Evolution Mining (EVN) Q4 2025 earnings summary

Executive summary

• Achieved record safety, operational, and financial results for FY 2025, with strong consistency and reliability across all sites; TRIF improved 35% year-over-year to 4.98, the lowest under five.

• Delivered on original group guidance, producing 751,000 oz gold and 76,000 t copper at an AISC of AUD 1,572/oz for continuing operations.

• Generated record quarterly and annual group cash flow of AUD 308 million and just under AUD 800 million, driven by strong operational performance and high metal prices.

• Major project milestones reached, including early commissioning of Mungari plant expansion and approval of Cowal Open Pit Continuation project.

• Paid 24th consecutive dividend and repaid all FY 2025 and FY 2026 debt commitments.

Financial highlights

• FY 2025 operating cash flow: AUD 2.3 billion; annual cash generation just under AUD 800 million.

• Cowal delivered AUD 855 million in operating cash flow and AUD 600 million net mine cash flow; record annual gold production of 330,000 oz.

• Ended year with AUD 760 million in cash; renewed undrawn AUD 525 million revolver to August 2028.

• All operations delivered positive net mine cash flow; Mungari and Red Lake achieved record quarterly cash flows.

• Achieved gold price for FY 2025 averaged AUD 4,300/oz; copper price AUD 14,470/t.

Outlook and guidance

• FY 2026 production guidance: 710,000–780,000 oz gold and 70,000–80,000 t copper, similar to FY 2025.

• AISC guidance for FY 2026: AUD 1,720–1,880/oz, reflecting 4% inflation and higher non-cash costs from stockpile ore at Cowal and Northparkes.

• Group capital investment guidance: AUD 780–980 million, about AUD 200 million lower than FY 2025 at midpoint.

• Key price assumptions: AUD 4,400/oz gold royalty, AUD 14,500/t copper byproduct credit.

• High-margin cash generation expected to continue in FY 2026.