Gold Royalty (GROY) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and Adjusted EBITDA in Q4 and FY2025, with positive operating and free cash flow for the third consecutive quarter and a strengthened balance sheet.

• Portfolio expanded to over 258 royalties and streams, including key acquisitions such as Pedra Branca and Borborema, and marked five years since IPO.

• Completed a $103.5 million equity raise in December 2025, reducing debt to zero and supporting major acquisitions.

Financial highlights

• Q4 2025 Adjusted EBITDA reached $3.2 million, with FY2025 Adjusted EBITDA at $9.8 million, up 104% year-over-year.

• Q4 total revenue, land agreement proceeds, and interest totaled $5.2 million (1,255 GEO); FY2025 revenue was $17.8 million.

• Ended 2025 with over $12 million in cash, no debt, and a fully undrawn $150 million credit facility.

• 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 GEO guidance is 7,500–9,300, a midpoint increase of over 60% from 2025 actuals, assuming $5,150/oz gold and $5.75/lb copper.

• 2030 outlook projects 28,000–34,000 GEOs, representing over 490% growth from 2025, with over 70% of growth from de-risked assets.

• Guidance and outlook are based on public forecasts and development timelines of underlying assets.