OR Royalties (OR) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenues of $277.4 million in 2025, up from $191.2 million in 2024, with operating cash flow of $245.6 million and earnings of $1.10 per share, driven by elevated precious metals prices and strong asset performance.

• Ended 2025 with 80,775 GEOs, a cash balance of $142.1 million, no debt, and peer-leading cash margins of 96.7%.

• Maintained disciplined capital allocation, deploying $25 million for acquisitions, prioritizing value, and remaining debt-free.

• Added new producing assets, including San Gabriel and Dalgaranga, with ramp-ups expected to contribute meaningfully from 2028 onward.

• Declared quarterly dividends totaling $0.211 per share for 2025 and announced a $0.055 per share dividend for Q1 2026.

Financial highlights

• 2025 revenues reached $277.4 million, a company record, with net earnings of $206.1 million ($1.10 per share), and adjusted earnings of $165.5 million ($0.88 per share).

• Operating cash flow hit a record $245.6 million, and cash margin was 96.7% of revenues.

• Cash position at year-end was $142.1 million, with no debt after full repayment of the credit facility.

• Returned over $279 million to shareholders through 45 consecutive quarterly dividends.

• Q4 2025 revenues were $90.5 million, with net earnings of $65.2 million and adjusted earnings of $59.6 million.

Outlook and guidance

• 2026 GEOs guidance set at 80,000–90,000, with average cash margins expected to remain around 97%.

• Five-year outlook to 2030 projects 120,000–135,000 GEOs, representing 50% growth over 2026 guidance, with all growth fully funded and no contingent capital required.

• 2026 guidance assumes ramp-ups at Dalgaranga and San Gabriel, and increased contributions from Namdini.

• Significant step-change in GEOs expected in 2027, with continued growth through 2030 from new and expanding assets.

• Guidance based on a mix of public forecasts, internal estimates, and consensus commodity prices.