Eldorado Gold (ELD) Q2 2025 earnings summary

Executive summary

• Q2 2025 gold production reached 133,769 oz, exceeding plan due to strong performance at Lamaque and Kisladag, and Olympias returning to planned levels after Q1 disruptions.

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

• Maintained 2025 gold production guidance of 460,000–500,000 oz, expecting to finish near the midpoint based on H1 performance.

• Skouries project construction reached 70% completion for phase two, with first copper-gold concentrate expected in Q1 2026 and commercial production by mid-2026.

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

Financial highlights

• Q2 2025 revenue reached $451.7M, up from $297.1M in Q2 2024, driven by higher gold prices and sales volumes.

• Net earnings from continuing operations were $139.0M ($0.68/share), with adjusted net earnings of $90.1M ($0.44/share), including FX and derivative gains.

• Free cash flow was -$61.6M, but +$61.5M excluding Skouries capital investment; cash and cash equivalents stood at $1,078.6M as of June 30, 2025.

• Total cash costs per ounce sold were $1,064, and AISC was $1,520 for Q2 2025.

• Cash flow before working capital changes reached $202M, up from $132M year-over-year.

Outlook and guidance

• Full-year consolidated total cash costs and all-in sustaining costs expected at or above the high end of guidance due to higher royalties, labor costs, and legislative changes.

• Skouries project capital guidance for 2025 remains $400–$450M, with $80–$100M in accelerated operational capital; first production expected Q1 2026, commercial production mid-2026.

• Olympias mill expansion to 650,000 tpa underway, completion expected mid-2026.

• Reserve update at year-end will likely use a slightly higher gold price assumption, but remain conservative.

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