Evolution FY26 Statutory Profit $1,475m, Dividend 41.0 cps

Evolution Mining (ASX:EVN) reported its financial results for the year ended 30 June 2026, with all production and financial information representing Evolution's share and all amounts expressed in Australian dollars unless otherwise noted. Statutory net profit after tax was a record $1,475 million, up 59 per cent, and underlying net profit after tax was $1,563 million, up 63 per cent. Underlying EBITDA was $3,171 million, up 44 per cent, at a margin of 57 per cent against 51 per cent in FY25, and earnings per share were 73 cents against 46 cents. Group cash flow, which the release defines as cash flow before dividends, debt repayments, equity raises and any acquisitions or divestments, was $1,389 million, up 76 per cent from $787 million, at a margin of $1,958 an ounce. Operating mine cash flow was $3,394 million and net mine cash flow $2,079 million. Gold production was 715koz, down 5 per cent, and copper production 66kt, down 14 per cent, with an achieved gold price of $6,023 an ounce and an achieved copper price of $18,051 a tonne. All-in sustaining cost was $1,717 an ounce against $1,572 an ounce in FY25. The company notes that gearing and cost measures including all-in sustaining cost are non-IFRS financial information and have not been audited or reviewed by its external auditor.

The balance sheet moved to a net cash position of $19 million, comprising $1,347 million of cash and $1,329 million of debt, after the business reinvested $1,089 million, repaid $280 million of term loans and paid $668 million in dividends during the year. Total liquidity was $1,873 million including an undrawn $525 million revolving credit facility available until 2028, with no debt repayments due until FY29, and Evolution moved to an unhedged position at the end of FY26. The Board approved an updated dividend policy targeting a payout of 60 per cent of annual Group cash flow, up from a previous 50 per cent target, and applied it to the FY26 full-year dividend, determining a fully franked final dividend of 21.0 cents per share against 13.0 cents a year earlier, estimated at $427 million, and bringing the full-year dividend to 41.0 cents per share or about $833 million. At the mines, Cowal delivered record operating and net mine cash flow of $1,221 million and $852 million and its Open Pit Continuation Project remains on schedule and within its original $430 million capital budget; Mungari commissioned and ramped up its expanded 4.2Mtpa mill for record annual gold production of 186koz and record operating mine cash flow of $652 million, with the expansion delivered ahead of schedule at $212 million, 15 per cent below the original $250 million budget; Red Lake generated record annual net mine cash flow of $286 million; and Ernest Henry returned to full production during the June 2026 quarter after around 300mm of rainfall fell in the Cloncurry region over 24 hours in late December 2025 and above-average rainfall followed in the March 2026 quarter, with the weather reducing FY26 production by approximately 12koz of gold and 8kt of copper. FY27 group guidance is gold production of 660,000 to 730,000 ounces, copper production of 63,000 to 70,000 tonnes, all-in sustaining cost of $1,795 to $1,995 an ounce based on an assumed gold price of A$5,700 an ounce and copper price of A$18,000 a tonne, sustaining capital of $265 million to $325 million, major mine development capital of $440 million to $500 million and major project capital of $570 million to $650 million.