OR Royalties (OR) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered 19,700 GEOs, with revenues rising to $60.4M and net earnings of $32.4M ($0.17/share), swinging from a prior year loss; adjusted earnings were $34.1M ($0.18/share).

• Operating cash flows reached $51.4M, a 34% year-over-year increase, and a net cash position was achieved for the first time in years.

• Acquired a 100% silver stream on Orla Mining's South Railroad project for $13M.

• Declared and paid a $0.055/share quarterly dividend, marking a 20% increase and the 43rd consecutive payment.

• On track for full-year 2025 GEO guidance of 80,000–88,000, with a stronger H2 expected.

Financial highlights

• Q2 2025 revenue was $60.4M, up 27% year-over-year, with a cash margin of 95.8%.

• Net earnings per share were $0.17, and adjusted EPS was $0.18, both up from the prior year.

• Cash flow per share rose to $0.27 from $0.21 year-over-year.

• Cash balance at June 30, 2025 was $49.6M, with net cash of ~$14M.

• Gross profit for Q2 2025 was $50.2M, up from $38.2M in Q2 2024.

Outlook and guidance

• 2025 GEO guidance remains 80,000–88,000, with H2 expected to outperform H1.

• Five-year outlook projects 110,000–125,000 GEOs by 2029, ~40% growth over 2025.

• New five-year guidance to be updated in early 2026, based on permitting, financing, and social license.

• Optionality assets like Spring Valley and Caribou could add 16,000 annual GEOs once operational, not included in current outlook.

• Key portfolio catalysts expected before year-end, including feasibility studies and mine developments.