Eldorado Gold (ELD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose to $487.5M (up from $451.7M in Q2 2025), driven by higher realized gold prices despite lower production volumes.

• Net earnings attributable to shareholders were $172.8M ($0.69/share), with adjusted net earnings at $136.7M ($0.54/share), reflecting gains from tax changes and derivatives, offset by acquisition costs.

• Gold production was 104,616 oz (down from 133,769 oz in Q2 2025), with sales of 102,691 oz at an average realized price of $4,379/oz.

• Major growth projects advanced: Skouries construction 97% complete and on track for Q3 2026 start-up; Mcllvenna Bay achieved first copper concentrate and is ramping up.

• Leadership transition underway: CEO George Burns to retire in September 2026, succeeded by Christian Milau; Dan Myerson appointed Chair.

Financial highlights

• Q2 2026 revenue: $487.5M (up from $451.7M); net earnings: $172.8M (up from $139.0M); adjusted EBITDA: $281.1M (up from $211.8M).

• Total cash costs per ounce sold: $1,432 (up from $1,064); AISC per ounce sold: $1,926 (up from $1,520).

• Free cash flow was negative $334.1M, primarily due to continued investment in Skouries and Mcllvenna Bay; excluding these, free cash flow was $40.9M.

• Cash and cash equivalents at June 30, 2026: $554.6M, down $314.8M from Q4 2025, mainly due to capital investments, share buybacks, and tax payments.

• Debt increased to $1.75B from $1.16B at year-end 2025, reflecting project financing.

Outlook and guidance

• 2026 annual gold production guidance updated to 495,000–600,000 oz, including initial output from Mcllvenna Bay; production weighted to H2.

• Excluding Skouries and Mcllvenna Bay, guidance is 430,000–490,000 oz at total cash costs of $1,220–$1,420/oz and AISC of $1,670–$1,870/oz.

• Skouries expected to produce 60,000–100,000 oz gold and 20–40M lbs copper in 2026; commercial production targeted for Q4 2026.

• Mcllvenna Bay 2026 output expected at 5–10M lbs copper, 3,000–6,000 t zinc, 5,000–10,000 oz gold, and 100,000–200,000 oz silver.

• Olympias mill expansion to 650,000 tpa expected to complete by end of 2026, with ramp-up in 2027.