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OR Royalties
OR Royalties (OR) investor relations material
OR Royalties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record annual revenues of $277.4 million in 2025, up from $191.2 million in 2024, with operating cash flow of $245.6 million and net earnings of $206.1 million ($1.10 per share), driven by elevated precious metals prices and strong asset performance.
Delivered 80,775 GEOs in 2025, maintaining peer-leading cash margins of 96.7%–97%.
Ended 2025 debt-free with a cash balance of $142.1 million and disciplined capital allocation, deploying $25 million.
Declared quarterly dividends totaling $0.211 per share for 2025 and announced a $0.055 per share dividend for Q1 2026, marking the 45th consecutive payment.
Completed major royalty and stream acquisitions, including portfolios from Gold Fields and new interests in Ghana and Peru.
Financial highlights
Revenues rose 45% year-over-year to $277.4 million, with net earnings of $206.1 million ($1.10 per share) and adjusted earnings of $165.5 million ($0.88 per share).
Cash margin reached $268.3 million (96.7% of revenues), and cash flow per share increased for the eighth consecutive year.
Ended 2025 with $142.1 million in cash, no debt, and $162.8 million in equity investments.
Paid $34.9 million in dividends and repurchased $36.7 million in shares during 2025.
Q4 2025 revenues were $90.5 million, with net earnings of $65.2 million and adjusted earnings of $59.6 million.
Outlook and guidance
2026 GEOs guidance set at 80,000–90,000, with average cash margin of ~97%.
Five-year outlook projects 120,000–135,000 GEOs by 2030, representing 50% growth over 2026 guidance.
All projected growth to 2030 is fully funded, with no contingent capital required.
Significant step change in GEOs expected in 2027, driven by ramp-ups at key assets.
Guidance based on public forecasts, internal estimates, and consensus commodity prices.
Primary new projects driving 2030 GEO growth
Impact of recent large acquisitions on capital strategy
CSA mine challenges and long-term strategy
What are OR's M&A 'red lines' for deal structure?
What GEOs are excluded from 2030 outlook and why?
Impact of current gold:silver ratio on 2026 GEOs?
Partial view of Summaries dataset, powered by Quartr API
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Next OR Royalties earnings date
Q1 20267 May, 2026
OR Royalties
Next OR Royalties earnings date
Q1 20267 May, 2026
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Frequently asked questions
Osisko Gold Royalties Ltd acquires and manages precious metal and other royalties, streams, and offtake and other interests in Canada and internationally. The company has a portfolio totaling approximately 24 properties in Canada, 9 properties in Australia, 2 properties in Mexico, 1 property in China and 14 properties in South America. The company is based in Montreal, Canada.
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