Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Evolution Mining reported record statutory net profit of AUD 926 million for FY25, up 119% year-on-year.

  • The company declared a final fully franked dividend of 13 cents per share, taking the full-year total to a record 20 cents.

  • Regulatory approval was received for the AUD 430 million Open Pit Continuation project at the Cowal operation, extending mine life to 2042.

Evolution Mining Limited (ASX:EVN) has released its financial results for the year ended 30 June 2025, announcing record earnings, increased shareholder returns, and the approval of a significant expansion project at its Cowal operation.

Financial Performance

Statutory net profit reached AUD 926 million, an increase of 119% from the prior year, while underlying net profit was AUD 958 million, up 99%. Underlying EBITDA rose 46% to AUD 2.21 billion. Earnings per share increased to 46 cents, up from 22 cents in FY24.

The company declared a final fully franked dividend of 13 cents per share, compared to 5 cents in the previous year. Combined with the interim payout, the total FY25 dividend was 20 cents per share, the highest in Evolution’s history and marking the 25th consecutive dividend declared by the Board.

Liquidity at year-end stood at AUD 1.29 billion, an increase of AUD 357 million. Gearing was reduced to 15% from 25%, achieving the company’s deleveraging target. In July 2025, Evolution’s investment grade credit rating was reaffirmed following its annual review.

Operational and Sustainability Outcomes

The company reported a 35% improvement in total recordable injury frequency, reducing the rate to 5.0 from 7.7 in FY24. Estimated absolute emissions decreased by approximately 16%.

Group EBITDA margin rose from 47% to 51%, driving operating cash flow to AUD 787 million, up AUD 420 million from the previous year. During FY25, Evolution invested AUD 1.09 billion into its operations and growth projects.

Cowal Expansion and Future Outlook

The Cowal operation delivered record annual gold production, operating cash flow, and net mine cash flow during FY25. Following receipt of regulatory approvals, the Board approved the Open Pit Continuation (OPC) project, which is expected to extend open pit mining by more than 10 years, with operations projected to continue until 2042. The OPC project has a planned capital investment of AUD 430 million over the next seven years.

For FY26, Evolution expects to produce between 710,000 and 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper. All-in Sustaining Costs (AISC) are forecast between AUD 1,720 and AUD 1,880 per ounce (USD 1,118 to USD 1,222 per ounce). The company expects high-margin, high cash flow generation to continue, supported by its portfolio, cost position, copper exposure, and commodity market conditions.

The gold spot price is currently about AUD 800 per ounce above the average price achieved by Evolution in FY25, providing potential upside for FY26 performance.

On 13 August 2025, Evolution shares rose 3.12% to trade at AUD 7.93 following the results announcement.