Endeavour Mining (EDV) Q1 2026 earnings summary

Executive summary

• Achieved record Q1-2026 financial results with adjusted EBITDA of $880m (up 29% QoQ), free cash flow of $613m (up 29% QoQ), and production of 282koz at AISC $1,834/oz, driven by strong operations and elevated gold prices.

• Net cash position improved to $405m, with liquidity of $1,704m and a swing from $158m net debt, supporting growth and shareholder returns.

• Focus on maximizing margins and free cash flow, supporting increased shareholder returns through supplemental dividends and share buybacks, with $54m in buybacks YTD.

• Organic growth pipeline advanced, with Assafou DFS confirming a high-quality, long-life asset and early works underway; strategic investments in Guyana and Côte d'Ivoire exploration.

• Fatality at Mana mine in March 2026 prompted a comprehensive safety review and improvements.

Financial highlights

• Revenue rose to $1,349m in Q1-2026, driven by a realised gold price of $4,810/oz (up 24% QoQ), supporting record adjusted EBITDA of $880m and adjusted net earnings of $370m ($1.53/sh, up 65% QoQ).

• Adjusted EBITDA margin expanded to 65%, and operating cash flow rose 21% to $737m.

• Free cash flow reached $613m, up 29% from Q4-2025, with free cash flow per ounce at $2,176.

• Group AISC was $1,834/oz, above guidance due to higher royalty costs from gold prices; royalty-adjusted AISC was $1,642/oz.

• Net cash/EBITDA (LTM) ratio at 0.16x, with $1,089m cash and $615m undrawn credit.

Outlook and guidance

• FY-2026 production guidance reaffirmed at 1,090–1,265koz, with AISC guidance of $1,600–1,800/oz at a $3,000/oz gold price and higher H2-2026 weighting.

• Minimum $1bn shareholder returns planned for 2026-2028, with potential for $2bn at current gold prices and leverage below 0.50x net debt/Adj. EBITDA.

• Free cash flow expected to be lower in Q2 due to seasonal tax payments ($660–770m for 2026), but strong outlook for H2.

• Assafou project FID expected by end-2026, with early works and $50–100m growth capital planned for FY-2026.

• Exploration spend of $100m planned for FY-2026, with $18.1m spent in Q1.