OceanaGold (OGC) Q4 2025 earnings summary

Executive summary

• Achieved record annual EBITDA, net profit, EPS, operating and free cash flow in 2025, driven by strong operational performance, favorable gold prices, and disciplined capital allocation.

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

• Strengthened balance sheet to a record net cash position with zero debt and $477 million in cash, up 148% year-over-year.

• Returned over $200 million to shareholders in 2025 via doubled dividend and increased buyback; plans to triple dividend and double buyback in 2026 for up to $432 million in returns.

• Received permit approval for the Waihi North Project and continued exploration success.

Financial highlights

• Record annual EBITDA of ~$1 billion in 2025; adjusted EBITDA up 49% year-over-year in Q4 to $374M.

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

• Q4 free cash flow reached $259 million, exceeding all of 2024's free cash flow in one quarter; full-year free cash flow was $543M.

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

• Achieved record realized gold prices: $3,500/oz average in 2025, $4,200/oz in Q4.

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; segment guidance: Haile 235–260 koz gold at $1,500–$1,700/oz AISC.

• Growth and exploration capital to rise 2.5x to $340 million in 2026, with exploration spend up 50% to $60M, focusing on Waihi North, Palomino Underground, and expanded exploration.

• Board approved tripling of quarterly dividend and doubling of share buyback for 2026.

• Updated technical reports for Haile, Macraes, and Didipio expected by March 31, 2026.