Royal Gold Reports 82% Q4 EBITDA Margin, Boosts 2026 Dividend to $1.90
Royal Gold’s Q4 adjusted EBITDA margin was 82% as interest expenses rose to $17.7 million and an acquisition-related charge drove a $48 million loss. The company integrated Sandstorm and Horizon portfolios and raised its 2026 dividend to $1.90, marking a 25th consecutive annual increase.
1. Q4 2025 Financial Results
In the fourth quarter of 2025, Royal Gold recorded an adjusted EBITDA margin of 82%, reflecting strong operational leverage supported by robust gold prices. Interest and other expenses climbed to $17.7 million, driven by higher average borrowings on the revolving credit facility.
2. Acquisition-Related Expenses
The company incurred an approximately $48 million one-time loss from the divestiture of First Ceme royalty shares and saw G&A expenses increase by $9 million due to corporate integration costs tied to recent acquisitions. A higher effective tax rate of 36% also reflected acquisition-related tax items.
3. Portfolio Integration
Integration of the Sandstorm Gold and Horizon Copper portfolios is largely complete, positioning Royal Gold to capitalize on its expanded asset base. Management highlighted a strong deal pipeline for base metal royalties and streaming opportunities in 2026.
4. Dividend Increase
Royal Gold boosted its annual dividend to $1.90 per share for 2026, marking its 25th consecutive annual increase—the longest streak in the precious metals sector. The move underscores the company’s commitment to shareholder returns supported by stable cash G&A costs.