Gold Royalty (GROY) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, Adjusted EBITDA of $9.8 million, and positive operating cash flow in 2025, marking the third consecutive quarter of positive free cash flow.

• Portfolio expanded to 258 royalties and streams, including eight cash-flowing assets, with key acquisitions at Pedra Branca and Borborema.

• Marked five-year anniversary since IPO, transitioning from no revenue in 2021 to significant cash generation and over 250 assets.

• Strengthened balance sheet with over $12 million in cash, no debt, and a fully undrawn $150 million credit facility as of February 2026.

• Completed a $103.5 million equity raise in December 2025, reducing debt from $20.5 million in September to zero by year-end.

Financial highlights

• Q4 2025 Adjusted EBITDA reached $3.2 million, up from $2.5 million in Q3 and $1.2 million in Q4 2024.

• Q4 total revenue, land agreement proceeds, and interest totaled $5.2 million (1,255 GEO); full-year 2025 revenue was $17.8 million, up 38% year-over-year.

• Full-year 2025 Adjusted EBITDA was $9.8 million, a 104% increase from 2024.

• General and administrative costs were $2.0 million in Q4 and $7.3 million for 2025.

• Net loss for 2025 was $4.1 million, improved from $3.4 million in 2024; adjusted net loss was $1.7 million.

Outlook and guidance

• 2026 guidance: 7,500–9,300 GEO, a 62% increase at midpoint over 2025 actuals, assuming gold at $5,150/oz and copper at $5.75/lb.

• 2030 outlook: 28,000–34,000 GEO, representing a 490% increase over 2025, with over 70% of growth from de-risked assets.

• Over 90% of 2030 growth including satellite deposits comes from permitted and built assets.

• Five-year outlook assumes $3,500/oz gold and $5.00/lb copper.

• Guidance sensitivity to commodity prices detailed in press release.