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SEC filingEldorado Gold’s 2025 performance was driven by a 38% revenue surge to $1.82B on higher gold prices, with net income more than doubling to $507M despite large derivative losses and a deferred tax benefit.
Eldorado Gold reported stellar results for fiscal 2025, with revenue jumping 37.5% to $1.82 billion from $1.32 billion in 2024, driven entirely by higher average realized gold prices ($3,505/oz vs $2,405/oz). Gold production declined 6% to 488,268 ounces, but the price surge more than offset volume headwinds. Gross profit (earnings from mine operations) expanded 74% to $882.7 million, with gross margin improving from 38.3% to 48.5% as revenue grew faster than production costs. Operating income rose 73% to $727.4 million, and net income attributable to shareholders more than doubled to $507.3 million ($2.50 per share) from $289.1 million ($1.42) in 2024. The bottom line was boosted by a $177.7 million deferred tax recovery on recognition of tax assets in Canada and Greece, partially offset by $154.4 million in realized losses on gold collars and $39.4 million in unrealized derivative losses.
Total assets grew 15% to $6.73 billion from $5.84 billion at year-end 2024, driven by a $767 million increase in property, plant & equipment (mainly Skouries construction) and a $109 million investment in associate (Amex Exploration). Cash and cash equivalents were essentially flat at $869 million, despite heavy capital spending. Total debt rose 39% to $1.275 billion from $915 million, reflecting additional draws on the Skouries Term Facility (now fully drawn at €680.4M) and the VAT facility. Net debt (total debt less cash) increased to $406 million from $59 million. Working capital declined to $659 million from $1.06 billion, primarily due to higher accounts payable and current derivative liabilities. The company’s equity increased to $4.28 billion from $3.89 billion, with retained earnings improving as accumulated deficit narrowed.
Operating cash flow from continuing operations was strong at $742.5 million, up 13% from $656 million in 2024, reflecting higher profitability. However, free cash flow was negative $232.9 million due to massive investing outflows of $814.6 million, mostly for Skouries (cash capex of $561 million plus capitalized interest). Excluding Skouries, free cash flow was $315.6 million, down 11% from $355 million in 2024, as sustaining and growth capital at operating mines increased. Cash conversion was solid: operating cash flow exceeded net income (excluding non-cash items) by a comfortable margin. The company used $160.9 million for income taxes (mainly Turkiye and Quebec) and returned $203.5 million to shareholders via buybacks.
Management highlighted record gold prices as the primary driver of 2025 results, noting that royalty expenses increased 57% to $124 million due to higher metal prices and revised Turkish royalty rates. Production was at the high end of guidance, though total cash costs rose 25% to $1,176/oz. For 2026, the company guided to total gold production of 490,000–590,000 ounces, including first output from Skouries (60–100 koz gold). Total cash costs are expected to increase further to $1,220–$1,420/oz, while AISC is guided at $1,670–$1,870/oz. Capital spending remains elevated at $675–$695 million for operations and $175–$185 million for Skouries project capital, plus $80–$90 million of accelerated operational capital. The company also announced a quarterly dividend of $0.075/share and disclosed plans to acquire Foran Mining Corporation, expected to close in Q2 2026.
Segment performance varied widely. Turkiye generated $871 million in revenue (39.6% YoY growth) but operating margin declined from 37.7% to 46.9% (still high) due to royalty increases and local inflation. Canada’s Lamaque Complex revenue grew 39.1% to $658 million, with operating margin improving to 64.7% from 55.2% in 2024, benefiting from higher gold prices. Greece segment revenue rose 28.1% to $290 million, but operating income jumped to $48 million from $10.8 million, reflecting improved margins at Olympias despite a 14% production decline. Exploration expense increased 47% to $35 million, focused on near-mine targets. Derivative liabilities totaled $113 million at year-end, including gold and copper swaps and collars. Goodwill remained unchanged at $92.6 million (Lamaque CGU). In January 2026, the company declared an initial quarterly dividend of $0.075 per share, signaling a shift toward shareholder returns.