Fortuna Mining (FVI) Q4 2025 earnings summary

Executive summary

• Achieved record free cash flow of $132.3 million in Q4 and $330 million for 2025, with liquidity rising to $704 million and net cash to $382 million, supported by strong operations and asset sales.

• Attributable net income for Q4 was $68.1 million ($0.23 per share adjusted), up significantly year-over-year, with full-year adjusted net income at $203.1 million.

• Gold equivalent production totaled 317,001 ounces for 2025, meeting guidance despite Q4 downtime at Lindero.

• Major growth projects at Diamba Sud and Séguéla are advancing, targeting over 500,000 ounces annual gold production within 24 months.

• Returned $16.2 million to shareholders via share buybacks in 2025, with an additional $5 million in early 2026.

Financial highlights

• Sales reached $947.1 million for 2025, up 40% year-over-year, with Q4 sales at $270.2 million, up 38% year-over-year.

• Adjusted EBITDA for 2025 was $514 million, up 55% year-over-year, with a Q4 margin of 58%.

• Free cash flow from ongoing operations surged 222% to $330 million for the year, with Q4 free cash flow at $132 million.

• Basic EPS from continuing operations was $0.88 for 2025, up from $0.27 in 2024.

• Available liquidity increased to $704 million, with a positive net cash position of $382 million after debt.

Outlook and guidance

• Targeting over 500,000 ounces of annual gold production within 24 months, supported by expanded mineral reserves at Séguéla and Diamba Sud.

• Séguéla mine reserves increased by 31% to 1.54 Moz, extending mine life to over 9 years; feasibility study for plant expansion underway.

• Diamba Sud indicated resources increased by 73% to 1.25 Moz; $67 million allocated for early works, with construction decision targeted for mid-2026.

• 2026 production at Lindero expected to be softer in H1 due to crusher repairs, with improvement in H2; AISC to be higher in early 2026, then normalize.

• Effective tax rate for 2026 projected between 30% and 33%.