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Eldorado Gold (ELD) investor relations material

Eldorado Gold Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Aug, 2025

Executive summary

  • Q2 2025 gold production reached 133,769 ounces, exceeding plan due to inventory drawdowns and higher grades at Lamaque and Kisladag.

  • Revenue rose to $451.7 million, net earnings from continuing operations were $139.0 million ($0.68/share), and adjusted EBITDA was $211.8 million.

  • Maintained 2025 gold production guidance of 460,000–500,000 ounces, expecting to finish near the midpoint.

  • Skouries project remains on track for Q1 2026 first production; project 70% complete for Phase 2 as of June 30, 2025.

  • Recognized for sustainability, employee satisfaction, and revenue growth, earning a spot among Canada's Best Companies in 2025.

Financial highlights

  • Revenue increased to $451.7 million in Q2 2025 from $297.1 million in Q2 2024, driven by higher gold prices and sales volumes.

  • Net earnings from continuing operations were $139.0 million ($0.68/share) vs. $56.4 million ($0.28/share) in Q2 2024.

  • Adjusted net earnings were $90.1 million ($0.44/share), including a $22.8 million FX gain and $18.7 million unrealized derivative gain.

  • Free cash flow was negative $61.6 million, but positive $61.5 million excluding Skouries capital expenditures.

  • Total cash costs averaged $1,064/oz and AISC $1,520/oz, both higher year-over-year due to royalties and labor.

Outlook and guidance

  • 2025 gold production guidance maintained at 460,000–500,000 ounces, with expectations to finish near midpoint.

  • Full-year total cash costs and AISC expected at or above the high end of guidance due to higher royalties and gold prices.

  • Skouries project first production expected Q1 2026, commercial production mid-2026; project capital spend for 2025 forecast at $400–$450 million, with $80–$100 million in accelerated operational capital.

  • Olympias mill expansion to 650ktpa underway, completion expected mid-2026.

  • On track for a 43% increase in gold production by 2027 from 2023 levels.

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Frequently asked questions

Eldorado Gold Corporation is a mining company involved in the exploration, development, and production of gold and other base metals. Its operations span several countries, where it manages underground and open-pit mines. The company also engages in mineral processing and resource expansion activities to support long-term production. It is headquartered in Vancouver, Canada, and its shares are listed on the TSX.

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