- 2025 Gold Production & Revenue Delivered 488,268 ounces of gold at $1.8B revenue, achieving upper end of guidance with $743M operating cash flow and $316M free cash flow (excluding Skouries).
- Skouries Project Delay First concentrate production now Q3 2026 (vs. prior guidance), with commercial production in Q4 2026 due to cyclone feed pump and power line issues.
- Financial Performance Q4 net earnings: $1.26/share; full-year: $2.56/share. Adjusted net earnings: $0.63/share (Q4) and $1.75/share (full-year), with $976M liquidity at year-end.
- 2026 Guidance Gold production: 490,000–590,000 oz; copper: 20–40M lbs; all-in sustaining costs: $1,670–$1,870/oz; exploration budget increased by 60% to $75–85M.
- Skouries Cash Flow Impact Project expected to become low-to-negative cost, potentially transforming Eldorado into a high free cash flow yielder, with $109M positive cash flow (excluding Skouries) in Q4.
Operational Highlights
The company's operational performance was also strong, with a lost time injury frequency rate improving to 0.55, and safe production of 123,416 gold ounces at $1,894 all-in sustaining cost per ounce sold. The company's guidance for 2026 expects total gold production to be between 490,000 and 590,000 ounces, with copper production of between 20 million and 40 million pounds.
Skouries Project Update
The Skouries project in Greece has been delayed, with first concentrate production now expected in early Q3 2026 and commercial production in Q4 2026. Despite the delay, the project remains a high-quality, long-life asset expected to generate meaningful cash flow. The company has agreed to commercial terms for the Skouries concentrate offtake arrangements, covering approximately 80% of planned copper concentrate production over the next 2-3 years.
Valuation Metrics
With a P/E Ratio of 17.18 and an EV/EBITDA of 10.61, the market is pricing in a certain level of growth for Eldorado Gold. The company's ROE is 12.4%, indicating a relatively healthy return on equity. Analysts estimate next year's revenue growth at 39.3%, which could potentially drive the stock price higher.
Growth Initiatives
Eldorado Gold is evaluating opportunities to increase production and reduce costs, including a potential pit expansion at Kisladag, which could unlock the western area of the pit and support resource expansion. The company has also increased its planned exploration investment for 2026 by 60%, expecting to spend between $75 million and $85 million.
Balance Sheet Strength
The company's balance sheet remains strong, with total liquidity of approximately $976 million at year-end, positioning them well to complete construction at Skouries and support growth initiatives. The company's net debt to EBITDA ratio is 0.49, indicating a manageable level of debt.