Ecora Royalties PLC Announces Full Year Results

Rhea-AI Summary

Ecora Royalties (LSE:ECOR / TSX:ECOR) reported FY2025 results for year ended 31 Dec 2025, with $57.0m portfolio contribution (2024: $63.2m) and royalty/stream revenue of $55.9m. Profit after tax was $22.2m versus a 2024 loss of $9.8m, supported by a $14.1m impairment reversal related to Voisey's Bay and a $9.8m deferred tax credit. Net debt was $85.5m at year-end and free cash flow rose to $27.4m. The board declared a final dividend 1.4c (total 2.0c).

Portfolio shifts: base metals contribution rose strongly while Kestrel coal fell. Management expects further derisking milestones and continued deleveraging in 2026.

Positive

• Base metals contribution +150% to $28.5m
• Profit after tax turned to $22.2m from a $9.8m loss
• Free cash flow +21% to $27.4m
• Impairment reversal $14.1m from Voisey's Bay update
• Completed Mimbula stream acquisition contributing in 2025

Negative

• Total portfolio contribution down to $57.0m from $63.2m
• Adjusted earnings per share fell to 8.86c from 11.43c
• Kestrel coal contribution subtotal down 52% to $17.5m
• Total dividend reduced to 2.0c from 2.81c

LONDON, UK / ACCESS Newswire / March 26, 2026 / Ecora Royalties PLC (LSE:ECOR)(TSX:ECOR) announces full year results for the year ended 31 December 2025. The Company will publish its audited 2025 Annual Report and Accounts later today, which will be available on the Group's website at www.ecoraroyalties.com and on SEDAR at www.SEDAR.com.

Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core of the portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security.

Marc Bishop Lafleche, Chief Executive Officer, commented:

"2025 was a landmark year for Ecora. Our critical minerals royalties and streams delivered record portfolio contribution representing the first time in the Group's history where the majority of the Group's portfolio contribution was derived from critical minerals.

"Project's underlying Ecora's development stage portfolio saw a number of meaningful advances during 2025, with our operator partners targeting further derisking events in the upcoming twelve months which will move these projects closer to production, underpinning a key part of Ecora's organic growth profile during the remainder of the decade and beyond.

"Ecora has delivered strong deleveraging post the acquisition of the Mimbula copper stream, which is expected to continue in 2026. Ecora retains the financial flexibility to continue to further diversify its portfolio, with a primary focus on acquiring producing or advanced stage near-production royalties or streams, to complement Ecora's existing growth portfolio."

Portfolio contribution:	FY 2025	FY 2024
	US$m	US$m	Y/Y
Base metals
Voisey's Bay (cobalt)	18.9	6.2
Mantos Blancos (copper)	9.5	5.8
Mimbula (copper)	4.0	n/a
Carlota (copper)	0.8	0.6
Metal stream cost of sales (1)	(4.7)	(1.2)
Sub-total	28.5	11.4	150%
Specialty metals & uranium
McClean Lake (2) (uranium)	3.7	4.5
Maracás Menchen (vanadium)	1.7	2.2
Four Mile (uranium)	2.2	1.4
Sub-total	7.6	8.1	(6%)
Bulks & other
Kestrel (steelmaking coal)	17.5	41.4
EVBC (3) (gold)	3.2	1.8
Other	0.2	0.5
Sub-total	20.9	43.7	(52%)
Total portfolio contribution	57.0	63.2

¹ Includes ongoing metal purchase costs under stream agreements, for 2025 these were: Voisey's Bay ($3.6m); Mimbula ($1.1m)

² In 2025, principal repayment totalled $2.6m and interest received totalled $1.1m

³ Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income

Financial Highlights:

$57.0m portfolio contribution for the year ended 31 December 2025 (2024: $63.2m) with significant increase in contribution from base metals royalties largely offsetting reduction in Kestrel steelmaking coal contribution

Royalty and metal stream-related revenue of $55.9m (2024: $59.6m)

Profit after tax of $22.2m (2024: loss of $9.8m)

The latest Voisey's Bay mine plan extends production by four years to 2044 and accelerates near-term volumes, as a result, the Group has recognised an impairment reversal of $14.1m and a related deferred tax credit of $9.8m relating to carry forward losses which are now expected to be utilised

Adjusted earnings of $22.1m (2024: $28.9m) and adjusted earnings per share of 8.86c (2024: 11.43c)

Free cash flow of $27.4m (2024: $22.1m), a 21% increase

Strong deleveraging post the $50.0m Mimbula stream acquisition with net debt as at 31 December 2025 of $85.5m (31 Dec 2024: $82.3m), significantly below the peak of $124.6m during Q2 2025

Final dividend of 1.4c per share in line with policy, bringing the total dividend for the year to 2.0c per share (2024: 2.81c per share)

Base Metals

Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution, driven by:

Strong production ramp-up at Voisey's Bay, which generated a net portfolio contribution of $15.3m (2024: $5.0m) from 448t of attributable cobalt (2024: 210t) at an average realised price of $19.11/lb (2024: $13.34/lb)

Record year portfolio contribution from Mantos Blancos of $9.5m (2024: $5.8m)

Acquisition of a copper stream over the Mimbula mine in March 2025, which generated portfolio contribution net of metal purchase costs of $2.9m in 2025 (2024: n/a)

Specialty metals & uranium

Specialty metals portfolio contribution of $7.6m (2024: $8.1m) representing 13% of the Group's portfolio contribution:

Toll milling rate at McClean Lake Mill stepped down in 2025 following the processing of an agreed volume of uranium, leading to a portfolio contribution of $3.7m (2024: $4.5m)

Bulks & other

Bulks and other portfolio contribution of $20.9m (2024: $43.7m) represented 37% of the Group's portfolio contribution:

Kestrel steelmaking coal royalty generated $17.5m from 2.2mt of sales from the Group's private royalty area, down vs. 2024 due to a lower average realised sale price of $143/t (2024: $223/t)

Sold a non-core royalty over the development stage Dugbe Gold Project in Liberia for a $16.5m upfront cash payment and contingent consideration of up to $3.5m

Outlook

Ecora's key commodity exposures performed strongly in early 2026. The conflict in Iran has resulted in market and commodity price volatility, however the long-term commodity price outlook, in particular copper, continues to be underpinned by strong supply/demand fundamentals

Volume growth in base metals royalties and streams expected to continue to offset a reduction in volumes from Kestrel associated with mining increasingly moving outside the Group's private royalty area

Series of value catalysts during the next twelve months with operator partners targeting a number of key project development milestones, including:

Santo Domingo:Final investment decision

Mantos Blancos: Phase II study mid-2026

Phalaborwa:Publication of DFS

Nifty: Restart of cathode operations, DFS on restart of mining operation

Analyst and investor presentation and call

A live webcast of the presentation including Q&A will be held today at 2:00 pm GMT for investors and analysts and will be available via our website at www.ecoraroyalties.com.

Please join the event 5-10 minutes prior to the scheduled start time.

This will be available for playback after the event.

Event Title	Ecora Royalties - 2025 Results Presentation
Time Zone	Dublin, Edinburgh, Lisbon, London
Start Time/Date	2pm (GMT)
Duration Webcast Link Dial in details:	60 minutes https://brrmedia.news/ECOR_FY25 UK-Wide: +44 (0) 33 0551 0200UK Toll Free: 0808 109 0700 USA Local: +1 786 697 3501 USA Toll Free: 866 580 3963

For further information:

Ecora Royalties PLC	+44 (0) 20 3435 7400
Geoff Callow - Head of Investor Relations
Website:	www.ecoraroyalties.com
FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis	+44 (0) 20 3727 1000 ecoraroyalties@fticonsulting.com

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SOURCE: Ecora Royalties PLC

View the original press release on ACCESS Newswire

FAQ

What were Ecora Royalties' FY2025 headline results (ECRAF)?

Ecora reported $57.0m portfolio contribution and $55.9m revenue for FY2025. According to the company, profit after tax was $22.2m versus a loss in 2024, aided by an impairment reversal and increased base metals contribution.

How did base metals impact Ecora's FY2025 performance (ECRAF)?

Base metals contribution rose 150% to $28.5m, becoming 50% of total contribution. According to the company, Voisey's Bay ramp-up and Mantos Blancos drove the increase alongside the new Mimbula stream.

What change occurred to Ecora's dividend for 2025 (ECRAF)?

Ecora declared a final dividend of 1.4c, taking total 2025 dividends to 2.0c per share. According to the company, this aligns with dividend policy despite lower total payout versus 2024.

How has Ecora's leverage changed after the Mimbula acquisition (ECRAF)?

Net debt was $85.5m at 31 Dec 2025 and remains well below the Q2 2025 peak of $124.6m. According to the company, strong deleveraging continued post the $50.0m Mimbula stream acquisition.

Why did Ecora record an impairment reversal in 2025 (ECRAF)?

The company recognised a $14.1m impairment reversal after Voisey's Bay updated its mine plan, extending production and accelerating volumes. According to the company, this also triggered a related $9.8m deferred tax credit.

What is Ecora's near-term outlook and catalysts for 2026 (ECRAF)?

Ecora expects continued base metals volume growth and multiple near-term development catalysts in 2026. According to the company, partners target FID at Santo Domingo and studies or DFS milestones at several projects.