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, reflecting ongoing profitable growth and strong operational execution.

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

• Declared an interim dividend of 25.0cps, up from 15.0cps in 1H FY24, and continued a substantial share buy-back program, with A$257M repurchased to date.

• Maintained a strong net cash position of A$265M and liquidity of A$2.7B, supporting ongoing growth initiatives.

• Announced acquisition of De Grey Mining, expected to close in May 2025.

Financial highlights

• Underlying EBITDA of A$1,402M for H1 FY25, up 58% year-over-year; cash earnings reached A$1,146M, a 63% increase.

• Operating cash flow reached A$1,254M, up 49% from 1H FY24; free cash flow rose 234% to $397M.

• All-in sustaining cost (AISC) was A$2,105/oz, up 12% year-over-year.

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

• Basic earnings per share climbed to 44.1 cents from 17.3 cents year-over-year.

Outlook and guidance

• FY25 gold sold guidance maintained at 1.65–1.80Moz, with AISC guidance of A$1,850–2,100/oz.

• Production expected to be second-half weighted due to higher grades at KCGM and planned shutdowns in Q3.

• KCGM Mill Expansion Project ongoing, with capital cost guidance unchanged at A$1.5B.

• Exploration program robust, with cost of resource addition at A$31/oz and nearly 21Moz of ore reserves.

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