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$2,869 million and underlying EBITDA up 58% to A$1,402 million, 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$512 million.

• Sold 804,140 ounces of gold in 1H FY25 at an AISC of A$2,105/oz, with strong operational performance across all production centers.

• 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 net cash position of A$265 million and liquidity of A$2.7 billion, supporting ongoing growth initiatives.

Financial highlights

• Operating cash flows reached A$1,254 million, up 49% from the prior period, and cash earnings increased 63% to A$1,146 million.

• Underlying EBITDA margin improved to 49%, and basic earnings per share climbed to 44.1 cents from 17.3 cents year-over-year.

• Total capital expenditure, including exploration, rose 58% to A$1,062 million, mainly for Kalgoorlie (KCGM Mill Expansion) and Yandal.

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

• Proceeds of A$206 million received from the sale of Osisko Mining shares.

Outlook and guidance

• FY25 gold sales guidance maintained at 1,650–1,800 koz, with AISC guidance of A$1,850–2,100/oz and production weighted to 2H FY25.

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

• Major shutdowns planned in Q3 across all assets, included in guidance.

• On track to deliver two million ounces in FY26, supported by ongoing growth projects.

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