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Dec 31, 2025
Eldorado Gold Q4 2025 Earnings Report
Eldorado Gold reported strong fourth quarter 2025 results with higher gold prices driving revenue growth and increased earnings from continuing operations.
Key Takeaways
In Q4 2025, Eldorado Gold generated $577.2 million in revenue, supported by an average realized gold price of $4,251 per ounce. The company reported net income of $252.3 million from continuing operations, with higher gold prices offsetting lower production volumes and increased costs.
Revenue increased to $577.2 million driven by higher realized gold prices.
Net income from continuing operations reached $252.3 million.
Gold production totaled 123,416 ounces in the quarter.
All-in sustaining costs rose to $1,894 per ounce sold due to higher royalties and sustaining capital.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects first production from the Skouries project in early Q3 2026 and commercial production in Q4 2026, with continued focus on operational execution and cost discipline.
Positive Outlook
- First concentrate production at Skouries expected in early Q3 2026.
- Commercial production at Skouries anticipated in Q4 2026.
- Strong balance sheet supports growth pipeline.
- Improved economic terms expected from concentrate off-take agreements.
- Ongoing optimization initiatives at Kisladag and Lamaque.
Challenges Ahead
- Timing of first production at Skouries shifted to early Q3 2026.
- Higher royalty expenses due to elevated gold prices.
- Rising labour and operating costs in Turkiye and Canada.
- Recent rainfall impacting construction productivity at Skouries.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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