Endeavour Mining (EDV) Q4 2025 earnings summary

Executive summary

• Achieved record FY-2025 free cash flow of $1,156m, up 269% year-over-year, with gold production of 1,209koz at an AISC of $1,433/oz, and returned $435m to shareholders, 93% above minimum commitment.

• Adjusted EBITDA rose 75% to $2,316m and adjusted net earnings increased 244% to $782m ($3.23/sh) year-over-year.

• Net debt/Adjusted EBITDA improved to 0.07x at year-end, reflecting robust deleveraging and financial strength.

• Major progress on organic growth, including Assafou project permits and a new exploration strategy targeting 12–15Moz of new resources by 2030.

• Maintained industry-leading ESG ratings and contributed $2.8bn to host countries.

Financial highlights

• Revenue increased 58% to $4,234m, driven by higher gold sales and a realized gold price of $3,464/oz (up $1,046/oz year-over-year).

• Operating cash flow before working capital doubled to $1,907m; free cash flow per share rose 273% to $4.77.

• Adjusted net earnings surged 244% to $782m; adjusted EPS up 247% to $3.23.

• Q4-2025 saw a 46% increase in adjusted EBITDA and a 97% rise in operating cash flow sequentially.

• Net earnings included a $193m non-cash impairment on non-core exploration properties.

Outlook and guidance

• FY-2026 production guidance set at 1,090–1,265koz at an AISC of $1,600–1,800/oz, reflecting higher royalty rates and increased sustaining capital.

• Minimum $1bn shareholder returns targeted for FY-2026 to FY-2028, with potential for supplemental returns if gold prices remain high.

• On track to achieve 1.5Moz production by 2030, driven by Assafou and Sabodala-Massawa expansions.

• Exploration spend for FY-2026 guided at $100m, with a focus on both brownfield and greenfield targets.