Royal Gold, Inc. · NASDAQ:RGLD
Royal Gold — Q4 2025 Earnings Presentation
13 slides from Royal Gold's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results February 19, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements: This presentation and the accompanying webcast include “forward-looking statements” within the meaning of U.S. federal securities laws. Forward- looking statements are any statements other than statements of historical fact. Forward-looking statement
Slide 3: Today's Speakers
Today’s Speakers Bill Heissenbuttel Paul Libner Martin Raffield President and CEO SVP and CFO SVP, Operations ROYAL GOLD, INC. | FOURTH QUARTER AND YEAR END 2025 RESULTS | FEBRUARY 19, 2026 3
Slide 4: Calendar Year 2025 Overview
Calendar Year 2025 Overview • Highlights • Record revenue of $1,030.5M • Record cash flow from operations of $704.8M • Net income of $466.3M, or $6.70/share • After adjustments,1 record net income of $509.9M, or $7.33/share • $118.5M dividends paid • Raised dividend for 25th consecutive year • $1,27
Slide 5: 2025 Performance Compared to Guidance
2025 Performance Compared to Guidance(i) 2025 Guidance 2025 Actual Commentary Ranges(ii) Results(i) Total Sales: Gold 210,000 – 230,000 oz 215,000 oz In line Silver 2.7 – 3.3 M oz 3.0 M oz In line Copper 13.5 – 16.0 M lb 14.8 M lb In line Other Metals(iii) $18.0 – 21.0 M $25.0 M Exceeded DD&A $126 –
Slide 6: Q4 2025 Revenue
Q4 2025 Revenue GEOs2 of 90,800 Royalty Segment Stream Segment $110.6M $264.7M 29% +42% YoY +112% YoY Higher contribution: $375.3M Higher contribution: Cortez CC Zone, Total Revenue Pueblo Viejo, Peñasquito Andacollo, Rainy Lower contribution: 71% River, Mount Milligan Cortez Legacy Zone New contrib
Slide 7: Operator Updates
Operator Updates3 Mount Milligan • Progressing engineering and studies to support permitting for mine life extension to 2045 Pueblo Viejo • 2026 gold guidance 350,000 – 400,000 oz (60% share) Cortez • 2026 gold guidance 700,000 – 780,000 oz (100%), with 3.5-4% applicable average royalty rate Xavanti
Slide 8: Q4 2025 Revenue
Q4 2025 Revenue TOTAL REVENUE AVERAGE METAL PRICES* Q4 2025 REVENUE BY METAL +85% +55% +74% +21% $54.73 $375.3M $4,135 Kansanshi** $5.03 8% COPPER 78% GOLD Sandstorm/ $4.17 11% Horizon** $2,663 $31.38 SILVER $202.6M Q4 '24 Q4 '25 Q4 '24 Q4 '25 Q4 '24 Q4 '25 Q4 '24 Q4 '25 Gold Silver Copper Other Gol
Slide 9: Q4 2025 Financial Results
Q4 2025 Financial Results • $375.3M revenue • $17.6M G&A • $80.0M DD&A, or $881/GEO2 • $13.7M acquisition related costs • $50.0M loss on sale of marketable securities (primarily Versamet) • $17.7M interest and other expense • $52.7M tax expense • $93.6M net income, or $1.16/share • $155.0M net incom
Slide 10: Q4 2025 and Recent Debt Repayment
Q4 2025 and Recent Debt Repayment $450 ($75) $900 ($250) $775 ($75) $725 ($100) $500M Total Repayments (since Oct. 20, 2025) * Draw to close Sandstorm Gold and Horizon Copper transaction. ROYAL GOLD, INC. | FOURTH QUARTER AND YEAR END 2025 RESULTS | FEBRUARY 19, 2026 10
Slide 11: December 31, 2025 Liquidity
December 31, 2025 Liquidity • $900M debt and approximately $757M of liquidity available at December 31, 2025: December 31, 2025 Amount (US$ M) Undrawn revolving credit facility 500 Working capital 257 Total available liquidity $757 • Outstanding financial commitments: • $100M for Warintza stream and
Slide 12: Endnotes
Endnotes 1. Adjusted net income and adjusted net income per share are non-GAAP financial measures. See Schedule A to the accompanying press release dated February 18, 2026, for more information. 2. Gold Equivalent Ounces (“GEOs”) are calculated as reported revenue (in total or by reportable segment)
Slide 13: Investor Relations Contact
Tel. 303.573.1660 investorrelations@royalgold.com www.royalgold.com