Eldorado Gold (ELD) Q3 2025 earnings summary

Executive summary

• Q3 2025 gold production was 115,190 ounces, with strong output at Lamaque and lower Olympias production due to flotation circuit issues.

• Revenue for Q3 2025 was $434.7 million, up 31% year-over-year, driven by higher gold prices.

• Net earnings attributable to shareholders from continuing operations were $56.5 million ($0.28/share), impacted by realized derivative losses.

• Adjusted net earnings were $82.3 million ($0.41/share), with adjustments for unrealized derivative losses and FX translation.

• Leadership changes included the appointment of Christian Milau as President and a new board director.

Financial highlights

• Q3 2025 revenue was $434.7 million, up from $331.8 million in Q3 2024.

• Adjusted EBITDA was $196.3 million, up from $164.9 million in Q3 2024.

• Free cash flow for Q3 was -$87.4 million, but $76.9 million excluding Skouries investment.

• Cash and cash equivalents as of September 30, 2025, were $1.04 billion.

• Total cash costs per ounce sold were $1,195; AISC was $1,679, both higher year-over-year.

Outlook and guidance

• 2025 gold production guidance narrowed to 470,000–490,000 ounces.

• 2025 total cash cost guidance raised to $1,175–$1,250/oz; AISC to $1,600–$1,675/oz.

• Sustaining capital expected at the high end of $145–$170 million; operations growth capital at $245–$270 million.

• Skouries project capital for 2025 revised to $440–$470 million, with first concentrate production expected end of Q1 2026.

• Skouries commercial production expected mid-2026 at 80% nameplate capacity over 30 days.