# Aura Posts $73m 4Q25 Profit on Record Operating Performance

*Strong gold prices and higher output drove record EBITDA, while hedge losses weighed on reported net results.*

- Published: 2026-02-26
- Section: Insights
- Tags: AISC, Aura 4Q25 profit, Aura Minerals, AURA33, Borborema, Brazil mining, gold mining earnings, MSG acquisition, ORA TSX
- URL: https://brazilstockguide.com/insights/aura-4q25-profit-us73m-record-ebitda-aura33/

![](https://i0.wp.com/brazilstockguide.com/wp-content/uploads/2026/01/Aura-minerals-gold.jpg?fit=1024%2C768&ssl=1)

**By Brazil Stock Guide –** Aura Minerals (TSX: ORA; B3: AURA33) reported **adjusted net income of US$73.3 million in 4Q25**, closing a year marked by record operating results. The company delivered **US$207.9 million in adjusted EBITDA** in the quarter — its sixth consecutive quarterly high — supported by stronger gold prices and expanding production.

Net revenue reached **US$321.7 million**, up 30% quarter-on-quarter and 88% year-on-year. Realized gold prices averaged **US$4,090 per ounce**, while production rose to **82,067 gold equivalent ounces (GEO)**, reflecting the ramp-up of the Borborema mine and the initial contribution from the newly acquired MSG operation in Goiás.

Despite solid operating momentum, Aura posted a **GAAP net loss of US$19.9 million** in the quarter due to mark-to-market losses on gold hedge positions amid rising bullion prices. Excluding these non-cash effects, full-year 2025 adjusted net income totaled **US$205.7 million**, with annual adjusted EBITDA reaching a record **US$547.8 million**.

### Expansion Phase

Management described 2025 as transformational. Borborema reached commercial production, MSG expanded the company’s Brazilian footprint, and the Nasdaq listing increased liquidity and international investor visibility. The MSG acquisition closed at an enterprise value of approximately **US$76 million**, including deferred royalty components.

### Cost Structure and Leverage

All-in sustaining cost (AISC) stood at **US$1,521 per GEO** in 4Q25, reflecting integration effects and portfolio adjustments. Free cash flow reached **US$94.2 million** during the quarter, while net debt ended the year at **US$117.6 million**, equivalent to **0.28x** last-twelve-month adjusted EBITDA — maintaining a conservative leverage profile.

### 2026 Guidance

For 2026, Aura guided for **360,000 to 390,000 GEO** in production, with further optimization at Borborema and MSG and ongoing development at Almas and Apoena. Over the medium term, management reiterated its ambition to exceed **600,000 GEO annually**, strengthening its position among mid-tier gold producers.

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/aura-4q25-profit-us73m-record-ebitda-aura33/