Endomines Finland (PAMPALO) H2 2025 earnings summary

Executive summary

• Achieved record financial and operational performance in 2025, driven by strong gold prices and a 16.3% increase in gold production, with expectations for an even stronger 2026.

• Strategic focus shifted to Finland after divesting three Idaho assets, streamlining US operations and focusing on higher-potential properties.

• Sustainability initiatives remained central, with active programs in water management, climate, and biodiversity.

• Expanded focus on developing critical minerals, including tungsten and molybdenum, with increased exploration planned.

• Acquisition of Power Mining Oy’s Pampalo operations completed, supporting future production growth.

Financial highlights

• Revenue grew 59% year-over-year to EUR 45.5 million, with net income up 2,346% to EUR 7.3 million and EPS at EUR 0.70.

• EBITDA rose 182% to EUR 16.3 million; EBIT reached EUR 7.6 million.

• Operating cash flow more than doubled to EUR 13.1 million; net gearing improved to 17%; equity ratio strengthened to 61%.

• Pampalo segment delivered 100% of revenue, with a 48% EBITDA margin.

• Non-recurring items included US asset sale costs, new financing arrangement expenses, and exchange rate losses offset by deferred tax asset recognition.

Outlook and guidance

• Gold production expected to increase by 10–20% in 2026, supported by high gold prices and the largest exploration program in company history (50,000 meters drilling).

• Southern Gold Line development project advancing to environmental assessment and pre-feasibility phases.

• Exceptionally strong gold market outlook, with prices exceeding USD 5,000/oz in early 2026.

• Market fundamentals for gold remain strong, with robust demand expected to continue.