DYNACOR GROUP (DNG) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with sales up 39.8% year-over-year to $397.6M and net income rising to $21.3M from $16.9M in 2024.

• Completed strategic acquisition of the Svetlana plant in Ecuador, expanding international footprint and diversifying operations.

• Maintained a debt-free balance sheet and increased monthly dividends by 14.3% from 2024.

• Reinforced management capacity and processes, especially in Peru and Canada, to support expansion.

Financial highlights

• 2025 production reached 113,791 AuEq ounces, exceeding revised guidance.

• EBITDA was $33.0M (or $37.2M adjusted for non-recurring expenses), up from $29.5M in 2024.

• Q4-2025 revenue hit a record $137.4M, up 88% year-over-year; Q4 net income was $7.2M, up $5.5M from Q4-2024.

• Gross operating margin for 2025 was $43.3M (10.9% of sales), up from $35.8M (12.6%) in 2024.

• Operating cash flows before working capital changes were $25.4M for 2025, up from $21.0M in 2024.

Outlook and guidance

• 2026 sales guidance: $530M–$580M; production: 125,000–135,000 AuEq ounces, including first ore from Senegal and Ecuador.

• Net income guidance for 2026: $22M–$26M; capital expenditures planned at $6M–$8M (Peru), $4M–$5M (Senegal), $22M–$25M (Ecuador), and $0.5M–$1M (other projects).

• Svetlana plant in Ecuador to process first ore in Q4-2026, with commercial production expected in Q1-2027.

• Monthly dividends maintained at CA$0.01333 per share (CA$0.16 annually).