Endeavour Mining (EDV) Q4 2025 earnings summary

Executive summary

• Achieved record free cash flow of $1,156m in FY-2025, up 269% year-over-year, with gold production of 1,209koz at an AISC of $1,433/oz, a 10% increase from FY-2024, and sector-leading safety performance.

• Adjusted EBITDA rose 75% to $2,316m and adjusted net earnings increased 244% to $782m ($3.23/sh) year-over-year.

• Returned $435m to shareholders, 93% above minimum commitment, through record dividends and buybacks.

• Maintained industry-leading ESG ratings and contributed $2.8bn to host countries, including $919m to governments.

• Advanced organic growth pipeline, notably the Assafou project, with key permits secured and feasibility study near completion.

Financial highlights

• Revenue increased 58% to $4,234m, driven by higher gold sales and a realized gold price of $3,464/oz (up $1,046/oz year-over-year).

• Adjusted EBITDA reached $2,316m, up 75% year-over-year; adjusted net earnings were $782m, up 244%.

• Operating cash flow before working capital doubled to $1,907m; free cash flow per share up 273%.

• Q4-2025 saw a 46% increase in adjusted EBITDA and a 97% rise in operating cash flow sequentially.

• Net earnings included a $193m non-cash impairment on non-core exploration properties.

Outlook and guidance

• FY-2026 production guidance set at 1,090–1,265koz at an AISC of $1,600–1,800/oz, reflecting higher royalty rates and increased sustaining capital.

• Minimum $1bn shareholder returns targeted for 2026–2028, with potential for supplemental returns if gold prices remain high.

• Targeting 1.5Moz production by 2030, a 27% organic growth, driven by Assafou and Sabodala-Massawa.

• Exploration spend for FY-2026 guided at $100m, with a focus on both brownfield and greenfield targets.