EarningsQ2 2026 Earnings Report

Eldorado Gold (EGON) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:EGON Q2 2026 EPS Results

Actual EPS$9.66

Consensus EPS$10.09

Beat/MissMissed by -$0.43

One Year Ago EPS$7.74

MX:EGON Q2 2026 Revenue Results

Actual Revenue$8.60B

Expected Revenue$9.59B

Beat/MissMissed by -$992.96M

YoY Revenue Growth+7.88%

Earnings Announcement Details

QuarterQ2 2026

Date07/30/2026

TimeAfter Close

Conference CallThursday, July 30, 2026

MX:EGON Upcoming Earnings

Eldorado Gold's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:EGON Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a strongly positive operational and strategic outlook with material near-term milestones: Skouries moving through commissioning with first ore crushed and McIlvenna Bay producing first concentrates and ramping toward commercial production. Financial results benefited from a strong realized gold price, producing revenue and adjusted earnings growth, and the company retains robust liquidity. Offsetting risks include elevated project spending driving negative free cash flow this quarter, peak leverage (~$1.75 billion), rising production costs and higher AISC at several mines, and some timing risk on Skouries grid energization (mitigated by gensets). On balance the achievements and clear pathway to transformative production and cash-flow inflection outweigh the near-term cost and timing pressures.

Company Guidance

The company guided that 2026 is a pivotal year with Skouries reaching first ore crushed and first concentrate expected in Q3 and commercial production targeted in Q4 (plant substantially complete, wet commissioning underway, 2 of 6 filters ready, conveyors largely installed, workforce down from ~3,200 to ~2,650, ~4.0 million tonnes of ore stockpiled), Skouries project cost guidance remains ~$1.315 billion with $1.27 billion spent to Q2 and $201.3 million of $260 million accelerated operating capital incurred, and grid connection (50 MW capacity) is expected by end-August after a mid‑August inspection while temporary gensets provide ~36 MW for commissioning; McIlvenna Bay produced first copper concentrate in June and first zinc in July (Q2 throughput ~5,405 tonnes noted), is operating at roughly 70% throughput when running, and management is targeting commercial production later in Q3 (management’s commercial definition: 60–80% of nameplate for 30–60 days), with Q2 project spend of $78 million, Q3 McBay CapEx budgeted at ~$90 million and longer‑term studies targeting expansion to ~7,000 tpd and a silver‑lead circuit (commissioning targeted 2028, expansion 2030); corporate Q2 actuals and liquidity metrics included production of 105,000 oz gold (103,000 oz sold), revenue $487M, realized gold price $4,379/oz, production costs $185M, total cash costs $1,432/oz sold, AISC $1,926/oz sold, net earnings $173M ($0.68/sh) and adjusted net earnings $137M ($0.54/sh), cash $555M with ~$300M revolver capacity, total debt ~$1.75B, free cash flow -$334M (including ~$214M invested at Skouries; underlying business FCF excluding the two growth projects ~+$41M), H1 buybacks ~2.4M shares for $84M and dividends paid $34M, and management said peak leverage has been reached with debt servicing starting end of year and a minimum cash comfort level around $250M.

Major Commissioning Milestones at Skouries and McIlvenna Bay

Skouries: first ore crushed, process plant substantially complete, wet commissioning underway, two tailings thickeners ready, 2 of 6 filters commissioned, construction workforce reduced from ~3,200 to ~2,650; McIlvenna Bay: first copper concentrate produced (June) and first zinc concentrate (July), plant operating at ~70% throughput when running, targeting commercial production in Q3.

Strong Top-Line and Earnings Growth Driven by Gold Price

Revenue of $487 million in Q2 2026 vs $452 million in Q2 2025 (+7.7%), realized gold price $4,379/oz; net earnings $173 million vs $139 million (+24.5%); adjusted net earnings $137 million vs $90 million (+52%).

Solid Liquidity and Shareholder Returns

Cash and cash equivalents of $555 million and ~ $300 million of available revolving credit capacity; repurchased ~2.4 million shares for $84 million and paid $34 million in dividends year-to-date, providing financial flexibility while funding growth.

Operational Strength at Lamaque and McIlvenna Value Upside

Lamaque produced 52,340 ounces in Q2 with AISC $1,192/oz (strong mill performance and Ormaque contribution); McIlvenna Bay is long-life with district exploration upside and an integrated study underway to evaluate mill expansion from ~4,900 tpd to ~7,000 tpd and addition of a silver-lead circuit (targeted commissioning 2028/expansion 2030).

Large Skouries Ore Stockpile Supporting Ramp-Up

Approximately 4 million tonnes of ore stockpiled at Skouries (planned mill feed for 2026 into 2027), providing a strong feed foundation for ramp-up and grade profile management.

Recognition, ESG and Safety Achievements

Published annual sustainability report; Eldorado Quebec received the 2025 F.J. O'Connell Trophy for underground operations and environmental awards; named on Time's 2026 list of Canada's Best Companies — signaling strong culture, safety and ESG credentials.

MX:EGON Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	11.89 / -	7.316	―
Jul 30, 2026	2026 (Q2)	10.09 / 9.66	7.737	24.88% (+1.92)
Apr 30, 2026	2026 (Q1)	11.71 / 16.43	4.907	234.81% (+11.52)
Feb 19, 2026	2025 (Q4)	9.93 / 10.99	11.229	-2.16% (-0.24)
Oct 30, 2025	2025 (Q3)	8.06 / 7.32	6.207	17.86% (+1.11)
Jul 31, 2025	2025 (Q2)	8.27 / 7.74	5.825	32.82% (+1.91)
May 01, 2025	2025 (Q1)	5.74 / 4.91	4.703	4.34% (+0.20)
Feb 20, 2025	2024 (Q4)	10.25 / 11.23	4.13	171.91% (+7.10)
Oct 31, 2024	2024 (Q3)	5.88 / 6.21	3.008	106.36% (+3.20)
Jul 25, 2024	2024 (Q2)	4.40 / 5.82	1.517	284.03% (+4.31)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed