Evolution Mining (EVN) H2 2025 earnings summary

Executive summary

• Achieved record statutory profit of AUD 926 million and underlying profit of AUD 958 million for FY25, up 119% and 99% year-over-year, with strong operational delivery and sector-leading cost position.

• Record EBITDA reached AUD 2.2 billion, with a 51% margin, and group cash flow more than doubled to AUD 787 million.

• Earnings per share rose 111% to AUD 0.46, and a final fully franked dividend of AUD 0.13 per share was declared, tripling last year's payout.

• Balance sheet strengthened with gearing reduced to 15% and liquidity increased to AUD 1,285 million.

• Sustainability improved with a 35% reduction in injury frequency and a 16% reduction in emissions.

Financial highlights

• Statutory profit after tax rose 119% to AUD 926 million; underlying profit after tax up 99% to AUD 958 million.

• EBITDA increased 51% to AUD 2.2 billion; EBITDA margin improved to 51% from 47% year-over-year.

• Operating mine cash flow up 49% to AUD 2.29 billion; net mine cash flow up 78% to AUD 1.04 billion.

• Group cash flow more than doubled to AUD 787 million; gearing reduced from 25% to 15%.

• Achieved gold price rose 35% to AUD 4,300/oz; copper price up 6% to AUD 14,470/t.

Outlook and guidance

• FY26 guidance: 710,000–780,000 oz gold and 70,000–80,000 t copper at AISC of AUD 1,720–1,880/oz.

• Group capital expenditure expected at AUD 780–980 million, about AUD 200 million lower than FY25.

• FY26 mine operating cash flow guidance midpoint at AUD 2.75 billion, up from AUD 2.29 billion actual in FY25.

• Five-year planned capital investment unchanged at AUD 750–950 million.

• High margin and cash flow generation expected to continue, supported by strong commodity prices.