Eldorado’s results come amid relatively firm gold prices and broader volatility in basic materials equities, with mining stocks sensitive to macroeconomic factors including interest rates and currency moves.

Quarterly and Full-Year Results

For the quarter ended Dec. 31, 2025, Eldorado reported revenue of $577.2 million, up about 32% from the corresponding period in 2024. Full-year 2025 revenue was $1.82 billion, a roughly 38% increase from the prior year, driven largely by a higher average realized gold price.

Gold production in Q4 totaled 123,416 ounces, bringing full-year output to 488,268 ounces, at the higher end of the company’s guidance range. Sales volumes were supported by elevated realized prices, with average realized gold prices above $3,500 per ounce in 2025.

Net earnings attributable to shareholders from continuing operations were $252.3 million in Q4, rising sharply from a year earlier, while full-year net earnings reached $519.9 million. Operating cash flow before working capital changes was $230 million in Q4 and $752 million for the year.

Adjusted EBITDA—a measure of operating profitability—totaled $265.2 million in Q4 and $836.2 million in 2025, also reflecting higher net earnings year-over-year. Free cash flow excluding capital expenditures on the Skouries project was $109.3 million in Q4 and $315.6 million for the full year.

Costs and Project Capital

Production costs and sustaining costs rose in 2025, with total cash costs averaging roughly $1,176 per ounce for the year and all-in sustaining costs around $1,664 per ounce, both within prior guidance ranges. The increases were driven by higher royalties tied to rising gold prices and inflationary pressures in labour and materials.

Capital expenditures reached $978.9 million in 2025, including $475.2 million invested at the Skouries copper-gold project in Greece, part of Eldorado’s near-term growth pipeline.

2026 Guidance and Three-Year Outlook

Eldorado also provided 2026 production and cost guidance. It forecast consolidated gold production of 490,000 to 590,000 ounces and copper output of 20 million to 40 million pounds, reflecting the ramp-up of the Skouries project and broader mine operations. Longer-term, the company targets approximately 40% higher gold production by 2027 compared with 2025 levels.

Sustaining capital in 2026 is expected at $20 million to $35 million, with exploration expenditures of $75 million to $85 million focused on resource conversion and growth programs across Canada, Turkiye and Greece.

Eldorado’s guidance emphasises transition to significant cash generation in the back half of 2026 and into 2027 as Skouries begins contributing to overall production.

Market Context

EGO trades in a sector influenced by shifts in gold prices, real interest rates and broader macroeconomic trends. Miners often outperform when real rates decline and gold strengthens as a hedge against inflation, but stocks can lag during periods of equity market risk-on sentiment.

Outlook

Eldorado’s results point to resilient operational execution and a clear growth pathway, anchored by Skouries’ development. Investors will monitor how effectively higher production, cost management and capital allocation translate into sustained cash flow and returns, particularly in a fluctuating commodity price environment.