Eskom-supplied units after wheeling reduced energy intensity (Eskom kWh per tonne treated decreased from 13.6 kWh/t in 2024 to 8.6 kWh/t). Safety indicators also trended positively.
Major Project Milestones Achieved
Key Vision 2028 milestones achieved: Daggafontein commissioning delivering ~25,000 t/day (750,000 t/month) capacity; DP2 smelt house commissioned and first gold bar produced at Far West; pipelines ~95% complete; RTSF ~two-thirds constructed with target to enable full 1.2 Mt/month throughput in early FY2028 (subject to weather/regulatory timing).
MX:DRDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed