Royal Gold Inc. published a transcript of its 2025 full-year and fourth-quarter earnings conference call held Feb. 19, 2026. The call was attended by President, CEO and Director William H. Heissenbuttel; Senior VP and CFO Paul K. Libner; Senior Vice President, Operations Martin Raffield; Senior Vice President, Investor Relations and Business Development Alistair Baker; and Senior Vice President, Corporate Development Daniel K. Breeze, alongside analysts from Raymond James, CIBC, TD Cowen, Jefferies, RBC and Scotiabank. Management said 2025 was a “transformational year,” highlighting record results and major portfolio expansion. “We set records for revenue, operating cash flow and earnings,” Heissenbuttel said, reporting full-year revenue of $1.0 billion, operating cash flow of $705 million and earnings of $466 million, with adjusted net income of $510 million. The company also raised its annual dividend to $1.90 per share for 2026, marking its 25th consecutive annual increase. Executives emphasized acquisitions completed in 2025, including Sandstorm Gold and Horizon Copper and a gold stream on First Quantum’s producing Kansanshi mine, and discussed portfolio developments such as Mount Milligan’s life-of-mine extension work, Khoemacau’s approved expansion, and exploration success at Barrick’s Fourmile/Cortez area. Raffield said fourth-quarter results included “new revenue of $32 million from Kansanshi and $49 million from Sandstorm/Horizon,” noting the Sandstorm/Horizon deal closed Oct. 20 and therefore did not contribute a full quarter. Libner detailed one-time items that weighed on reported quarterly net income, including $14 million of acquisition-related costs and a roughly $48 million loss on the sale of Versamet shares. “Adjusted net income was $155 million or $1.92 per share,” he said, adding the company expects 2026 total G&A expense of $50 million to $60 million as integration costs fade and synergies are realized. On near-term volumes, Libner said, “we expect first quarter 2026 GEO sales to be in line with the fourth quarter,” while cautioning Q1 should be the lowest quarter of the year. Royal Gold also updated on deleveraging after funding acquisitions, ending 2025 with $900 million of debt and reducing it to $725 million in early 2026. “We now expect to fully repay the balance in early 2027, earlier than our previous forecast of mid-2027,” Libner said. The call also covered strategy around Hod Maden, where Royal Gold holds a joint venture interest. Heissenbuttel said the company is “happy with the technical report” and reiterated its intent to move toward a more typical royalty/stream structure over time: “We would like to turn it into something that looks a little more familiar where we don’t have the overrun risk, the operating cost risk.” The full transcript can be accessed through the link below.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Royal Gold Inc. published the original content used to generate this news brief on February 24, 2026, and is solely responsible for the information contained therein.
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