Evolution Mining’s FY25 Profit Soars 119%, Dividend Hits Record 13 Cents
Evolution Mining has delivered a landmark FY25 with soaring profits, a hefty dividend boost, and strong sustainability gains, setting the stage for continued growth in FY26.
- Statutory net profit jumps 119% to $926 million
- Underlying EBITDA climbs 46% to $2.2 billion
- Gearing reduced to 15%, liquidity up by $357 million
- Final fully franked dividend triples to 13 cents per share
- FY26 guidance targets 710,000–780,000 ounces gold and 70,000–80,000 tonnes copper
Record-breaking Financial Performance
Evolution Mining Limited has reported a stellar financial year ending June 30, 2025, with statutory net profit soaring 119% to $926 million and underlying EBITDA rising 46% to a record $2.2 billion. Earnings per share more than doubled to 46 cents, reflecting operational excellence across its portfolio of mines. This robust performance has enabled the company to declare a final fully franked dividend of 13 cents per share, nearly tripling last year's payout and marking the 25th consecutive dividend payment.
Operational Strength and Sustainability Gains
All six of Evolution’s mines contributed to the record results, with notable highlights including Cowal’s approval for a major open pit extension project, Ernest Henry’s mine life extension to 2040, and Northparkes’ first full year under Evolution ownership delivering strong cash flow. The Mungari mill expansion project is ahead of schedule and under budget, while Red Lake and Mt Rawdon also posted record cash flows. Sustainability efforts yielded a 35% improvement in total recordable injury frequency and a 16% reduction in absolute emissions, underscoring Evolution’s commitment to safer and greener mining practices.
Balance Sheet and Capital Management
Evolution has successfully deleveraged, reducing gearing from 25% to 15%, and boosted liquidity by $357 million to $1.285 billion. The company’s investment grade credit rating was reaffirmed in July 2025, reflecting strong financial discipline. Capital investment of $1.1 billion was directed towards sustaining operations and major projects, including the Cowal Open Pit Continuation and the Mt Rawdon Pumped Hydro project, which aims to repurpose mining infrastructure for renewable energy generation.
Outlook for FY26
Looking ahead, Evolution expects to maintain high-margin production with guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper at an all-in sustaining cost between $1,720 and $1,880 per ounce. The company’s disciplined capital allocation and exposure to copper position it well to benefit from a strong commodity price environment, with gold prices currently $800 per ounce above FY25 levels. Management emphasizes operational and capital management discipline to sustain cash flow and shareholder returns.
Bottom Line?
Evolution’s record FY25 sets a high bar, but sustaining momentum amid commodity volatility will be key in FY26.
Questions in the middle?
- How will Evolution manage potential cost pressures amid rising sustaining capital requirements?
- What impact will the Cowal Open Pit Continuation project have on long-term production and cash flow?
- How significant is the Mt Rawdon Pumped Hydro project for Evolution’s transition to renewable energy?
