Eldorado Gold (ELD) Q1 2026 earnings summary

Executive summary

• Q1 2026 gold production was 100,358 ounces, with gold sales of 100,619 ounces at an average realized price of $4,891/oz, reflecting a 67% increase year-over-year.

• Revenue rose 50% year-over-year to $532.4 million, driven by higher gold prices despite a 13% decrease in production and sales volumes.

• Net earnings attributable to shareholders were $136.4 million ($0.69/share), up from $72.0 million ($0.35/share) in Q1 2025.

• Adjusted net earnings were $188.2 million ($0.95/share), excluding non-recurring items such as FX losses, derivative losses, and acquisition costs.

• Leadership transitions underway, with CEO retirement planned for Q3 2026 and Christian Milau to assume the role; operational leadership strengthened.

Financial highlights

• Adjusted EBITDA reached $335.7 million, up from $163.0 million in Q1 2025.

• Free cash flow was negative $129.1 million, mainly due to high investing activities; excluding Skouries, free cash flow was $62.9 million.

• Cash and cash equivalents stood at $629.7 million at quarter-end, down from $869.4 million at year-end 2025, reflecting capital investments, share buybacks, VAT repayments, dividends, and taxes.

• Total capital expenditures were $318.0 million, including $135.6 million for Skouries and $89.4 million in growth capital at operating mines.

• Dividend program initiated, with first and second quarterly dividends declared in 2026.

Outlook and guidance

• 2026 annual gold production guidance maintained at 490,000–590,000 ounces, with production weighted to the second half as Skouries and Mcllvenna Bay ramp up.

• Excluding Skouries, full-year total cash costs expected at $1,220–$1,420/oz and AISC at $1,670–$1,870/oz.

• Skouries project on track for first concentrate production in Q3 and commercial production in Q4 2026; capital estimate revised to $1.315 billion, up $155 million.

• Mcllvenna Bay, acquired in April, expected to achieve commercial production in Q3 2026.

• Enhanced disclosure planned for Q3 2026, reporting copper assets on a dollar per pound co-product basis.