OceanaGold (OGC) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, including all-time highs in EBITDA, net profit, EPS, operating and free cash flow, and profitability metrics, with all sites meeting or exceeding production, AISC, and capital guidance; Waihi exceeded production targets.

• Strengthened the balance sheet to its best position in 37 years, with zero debt and $477 million in cash, up 148% year-over-year.

• Returned a record $200 million to shareholders in 2025 through dividends and buybacks, with plans to increase capital returns to $432 million in 2026; dividends tripled and buybacks doubled for 2026.

• Advanced organic growth, securing permits for Waihi North and progressing exploration at all sites.

• Total Mineral Reserves at year-end 2025 are 5.83 Moz gold, with Measured and Indicated Resources of 8.63 Moz gold and Inferred Resources of 2.5 Moz gold.

Financial highlights

• Record annual EBITDA of ~$1 billion in 2025; adjusted EBITDA up 49% year-over-year in Q4, with margins expanding to 57%.

• Generated record $543 million in free cash flow for 2025; Q4 free cash flow reached $259 million.

• Adjusted net profit and EPS roughly doubled year-over-year in Q4; operating cash flow per share rose to $1.21.

• Fourth quarter gold production reached 157,400 ounces, up 52% from Q3; copper production was 3,200 tonnes, up 3%.

• Share price rose 225% in 2025.

Outlook and guidance

• 2026 guidance projects 12% higher gold production and 7% lower AISC versus 2025, with gold production guidance of 520–590 koz and copper 13–15 kt.

• Growth and exploration capital to rise 2.5x to $340 million in 2026, with exploration spend increasing by 50% to $60 million.

• Board approved tripling the quarterly dividend and doubling the share buyback for 2026, targeting $432 million in capital returns, a 112% increase year-over-year.

• Plans to complete NYSE listing in April 2026.

• Updated NI 43-101 technical reports for Haile and Macraes to be released by March 31, 2026, and for Didipio in the first half of 2026.