Evolution Mining (EVN) H1 2025 earnings summary

Executive summary

• Achieved record statutory net profit after tax of $365 million for H1 FY25, up 277% year-over-year, with underlying profit after tax reaching $385 million, up 144% year-over-year.

• Underlying EBITDA increased 77% to $1,014 million, with EBITDA margin rising to 50%.

• Portfolio benefits from high gold and copper prices, consistent production, and cost control, with diversified exposure in Australia and Canada.

• Leadership transition planned, with Jake Klein moving to non-executive chair and continued involvement in strategic projects.

• Multiple value-accretive growth projects and exploration initiatives are on track, including regulatory approval to extend Cowal open pit mining by 10 years.

Financial highlights

• Underlying profit after tax reached $385 million, up 144% year-over-year; statutory profit after tax $365 million, up 277%.

• Underlying EBITDA hit $1,014 million, up 77% year-over-year; EBITDA margin improved to 50% from 43%.

• Operating cash flow reached $991 million, up 60% year-over-year; net mine cash flow $435 million, up 114%.

• Interim dividend increased 250% to 7.0 cents per share, fully franked, totaling $139 million; DRP reinstated with 5% discount.

• Gearing reduced to 23% (from 30%), with net debt down $345 million since December 2023.

Outlook and guidance

• FY25 production guidance: 710,000–780,000 oz gold and 70,000–80,000 t copper; AISC $1,475–$1,575/oz.

• On track to deliver over $2 billion in operating cash flow for FY25; major project capital for Mungari brought forward due to early delivery.

• Gearing expected to fall to 20% or less by end of FY25, supporting further dividend increases.

• Mungari mill expansion nine months ahead of schedule and 6% under budget; early commissioning expected in FY25 Q4.

• All other elements of guidance remain unchanged, with capital investment phasing flexible due to strong cash generation.