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.

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