Northern Star Resources (NST) H1 2025 earnings summary

Executive summary

• Achieved record financial performance in 1H FY25, with revenue up 28% year-over-year to A$2,869M and underlying EBITDA up 58% to A$1,402M, driven by higher gold prices and increased sales volume.

• Net profit after tax surged 155% to A$506.4 million, and underlying NPAT rose 142% to A$512M.

• Cash earnings increased 63% to A$1,146 million, reflecting strong operational performance.

• Declared a record interim dividend of 25.0 cents per share (unfranked), up 67% year-over-year, and advanced a A$300 million share buy-back program (86% complete).

• Maintained a strong balance sheet with net cash of A$265 million and liquidity of A$2.7 billion, supporting organic growth and flexibility.

Financial highlights

• Operating cash flows reached A$1,254 million, up 49% from the prior period, and group underlying free cash flow was A$124 million after significant capital and exploration investments.

• EBITDA increased 60% year-over-year to A$1,395 million; underlying EBITDA up 58% to A$1,402 million.

• Cash earnings reached A$1,146 million, a 63% increase from the previous period.

• All-in sustaining cost per ounce sold was A$2,105, up from A$1,878 in the prior period.

• Average gold price realised increased 24% year-over-year to A$3,562/oz.

Outlook and guidance

• FY25 production and cost guidance reaffirmed, with full-year gold sales expected between 1,650–1,800 koz and AISC of A$1,850–2,100/oz.

• Growth capital expenditure for FY25 expected at A$950–1,020 million, plus A$500–530 million for KCGM Mill Expansion.

• Production weighted to 2H FY25, with planned shutdowns in 3Q25 and higher-grade feed expected at KCGM.

• FY26 guidance to be provided with full-year results, targeting two million ounces as a checkpoint before further growth.

• Final FY25 dividend expected to be partially to fully franked, subject to Board approval.