RRL +3.28%: delivered a huge step-up in FY26 earnings as the unhedged gold producer captured record Australian-dollar gold prices.
Key results:
- Revenue of A$2.35bn, up 43% but ~1% below A$2.37bn expected.
- EBITDA of A$1.35bn, up 72% but ~3.5% below A$1.39bn expected.
- NPAT of A$715.1m, versus A$254.4m last year and ~6% below A$758.3m expected.
- Adjusted EPS of 93.3c, below 98.9c expected.
- Gold sales of 373,879oz at an average realised price of A$6,283/oz.
- Final dividend of 15cps plus a 5cps special dividend, a strong signal of balance-sheet confidence.
RRL remains completely unhedged, which has been a major tailwind as the gold price has surged, while FY27 production and cost guidance was reaffirmed. The balance sheet is now in excellent shape, giving management flexibility to fund mine development and exploration while returning more cash to shareholders.
MM’s view: RRL has transformed into a cash-generating machine at current gold prices, and the 20c of final and special dividends demonstrates just how far the balance sheet has come. We still like the combination of an unhedged book, strong balance sheet and improving capital returns.
MM remains bullish RRL
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