Endomines - Operatively well in line with expectations
Endomines Q1 results were operatively well in line with our expectations, with revenue at EUR 18.5m (Evli EUR 18.6m) and Pampalo EBITDA at EUR 11.6m (Evli EUR 11.4m). EBITDA was EUR 8.8m (Evli EUR 10.3), with main deviations relating to one-offs.
- Revenue in Q1 amounted to EUR 18.5m (EUR 10.4m Q1/2025), in line with our estimate of EUR 18.6m.
- Revenue growth was supported by production growth of ~10% during Q1, combined with a significant increase in gold prices. During the quarter, the average gold price was at close to 4,900 USD by compared with ~2,900 USD in the comparison period.
- The group EBITDA in Q1 was at EUR 8.8m (EUR 3.7m Q1/2025), falling short of our estimate of EUR 10.3m. The difference was mainly due to costs relating to other business than Pampalo, with the EBITDA from Pampalo well in line with our estimates. Q1 included non-recurring items of EUR 1.1m, mainly related to the US.
- EBIT in Q1 amounted to EUR 7.4m, also lower than we estimated (Evli est. EUR 9.2m) due to the higher than anticipated costs from other operations.
- EBITDA from Pampalo production was at EUR 11.6m, up from EUR 4.8m in Q1/2025. We had estimated EBITDA of EUR 11.4m for Pampalo.
- EBITDA from the company’s other functions (Karelian gold line operations, USA operations and common functions) was at EUR -2.8m (EUR -1.1m Evli est.).
- 2026 outlook (reiterated): Gold production is estimated to increase by 10-20%, implying roughly 18,300-20,000 oz production.