- Record 2025 Revenue: Achieved $3 billion, with Q4 revenue at $1.05 billion.
- Production Guidance Met: 980,000 ounces produced in 2025, aligning with midpoint of guidance.
- Strong Operating Cash Flows: $896 million in 2025, including $286 million in Q4.
- Share Buybacks: Repurchased 2 million shares for $10 million in 2025; 5 million shares for $24 million post-year-end.
Production and Cost Guidance
For 2026, B2Gold expects production to range between 820,000 and 970,000 ounces. The Fekola mine is anticipated to maintain a consistent production level throughout the year, pending the approval of the Fekola Regional permit in Q1 2026. Meanwhile, the Goose mine is expected to ramp up production throughout 2026, with plans for a crushing circuit improvement in the second half of the year. This improvement is likely to significantly reduce the all-in sustaining cost (ASIC) at Goose once the crusher remediation is complete.
Cash Flows and Share Buybacks
The company generated substantial operating cash flows in 2025 and has been active in repurchasing shares. In 2025, B2Gold repurchased 2 million shares for $10 million, and subsequent to year-end, it bought an additional 5 million shares for $24 million. The company plans to continue share buybacks, contingent on the gold price environment and cash flows. With a strong cash position and robust cash generation, B2Gold is well-positioned to continue returning value to shareholders.
Valuation and Outlook
Analysts estimate B2Gold's revenue to grow by 25.1% in 2026. Currently, the stock trades at a P/E Ratio of 17.81, P/B Ratio of 2.01, and an EV/EBITDA of 4.57. These valuation metrics suggest a reasonable pricing considering the company's growth prospects and profitability, with an ROIC of 12.84% and ROE of 12.15%. As the company continues to produce gold at competitive costs and maintains a strong financial position, it is poised for continued success in 2026.