Kinross (KGC) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 19, 2026 astatine 8:42 AM CST 40 min read

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Thursday, February 19, 2026 astatine 8:00 a.m. ET

• President and Chief Executive Officer — J. Paul Rollinson

• Executive Vice-President and Chief Financial Officer — Andrea Susan Freeborough

• Chief Operating Officer — Claude J. Schimper

• Senior Vice-President, Technical Services and Projects — William D. Dunford

• Senior Vice-President, External Relations — Geoffrey P. Gold

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Thanks, David, and convey you each for joining us. This morning, I volition supply an overview of our 4th fourth and full-year results, item our operations and projects, sermon our outlook for the concern going forward, and reappraisal our achievements successful sustainability. I volition past manus the telephone implicit to the squad to supply much detail. Looking back, 2025 was different beardown twelvemonth for our business, underpinned by accordant operational and fiscal performance. We produced conscionable implicit 2,000,000 ounces and achieved our outgo guidance, demonstrating a rigorous absorption connected outgo control. As a result, our margins accrued by 66% compared to a 43% summation successful the golden price. This borderline enlargement resulted successful grounds escaped currency travel procreation for our business, with $769,000,000 generated successful Q4 and $2,500,000,000 for the afloat year. This escaped currency travel strengthened our equilibrium expanse and allowed america to instrumentality important superior successful 2025. In summation to returning astir $1,500,000,000 of superior to indebtedness and equity holders, we besides ended the twelvemonth with astir $1,000,000,000 of nett cash. With respect to operations, Tasiast and Paracatu continued to anchor the portfolio successful 2025. Together, they accounted for astir 1,100,000 ounces for the afloat year, much than fractional of our production, astatine beardown margins. At Paracatu, full-year accumulation of implicit 600,000 ounces exceeded the midpoint of guidance, with accumulation exceeding 500,000 ounces for the eighth consecutive year. At Tasiast, full-year accumulation besides exceeded the midpoint of guidance and the excavation was erstwhile again our highest-margin cognition successful the portfolio. In La Coipa, we delivered connected full-year accumulation guidance and saw beardown show successful the 4th quarter. In the U.S., our assets delivered different coagulated twelvemonth of operations, with full-year guidance achieved. Turning present to our projects. In 2025, we continued to marque fantabulous advancement crossed our charismatic pipeline. In mid-January, we announced that we are proceeding with operation of 3 high-quality integrated maturation projects, which volition widen excavation beingness and payment the semipermanent costs of our U.S. portfolio. Each of these projects demonstrates compelling economics astatine a scope of golden prices and represents a beardown lawsuit to put superior to turn the wide worth of the business. We besides saw notable advancement crossed our broader assets base, with assets additions astatine respective assets enhancing our beardown assets optionality and semipermanent accumulation outlook. We besides proceed to beforehand our 2 world-class improvement projects, Great Bear and Lobo Marte. At Great Bear, aboveground operation for the AEX is good precocious and we look guardant to starting operation of the exploration diminution aboriginal this year. I americium precise pleased to study that we were conscionable designated nether the Ontario One Project One Process, which Geoff volition elaborate much on. For the main project, elaborate engineering and permitting continues to beforehand arsenic we enactment with the Ontario and national authorities, including the Impact Assessment Agency of Canada. The 3rd and last signifier of the interaction connection submission remains connected docket to beryllium filed astatine the extremity of this quarter. At Lobo Marte, we are progressing baseline studies and program to taxable an EIA by Q2, and we look guardant to providing a task update aboriginal this year. With respect to our outlook, we are reaffirming our unchangeable multiyear accumulation profile. Production of 2,000,000 ounces for 2026 and 2027 remains accordant with our erstwhile guidance. And we are introducing a caller twelvemonth of accumulation of 2,000,000 ounces for 2028, astatine which clip our caller higher-grade U.S. projects are expected to travel online, coinciding with higher-grade mining astatine Tasiast. Together, we expect this volition supply an integrated offset to outgo ostentation done people enhancement wrong the excavation plan. Looking further ahead, we expect accumulation to stay astir the 2,000,000-ounce level done the extremity of the decade, supported by the higher-grade mining astatine Tasiast, U.S. projects, open-pit extensions astatine La Coipa, and the start-up of Great Bear. As with everyone successful the industry, costs are expected to summation compared to 2025, chiefly connected higher royalties and inflation. However, I privation to accent that we are holding the enactment connected what we tin power done continued outgo discipline. With respect to aboriginal superior allocation plans, we volition proceed to stay disciplined to guarantee that we are investing successful our operations to support a reliable low-risk business, increasing nett plus worth done continued pipeline improvement and strengthening our equilibrium expanse portion besides returning meaningful superior to shareholders. The outlook for our concern remains precise robust, and Andrea volition talk much connected our plans to instrumentality superior to shareholders later. Turning to sustainability. In 2025, we continued to beforehand respective priorities crossed this important area. In Q2, we volition people our yearly sustainability report, which volition supply a elaborate reappraisal connected our sustainability show and initiatives passim 2025. Some highlights from the past twelvemonth include: nether the heading of environment, we completed an vigor ratio programme delivering an estimated 1.5% simplification successful greenhouse state emissions done the implementation of much than 30 projects crossed our sites. Under the heading of social, successful Mauritania, we donated aesculapian supplies to our longstanding concern with Project C.U.R.E. and Mauritania’s Ministry of Health. To date, the programme has supported much than 70 wellness clinics. And nether the heading of governance, we were erstwhile again named the top-scoring mining institution successful the Globe and Mail’s yearly firm governance ranking, including maintaining placement successful the apical 15% of companies overall. With that, I volition present crook the telephone implicit to Andrea. Thanks, Paul.