OceanaGold has reported an exceptional financial performance in 2025, marked by unprecedented revenue and profit figures, setting a robust foundation for ambitious expansion and increased shareholder value in 2026. This success was underpinned by strategic operational improvements across its global sites and a favorable gold market, allowing the company to significantly boost its capital expenditures on growth projects and exploration, while simultaneously tripling its quarterly dividend and doubling its share buyback program.
Looking forward, OceanaGold is poised for a transformative year in 2026, anticipating substantial increases in gold production and notable reductions in operating costs. This outlook is primarily driven by advancements at key mining locations, including the optimization of operations at Haile and the accelerated development of new projects like Waihi North and Palomino Underground. The company's focus on organic growth and a strategic commitment to exploration aims to further extend mine lives and discover new high-grade resources, ensuring sustained profitability and market leadership.
OceanaGold's Stellar 2025 Financial Achievements
OceanaGold has announced a year of unparalleled financial success in 2025, showcasing record-breaking achievements across key metrics. The company's robust performance was significantly bolstered by a strong gold price environment, which contributed to an impressive surge in its earnings before interest, taxes, depreciation, and amortization (EBITDA), net profit, and free cash flow. These outcomes reflect the effectiveness of OceanaGold's operational strategies and its ability to capitalize on market opportunities. The fourth quarter alone demonstrated exceptional strength, with increased production from all four operating sites and a record average realized gold price exceeding $4,200 per ounce, further solidifying the company's financial health.
The financial highlights for 2025 are particularly noteworthy, with adjusted EBITDA climbing by 49% year-over-year and adjusted EBITDA margins expanding to an impressive 57%. Furthermore, adjusted net profit and earnings per share approximately doubled compared to the previous year, underscoring the company's enhanced profitability. OceanaGold also reported an operating cash flow per share of $1.21 and a record free cash flow of $259 million, surpassing the total free cash flow generated in the entirety of 2024. This remarkable financial position was further strengthened by an after-tax impairment reversal of $133 million at the Haile mine, resulting in a historically strong net cash position with zero debt and $477 million in cash, a 42% increase from the prior quarter, even after returning over $100 million to shareholders.
Strategic Growth and Enhanced Shareholder Returns in 2026
OceanaGold is setting an ambitious course for 2026, with projections for significantly higher gold production and reduced all-in sustaining costs (AISC), driven by a substantial increase in strategic investments. The company plans to allocate $340 million towards growth and exploration capital, which represents a 2.5-fold increase over 2025 levels. This investment will fuel accelerated development at the Waihi North project, initiate Palomino Underground development at Haile, and significantly boost exploration efforts across all sites. These initiatives are expected to yield a 12% increase in gold production and a 7% reduction in AISC, positioning OceanaGold for sustained growth and improved operational efficiency.
In parallel with its growth strategy, OceanaGold is committed to delivering enhanced value to its shareholders in 2026. The company's board has approved a tripling of the quarterly dividend and a doubling of its share buyback program, targeting up to $432 million in total shareholder returns, a remarkable 112% increase from 2025. This aggressive approach to shareholder returns is supported by the company's strong financial health and positive outlook. Operational improvements at Haile, Macraes, Didipio, and Waihi are central to achieving these targets, with projects like the Ledbetter open pit transitioning to underground mining and extended mine lives at Macraes bolstering future production. Additionally, a renewed focus on greenfields exploration, with the highest-ever budget allocated, aims to discover new resources and further extend the company's operational footprint, ensuring long-term value creation.
