Endeavour Mining (EDV) Q2 2026 earnings summary

Executive summary

• Achieved record H1-2026 free cash flow of $761 million, up 19% year-over-year, with production of 564,000 ounces at an AISC of $1,871/oz, and adjusted EBITDA up 41% to $1,611 million, keeping full-year guidance on track.

• Returned a record $301 million to shareholders in H1-2026, including $230 million in dividends and $71 million in buybacks, more than doubling the minimum commitment.

• Maintained a net cash position of $254 million at end-Q2-2026, with leverage at 0.09x net cash/LTM adjusted EBITDA and total liquidity of $1,542 million.

• Major organic growth projects, including Assafou and Sabodala-Massawa underground, are progressing on schedule, with significant exploration updates expected in H2-2026.

Financial highlights

• Adjusted EBITDA for H1-2026 was $1,611 million, up 41% year-over-year, with a 63% margin; revenue reached $2,569 million, up 25% year-over-year, driven by a realised gold price of $4,579/oz.

• Q2-2026 gold production was 283,000 ounces, with an AISC of $1,907/oz and realised gold price of $4,348/oz.

• Adjusted net earnings for H1-2026 rose 69% year-over-year to $672 million ($2.78/sh); Q2-2026 adjusted net earnings were $302 million ($1.25/sh).

• Operating cash flow for H1-2026 was $1,055 million, up 41% year-over-year; Q2-2026 operating cash flow was $317 million, impacted by seasonal tax payments.

• Free cash flow for H1-2026 was $761 million; Q2-2026 free cash flow was $149 million.

Outlook and guidance

• FY-2026 production guidance reaffirmed at 1,090–1,265koz at AISC of $1,600–1,800/oz (at $3,000/oz gold price), with H1-2026 production representing 52% of the low end.

• Q3-2026 production expected to decrease due to lower grades and wet season, with a significant increase anticipated in Q4-2026.

• Sustaining capital guidance for FY-2026 increased to $280 million, mainly due to higher waste stripping at Houndé and Lafigué.

• Major growth projects remain on track, with FID for Assafou and first ore from Sabodala-Massawa underground targeted by year-end.

• Tax payments for FY-2026 expected at $660–770 million, with most withholding taxes already paid in H1.