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Evolution Mining (ASX: EVN) is up 3.4% in intra-day trade after a blockbuster result for FY25, including record profits, dividends, and a leaner, meaner balance sheet.
Statutory net profit hit $926 million, while underlying profit surged to $958M, up 119% and 99% respectively on FY24. Underlying EBITDA came in at $2.2 billion, up 46%, and earnings per share more than doubled to 46 cents. Shareholders will happily pocket a fully franked final dividend of 13 cents per share, up from just 5c a year ago.
“The record financial performance in FY25 was achieved through safely delivering to plan across all operations. This is a great credit to the efforts of our employees and contractors,” Evolution’s chief executive Lawrie Conway said.
Sustainability metrics also saw a step change. Evolution slashed its total recordable injury frequency by around 35% to 5.0 and cut absolute emissions by an estimated 16%.
The company’s financials tell the story of a miner in control of its costs and well placed to ride the tailwinds of strong gold and copper prices. Gearing has dropped from 25% to 15%, while liquidity rose to $1.285B. Conway noted the company “successfully delivered several major capital projects, while still strengthening the balance sheet” – a rare double act.
The company released production guidance for FY26 at 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper, with an all-in sustaining cost of $1,720 to$1,880 per ounce (US$1,118 toUS$1,222). With gold spot prices currently sitting at around $800 per ounce above FY25 levels, the potential for cash generation is strong.
“Evolution remains focused on continuing to generate high cash margins in FY26 through our operational and capital management discipline,” Conway said, pointing to a focus on ensuring that buoyant commodity prices translate into strong shareholder returns.
EVN has been trading flat at 13.8cps in afternoon trade.
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