Evolution Mining (EVN) H1 2026 earnings summary

Executive summary

• Achieved record statutory net profit after tax of $767M, up 110% year-over-year, with underlying profit after tax at $785M, and revenue rising 37% to $2,794.4M, driven by strong gold and copper prices and operational discipline.

• Record interim dividend of 20 cents per share, fully franked, declared for the period, nearly tripling the prior year and marking the 26th consecutive dividend.

• Approved major growth projects at Northparkes (E22, Coarse Particle Flotation) and Ernest Henry (Bert), expected to deliver high returns and extend mine life.

• Portfolio positioned for the next phase of growth, leveraging high metal prices, disciplined capital allocation, and operational delivery to plan.

• Expanded Canadian exploration footprint with new acquisitions and targets.

Financial highlights

• Underlying profit after tax more than doubled to $785M, up 104% year-over-year; statutory profit after tax rose 110% to $767M.

• Underlying EBITDA reached $1.6B, up 59% year-over-year, with a record margin of 57%.

• Group cash flow increased 123% to $608M; net mine cash flow up 151% to $1.1B; operating mine cash flow reached $1.73B, up 75%.

• Earnings per share increased 107% to 38 cents; net tangible assets per share rose to $3.22.

• Cash balance at $967M; net debt reduced to $362M, down 72% year-over-year.

Outlook and guidance

• FY26 production guidance: 710,000–780,000 ounces of gold and 70,000–80,000 tonnes of copper.

• All-in Sustaining Cost (AISC) guidance: $1,640–$1,760/oz, reflecting improved cost position and higher by-product credits.

• Major project capital for FY26 updated to $500–605M; annual capital investment planned at $900–$1,100M for FY27–30.

• On track to be net cash by end of FY26, with continued investment in high-margin, long-life assets.

• Clear pipeline of high-return projects advancing for sustainable growth.