OR Royalties (OR) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenues of $277.4 million in 2025, up from $191.2 million in 2024, with operating cash flow of $245.6 million and net earnings of $206.1 million ($1.10 per share), driven by elevated precious metals prices and strong asset performance.

• Delivered 80,775 GEOs in 2025, maintaining peer-leading cash margins of 96.7%–97%.

• Ended 2025 debt-free with a cash balance of $142.1 million and disciplined capital allocation, deploying $25 million.

• Declared quarterly dividends totaling $0.211 per share for 2025 and announced a $0.055 per share dividend for Q1 2026, marking the 45th consecutive payment.

• Completed major royalty and stream acquisitions, including portfolios from Gold Fields and new interests in Ghana and Peru.

Financial highlights

• Revenues rose 45% year-over-year to $277.4 million, with net earnings of $206.1 million ($1.10 per share) and adjusted earnings of $165.5 million ($0.88 per share).

• Cash margin reached $268.3 million (96.7% of revenues), and cash flow per share increased for the eighth consecutive year.

• Ended 2025 with $142.1 million in cash, no debt, and $162.8 million in equity investments.

• Paid $34.9 million in dividends and repurchased $36.7 million in shares during 2025.

• Q4 2025 revenues were $90.5 million, with net earnings of $65.2 million and adjusted earnings of $59.6 million.

Outlook and guidance

• 2026 GEOs guidance set at 80,000–90,000, with average cash margin of ~97%.

• Five-year outlook projects 120,000–135,000 GEOs by 2030, representing 50% growth over 2026 guidance.

• All projected growth to 2030 is fully funded, with no contingent capital required.

• Significant step change in GEOs expected in 2027, driven by ramp-ups at key assets.

• Guidance based on public forecasts, internal estimates, and consensus commodity prices.