Kinross Gold Corp

Latest Results (17.03.2026):

Kinross Gold Corporation — Q4 2025: Kinross reported strong fourth-quarter and full‑year 2025 results, delivering record free cash flow of $2.5 billion for the year and record quarterly and annual operating cash flow. Q4 2025 results included revenue of $2,023.0 million, reported net earnings of $906.5 million ($0.75/share) and adjusted net earnings of $809.3 million ($0.67/share). Attributable production was 483,582 Au eq. oz. in Q4 and 2,012,106 Au eq. oz. for the full year. The company maintained ~2.0 million Au eq. oz. production guidance for 2026 and announced a 2026 capital allocation plan targeting 40% of free cash flow returned to shareholders.

Financial performance

Q4 revenue was $2,023.0M and full‑year revenue $7,051.1M (FY up 37% y/y). Q4 reported net earnings were $906.5M ($0.75/share); FY reported net earnings were $2,390.1M ($1.96/share). Adjusted net earnings were $809.3M (Q4) and $2,243.9M (FY). Margins per Au eq. oz. sold were $2,847 in Q4 and $2,283 for 2025.

Cash flow and shareholder returns

Operating cash flow was $1,146.9M in Q4 and $3,760.5M for 2025. Attributable free cash flow was $769.4M in Q4 and a record $2,473.5M for the year. Kinross returned $752.4M to shareholders in 2025 (including $600.3M in buybacks) and plans to target 40% of free cash flow for returns in 2026.

Production and unit costs

Attributable production: 483,582 Au eq. oz. (Q4 2025) and 2,012,106 Au eq. oz. (FY 2025). Attributable production cost of sales per Au eq. oz. was $1,289 (Q4) and $1,135 (FY). Attributable all‑in sustaining cost (AISC) per Au eq. oz. was $1,825 (Q4) and $1,571 (FY).

Balance sheet and liquidity

Kinross repaid ~ $700M of debt in 2025 (including early repayment of $500M notes) and reported net cash of $1,004.1M at Dec 31, 2025, with cash & equivalents of $1,742.3M and total liquidity of ~$3.5B. Moody’s upgraded Kinross to Baa2 (stable).

2026 guidance and capital spending

2026 attributable production guidance is ~2.0M Au eq. oz. (+/‑5%). Attributable production cost of sales guidance: $1,360/Au eq. oz.; attributable AISC guidance: $1,730/Au eq. oz. Attributable capital expenditures guidance for 2026: ~$1,500M (sustaining $450M; non‑sustaining $1,050M). Key assumptions include gold $4,500/oz, silver $65/oz and specified FX rates.

Development projects & reserves

Kinross approved construction for Round Mountain Phase X, Curlew and Bald Mountain Redbird 2 (expected to add high‑value production and ~$4.3B NPV at $4,500/oz). Great Bear AEX surface construction ~80% complete; Main Project engineering ~35% complete. Lobo‑Marte EIA planned by Q2 2026. Kinross added 1.2M Au oz. to proven & probable reserves; measured & indicated resources rose to 27.5 Moz and inferred to 16.6 Moz.

Operational & exploration highlights

Tasiast was the highest‑margin operation; Paracatu produced >600,000 Au oz. (8th consecutive year >500k). La Coipa finished the year strongly. 2025 exploration drilled ~275,000m across brownfields/minex/greenfields with notable results at Great Bear, Round Mountain (Phase X), Curlew, Fort Knox, Bald Mountain and Tasiast supporting resource additions and future growth opportunities.