Eldorado Gold (ELD) Q4 2025 earnings summary

Executive summary

• Achieved full-year gold production of 488,268 ounces, at the high end of guidance, with strong Q4 output of 123,416 ounces and revenue rising 38% year-over-year to $1,818.9 million, driven by higher gold prices despite lower sales volumes.

• Net earnings from continuing operations increased to $519.9 million in 2025, up from $300.9 million in 2024, with adjusted net earnings of $354.9 million after removing significant non-recurring items.

• Free cash flow excluding Skouries was $315.6 million for the year, supporting growth and capital returns, while total free cash flow was negative $232.9 million.

• Initiated a quarterly dividend program and repurchased $204 million in shares, reflecting a strong capital return framework.

• Cash and cash equivalents increased to $869.4 million at year-end, with total liquidity of $976 million.

Financial highlights

• FY 2025 gold production: 488,268 oz; Q4 2025: 123,416 oz; FY 2025 revenue: $1,818.9 million; Q4 2025: $577.2 million.

• Adjusted EBITDA for 2025 was $836.2 million, up from $679.7 million in 2024.

• All-in sustaining costs (AISC) averaged $1,664/oz in 2025, up from $1,285/oz in 2024, with Q4 at $1,894/oz.

• Production costs increased to $677.6 million, mainly due to higher royalties and labor costs.

• Net earnings per share (basic, continuing operations): $2.56 in 2025; adjusted net earnings per share: $1.75.

Outlook and guidance

• 2026 gold production guidance: 490,000–590,000 oz, with 430,000–490,000 oz from existing operations; copper: 20–40 million lbs.

• 2026 AISC expected between $1,670–$1,870/oz; growth capital $375–$405 million; sustaining capital $140–$165 million.

• Skouries Project first concentrate production expected in early Q3 2026, with commercial production in Q4 2026; Skouries AISC expected between -$100 and +$200/oz (net of byproduct).

• Olympias mill expansion to 650ktpa on track for Q3 2026 completion and Q4 ramp-up.

• Production expected to increase ~40% by 2027 versus 2025, driven by Skouries and portfolio growth.