Endeavour Mining (EDV) Q3 2026 earnings summary

Executive summary

• Q3 production was 256koz and adjusted EBITDA was $638.9m; YTD production reached 820koz and adjusted EBITDA $2,250.3m, up 38% YoY.

• YTD free cash flow reached a record $1,022.5m, up 50% YoY; FY-2026 production guidance is expected in the lower half, with Mana disruption weighing on output.

• Assafou received FID and development began; organic projects support a target of over 27% production growth to 1.5Moz annually by 2030.

Financial highlights

• Q3 revenue was $1,108.5m, up from $910.1m YoY; YTD revenue was $3,677.8m versus $2,960.0m, driven by higher realized gold prices.

• Q3 adjusted EBITDA was $638.9m; adjusted net earnings attributable to shareholders were $241.5m, or $1.00/share.

• Q3 operating cash flow was $406.6m and free cash flow $261.1m; YTD totals were $1,461.4m and $1,022.5m, respectively.

• YTD net earnings attributable to shareholders were $816.8m; adjusted net earnings were $913.5m, or $3.78/share.

Outlook and guidance

• FY-2026 production guidance is 1,090–1,265koz, with output expected in the lower half; Q4 is expected to be the strongest quarter.

• FY-2026 AISC guidance remains $1,600–$1,800/oz; YTD AISC of $1,866/oz normalizes to $1,700/oz at the $3,000/oz guidance gold price.

• Mana is expected to produce below its 155–180koz guidance and exceed its $2,000–$2,250/oz AISC range; processing is expected to remain paused until Q2-2027.

• FY-2026 sustaining capital guidance was reduced to $255m; non-sustaining capital is $270m, growth capital $50–$100m, and cash tax guidance $660–$770m.

• Assafou first gold is targeted for H1-2029; its initial capital estimate increased to $1,200m from $1,061m.