Endomines: Q2 - EBITDA miss due to elevated cost base - SEB
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Endomines: Q2 - EBITDA miss due to elevated cost base - SEB

Q2 gold production had already been announced in advance in July. Revenue was therefore close to our estimate, but Q2 EBITDA fell clearly short of our forecast due to a high cash cost per ton. Investments were also somewhat higher than we had estimated, which weighed on free cash flow. The company reiterates its 2026 guidance of 10-20% growth in gold production. Lower-than-expected EBITDA tilts the report to the negative side.

Q2 gold production had already been announced in advance in July. Revenue was therefore close to our estimate, but Q2 EBITDA fell clearly short of our forecast due to a high cash cost per ton. Investments were also somewhat higher than we had estimated, which weighed on free cash flow. The company reiterates its 2026 guidance of 10-20% growth in gold production. Lower-than-expected EBITDA tilts the report to the negative side.
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