Kinross Gold
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Kinross Gold (K) investor relations material

Kinross Gold Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved strong operational and financial performance in 2025, meeting or exceeding all key guidance metrics, with just over 2 million ounces produced and a 66% margin increase, resulting in record free cash flow of $2.5 billion and $1 billion net cash at year-end.

  • Returned $1.5 billion to debt and equity holders, including $700 million in debt repayments and $752 million to shareholders, ending with $3.5 billion in total liquidity.

  • Advanced key projects, including construction of three U.S. growth projects, progress at Great Bear and Lobo-Marte, and major reserve additions at Paracatu, Bald Mountain, Tasiast, and Round Mountain.

  • Maintained a stable multi-year production outlook of 2 million ounces annually through 2028, with new higher-grade projects expected to offset cost inflation.

  • Continued leadership in sustainability, achieving a 1.5% reduction in GHG emissions and top governance rankings.

Financial highlights

  • Full-year 2025 attributable production: 2,012,106 ounces; Q4: 484,000 ounces, both in line with guidance.

  • Cost of sales per ounce: $1,135 for 2025, $1,289 in Q4; all-in sustaining cost: $1,571 for 2025, $1,825 in Q4.

  • Adjusted EPS: $1.84 for 2025, $0.67 in Q4; net earnings: $2.39 billion ($1.96/share).

  • Operating cash flow: $3.76 billion; attributable free cash flow: $2.47 billion.

  • Ended 2025 with $1.7 billion in cash, $1 billion net cash, and no near-term debt maturities.

Outlook and guidance

  • Production guidance for 2026–2028: 2 million ounces per year, with quarterly production expected to be flat at 490–510k ounces.

  • 2026 cost of sales guidance: $1,360/oz; all-in sustaining cost: $1,730/oz, up 10% from 2025 due to higher royalties, inflation, and mine sequencing.

  • 2026 capital expenditure guidance: $1.5 billion, with $1.05 billion non-sustaining and $450 million sustaining.

  • Targeting to return 40% of free cash flow to shareholders in 2026 via dividends and buybacks.

  • Dividend increased by 14% for 2026, totaling a 33% increase over two quarters.

Justify 2026 capital expenditure increase
US projects' role in grade enhancement strategy
Explain Round Mountain reserve quality improvement
Balance of increased CapEx and FCF return?
Next growth projects for 2030s production?
Why not seek federal Major Projects designation?
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Frequently asked questions

Kinross Gold Corporation is a Canadian-based gold mining company with mines and projects in Canada, the United States, Brazil, Chile, Russia, Ghana and Mauritania. Kinross' focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. The company aims at creating sustainable value for Kinross' stakeholders from responsible mining. Furthermore, Kinross Gold serves customers worldwide.

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