Endomines Finland (PAMPALO) H2 2024 earnings summary

Executive summary

• Achieved a significant operational and financial turnaround in 2024, with revenue up 46% to MEUR 28.7, driven by increased production and strong gold prices.

• Group EBITDA turned positive at MEUR 5.8 (20% margin), with net profit of EUR 1.3 million, reversing prior year losses.

• Pampalo segment delivered all revenue and gold output, with EBITDA margin rising to 36% and operating margin at 30%.

• Gold production increased 11.8% to 14,304 oz, with H2-2024 output up 20.7% year-over-year.

• Strategic focus on expanding production, exploration, and incorporating critical minerals (tungsten, molybdenum) into future plans, alongside strong sustainability initiatives.

Financial highlights

• H2 2024 revenue: EUR 15.6 million, up 74% year-over-year; full year revenue up 46% to MEUR 28.7.

• Group EBITDA: 25% in H2, 20% for the year (MEUR 5.8); operating result: 16% in H2, 9% for the year.

• Pampalo segment EBITDA: 36% (MEUR 10.3); operating result: 30%.

• Net result: EUR 1.3 million profit vs. EUR 3.5 million loss prior year; cash balance at year-end: EUR 2.1 million.

• Net gearing improved to 32%; equity ratio stable at 54%.

Outlook and guidance

• 2025 gold production guidance: 16,000–22,000 ounces, with higher growth expected in H2-2025.

• Long-term target to increase annual output to 70,000–100,000 oz by 2030.

• No dividend proposed for 2024; loss to be carried forward.

• Gold price remains at record highs, currently $2,900/oz, supporting revenue outlook.

• No gold price hedging; revenue fully exposed to spot market.