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Jun 30, 2025
Eldorado Gold Q2 2025 Earnings Report
Eldorado Gold reported strong Q2 2025 results driven by higher gold sales and realized prices, with continued progress at Skouries and solid operational execution.
Key Takeaways
Eldorado Gold posted a solid second quarter with increased revenue and net income, benefiting from elevated gold prices and operational efficiency, particularly at Kisladag and Lamaque. The company also maintained its annual production guidance and remains on track for Skouries' Q1 2026 production start.
Revenue grew to $451.7 million on strong gold sales and high realized prices.
Net income reached $139.0 million with EPS of $0.68.
Free cash flow was negative due to Skouries capital investment, but operating FCF excluding Skouries was $61.5 million.
Production costs rose primarily due to higher royalties and inflationary labor pressures.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Eldorado maintains its full-year production guidance, with expected results near the mid-point, despite rising costs due to royalty changes in Turkiye.
Positive Outlook
- Skouries remains on track for Q1 2026 production.
- Full-year production guidance maintained at 460,000 to 500,000 oz.
- Operating mines generating strong cash excluding Skouries.
- Improved productivity and throughput at Lamaque.
- Strong realized gold prices support margins.
Challenges Ahead
- Higher royalty rates in Turkiye and Greece increasing costs.
- Total cash costs and AISC expected at or above upper guidance.
- Olympias faced elevated operating costs.
- Efemcukuru impacted by lower ore grades.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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