NEM –4.91%: Posted a solid 4Q update, providing FY26 cost guidance that beat expectations, though commentary around softer production for the full year put a dampener on an otherwise decent result.
- EPS of $2.52 vs. consensus $2.02
- Sales of $6.82bn vs. consensus $6.3bn
- Gold All-In-Sustaining-Cost (AISC) of $1,620/oz vs. consensus $1,675
- FY26 Gold AISC guidance: $1,680/oz vs. consensus $1,780
FY26 production is expected to decline around 10% as mine upgrades and lower output at key operations weighs on volumes. Regardless, the business should continue to generate significant free cash flow so long as gold remains at such elevated levels, especially given the significant cost control shown this quarter and moving forward.
MM remains long and mildly bullish NEM ~$167
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