OceanaGold (OGC) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 financial results, including all-time highs in EBITDA, net profit, EPS, operating and free cash flow, and margins, driven by strong operational performance and favorable gold prices.

• Delivered on production, cost, and capital guidance at all sites, with Waihi exceeding production targets.

• Strengthened balance sheet to the highest net cash position in company history, with a 148% increase in cash to $477 million and no debt.

• Returned over $200 million to shareholders in 2025 and plan to increase capital returns to $432 million in 2026 through tripled dividends and doubled share buybacks.

• 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 around $1 billion in 2025, with adjusted EBITDA up 49% year-over-year in Q4 and 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 from the prior year; Q4 adjusted EPS was $0.88.

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

• Net decrease of 0.39 Moz in reserves from prior year, mainly due to depletion and mining method change at Haile, partially offset by additions at Macraes and Horseshoe Underground.

Outlook and guidance

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

• Haile expected to drive production growth with a 35% increase and 25% lower unit costs; mine life extended to 2036, with steady-state production from Ledbetter Underground expected in 2030.

• 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 up to $432 million in capital returns.

• 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.