Kinross Gold Corp

Latest Results (29.04.2026):

Kinross Gold Corporation’s fourth-quarter 2025 (Q4 2025) and full-year 2025 results show a very strong year: record free cash flow of $2.5 billion for 2025, revenue of $7.05 billion, reported net earnings of $2.39 billion (or $1.96/share) for the year and $906.5 million in Q4. Production was 483,582 attributable gold equivalent ounces in Q4 and 2,012,106 Au eq. oz. for the year. Management is forecasting stable attributable production of ~2.0 million Au eq. oz. for 2026–2028 and is targeting returning 40% of free cash flow to shareholders in 2026.

Production

Q4 2025 attributable production: 483,582 Au eq. oz.; full-year 2025 attributable production: 2,012,106 Au eq. oz. Top contributors noted: Paracatu (>600,000 Au oz. in 2025), strong performance at La Coipa and solid U.S. operations; Tasiast highest-margin operation.

Revenue & Realized Price

Q4 revenue: $2,023.0 million; full-year 2025 revenue: $7,051.1 million. Average realized gold price: $4,144/oz in Q4 and $3,423/oz for the full year (year-over-year increase drove much of the revenue jump).

Margins & Unit Costs

Record margins per Au eq. oz. sold: $2,847 in Q4 and $2,283 for 2025. Attributable production cost of sales per Au eq. oz.: $1,289 in Q4 and $1,135 for 2025. Attributable all-in sustaining cost (AISC) per Au eq. oz.: $1,825 in Q4 and $1,571 for 2025.

Cash Flow & Liquidity

Operating cash flow: $1,146.9 million in Q4 and $3,760.5 million for 2025. Attributable free cash flow: $769.4 million in Q4 and $2,473.5 million for the year. Cash & equivalents at Dec 31, 2025: $1,742.3 million; net cash: ~$1,004.1 million; total liquidity ~ $3.5 billion.

Earnings

Reported net earnings: $906.5 million ($0.75/share) in Q4 and $2,390.1 million ($1.96/share) for 2025. Adjusted net earnings: $809.3 million ($0.67/share) in Q4 and $2,243.9 million ($1.84/share) for the year.

Capital Allocation & Shareholder Returns

In 2025 Kinross returned $752.4 million to shareholders (including $600.3 million of buybacks) and increased its dividend (17% earlier in 2025 and a further 14% approved to $0.04/quarter). Management plans to target 40% of free cash flow to returns in 2026 (buybacks + dividends), assuming sustained prices and operations.

Debt, Ratings & Balance Sheet Actions

Kinross repaid ~$700 million of debt in 2025 and redeemed its $500 million 4.50% Senior Notes early. Moody’s upgraded Kinross to Baa2 (stable). Net cash position is ~ $1.0 billion as of Dec 31, 2025.

Guidance for 2026 (and near term)

2026 attributable production guidance: ~2.0 million Au eq. oz. (+/-5%). 2026 cost guidance: attributable production cost of sales ~$1,360/oz and attributable AISC ~$1,730/oz (+/-5%). Attributable capital expenditures guidance for 2026: ~$1,500 million (+/-5%). Management expects similar production for 2027–2028.

Capex, Projects & Development

2026 attributable capex split: ~$450M sustaining and ~$1,050M non‑sustaining (total ~$1.5B). Major project decisions (Round Mountain Phase X, Curlew, Bald Mountain Redbird 2) advanced to construction in Jan 2026; combined IRR ~59% and NPV ~$4.3B at $4,500/oz, with expected material production contribution later this decade.

Reserves, Resources & Exploration

Kinross added ~1.2 Moz to proven & probable reserves in 2025 (partially offsetting depletion). Year-end 2025 totals: Proven & Probable reserves ~20.94 Moz; Measured & Indicated ~27.5 Moz; Inferred ~16.6 Moz. Exploration remained active across Great Bear, Round Mountain, Tasiast, Fort Knox, Paracatu and other assets.