Endomines Finland Plc – Financial Statements Release – 5/2/2026, at 10.00 EET
Endomines Finland Plc’s Financial Statements Release 2025: The Best Year in the company’s history – revenue increased by 59%, EBITDA by 182%
H2-2025 in brief
- The group’s revenue was MEUR 24.0 (MEUR 15.6), comprising 100% of the revenue of Pampalo production segment
- The group’s EBITDA was MEUR 8.7 (MEUR 3.9), or 36% of revenue (25%)
- The Pampalo production segment’s EBITDA was MEUR 11.8 (MEUR 6.3), or 49% of the revenue (40%)
- The group’s operating result was MEUR 2.2 (MEUR 2.5)
- The group’s net result was MEUR 5.1 (MEUR 1.3)
- Gold production in July–December increased by 7% and was 242.5 kg (226.6 kg), or 7,797 ounces (7,285 ounces)
Fiscal year 2025 in brief
- The group’s revenue increased by 59% and was MEUR 45.5 (MEUR 28.7)
- The group’s EBITDA increased by 182% and was MEUR 16.3 (MEUR 5.8), or 36% of revenue (20%)
- The Pampalo production segment’s EBITDA was MEUR 21.8 (MEUR 10.3), or 48% of revenue (36%)
- The group’s operating result increased by 192% and was MEUR 7.6 (MEUR 2.6)
- The group’s net result increased by 2,346% and was MEUR 7.3 (MEUR 0.3)
- Operational cash flow before investments was MEUR 13.1 (MEUR 6.1)
- Earnings per share was 0.7 EUR/share (0.0 EUR/share)
- Gold production from January to December 2025 increased by 16.3%. Production for the year 2025 was 517.2 kg (444.9 kg), or 16,630 ounces (14,304 ounces)
- Endomines has agreed to sell three gold deposits located in the US state of Idaho Yellowstone Mining Pty Ltd in Australia. The total debt-free price of the transaction is 20 million Australian dollars. The assets and liabilities included in the agreement have been classified as held for sale and valued at fair value according to IFRS 5 standard, resulting in a non-recurring loss of MEUR 3.9 recognized in the financial statements 2025
Guidance for the financial year 2026
We estimate gold production to increase by 10–20% compared to the reference period. In 2025, Endomines produced 16,630 ounces, or 517.2 kg of gold.
Group’s result
| Key figures | Unit | 1.7.–31.12.2025 | 1.7.–31.12.2024 | 1.1.–31.12.2025 | 1.1.–31.12.2024 |
| Revenue | MEUR | 24.0 | 15.6 | 45.5 | 28.7 |
| Pampalo production revenue | MEUR | 24.0 | 15.6 | 45.5 | 28.7 |
| % of revenue | % | 100% | 100% | 100% | 100% |
| Operating expenses | MEUR | -15.4 | -11.7 | -29.3 | -22.9 |
| EBITDA | MEUR | 8.7 | 3.9 | 16.3 | 5.8 |
| Pampalo production EBITDA | MEUR | 11.8 | 6.3 | 21.8 | 10.3 |
| % of revenue | % | 49% | 40% | 48% | 36% |
| Depreciations and impairment losses | MEUR | -6.5 | -1.4 | -8.7 | -3.2 |
| Operating result | MEUR | 2.2 | 2.5 | 7.6 | 2.6 |
| Net result | MEUR | 5.1 | 1.3 | 7.3 | 0.3 |
| Net gearing ratio | % | 17% | 32% | 17% | 32% |
| Equity ratio | % | 61% | 54% | 61% | 54% |
| Earnings per share | EUR | 0.4 | 0.1 | 0.7 | 0.0 |
| Cash Cost in Pampalo, excl. investments | EUR/oz | 1,563 | 1,252 | 1,432 | 1,281 |
CEO’s review
The year 2025 was extraordinary and, in many ways, a turning point both for the global economy and for Endomines. Geopolitical uncertainty and heightened tensions between major powers were strongly reflected in the commodities markets, particularly in the price of gold. The gold price rose from just over USD 2,600 per ounce at the beginning of the year to above USD 4,300 per ounce by year-end. The average price for the full year was USD 3,436 per ounce (comparison period: USD 2,402). The upward trend has continued in January 2026, with gold price repeatedly breaking new records and momentarily exceeding the level of USD 5,000 per ounce.
The best year in Endomines’ history
High gold price and strong operational performance were clearly reflected in our 2025 results. This was the best year in Endomines’ history.
- Revenue increased by 59% to MEUR 45.5 (MEUR 28.7)
- EBITDA grew by 182% to MEUR 16.3 million (MEUR 5.8), representing 36% of revenue (20%)
- Net profit was MEUR 7.3 (MEUR 0.3), or 16% of revenue (1%)
The result includes approximately MEUR 6.5 in non-recurring costs related to U.S. operations, as well as approximately MEUR 4.1 in deferred tax assets. In addition, we strengthened the structure of our balance sheet, and our net gearing ratio reduced to 17% (32%). I am extremely satisfied with the overall outcome and the company’s operational development.
Strategy execution progressed as planned
In 2025, we increased our gold production by 16.3% compared to 2024. We strengthened the foundations for future growth by acquiring the underground mining business of Power Mining Oy at Pampalo in the autumn. The acquisition is estimated to support the achievement of production growth targets well into the future.
In exploration, we achieved significant breakthroughs. The discovery of the Ukko gold deposit on the Southern Gold Line was the most significant achievement of the year, and results from Kartitsa on the Northern Gold Line were also highly encouraging.
In addition, in early 2026 we submitted an application to the European Union for Strategic Project status for the Southern Gold Line tungsten, molybdenum and gold project. Our goal is to commence production in the area around 2030. The planned expansion would increase our gold production from the current 16,630 ounces to 70,000–100,000 ounces, while also enabling the production in Finland of tungsten, a critical raw material for the defense industry, and molybdenum, an important raw material for the steel industry.
Structural streamlining in the United States
In November 2025, we agreed on the sale of three deposits in Idaho. The transaction clarifies our strategy, lightens our cost structure and frees up resources for the development of the Karelian Gold Line. The majority of the U.S. operational costs were related to the assets that were sold. Following the transaction, we retain four deposits in the United States, two in Idaho and two in Montana. During negotiations, we identified particularly strong potential in the Montana assets: Kearsarge offers the possibility of a large-scale gold operation, and the nearby US Grant historical resource contains, in addition to gold, approximately 4.5 million ounces of silver. The recent sharp increase in silver prices significantly enhances the attractiveness of the US Grant deposit.
We have initiated an evaluation of strategic alternatives for the remaining U.S. assets, but our strategic focus remains clear — we are focusing on Finland.
Sustainability guides all our operations
Sustainability is a core part of Endomines’ identity. We focus particularly on water management, people, and stakeholder cooperation. We want to ensure that our operations do not deteriorate water quality, and that we are a safe, fair and motivating workplace. We succeed only if we meet the expectations of the environment and our stakeholders and act as a role model for responsible mining.
I want us to build mining operations that every one of our employees can be proud of — while at the same time transforming the industry toward a more sustainable future.
New records expected in 2026
We are entering the new year from a strong starting position. We expect significant growth in 2026: our gold production is estimated to increase by 10–20% compared to 2025. We believe that the mining business acquisition completed last year will both strengthen our production reliability and improve our ability to plan operations with a longer-term perspective — thereby supporting our growth.
As for gold price, we are entering the year from a historically high level, and the outlook for the year 2026 is exceptionally strong. In addition, the divestment of our U.S. assets simplified our structure and will improve our financial performance through lower costs.
Our exploration targets for 2026 are ambitious: in addition to productionrelated drilling, we aim for approximately 50,000 metres of drilling in total. This is more than double the amount Endomines has ever completed before. During the year, we also expect exploration results related to tungsten and molybdenum along the gold line. We look forward to seeing the full results of the 2026 drilling programme.
Thanks for our shared success – together toward the next phase
I would like to thank all our employees for their excellent work. At the same time, I thank our shareholders, partners and stakeholders for the commitment that has made our progress possible.
We have achieved our initial targets, and our golden journey continues steadily forward toward the objective defined in our strategy.
Kari Vyhtinen
CEO
Endomines Finland Plc
Dividend
The AGM decided, as proposed by the Board of Directors, that no dividend will be paid.
Financial statements release 2025
This stock exchange release is a summary of Endomines Finland Plc's financial statements release for 2025 and contains its essential information. The complete financial statements release is attached to this release as a pdf file and is available on the company's website https://endomines.com/en/for-investors/reports-and-presentations/
Reporting in 2025
Endomines Finland Plc’s Annual Report — including the Board of Directors’ Report and Financial Statements, the Corporate Governance Statement, the Remuneration Report, the Mineral Resource Report, and the Sustainability Report — will be published on 26 March 2026.
Financial releases in 2026
Endomines will transition from half-year reporting to quarterly financial reporting in 2026. The company will publish its financial reports according to the following schedule:
- The Interim Report for January–March will be published on 12 May 2026.
- The Half-Year Financial Report for January–June will be published on 13 August 2026.
- The Interim Report for July–September will be published on 5 November 2026.
Webcast for analysts, investors and media 5.2.2026 at 14.00 EET
The webcast for media and analysts will be held in English, as a live webcast today 5 February 2026 at 14.00 EET. The event can be followed via this link. The recording will be available after the event at: https://endomines.com/en/for-investors/reports-and-presentations/.
Further information:
Kari Vyhtinen
CEO
Endomines Finland Plc
kari.vyhtinen@endomines.com
+358 40 585 0050
Minna Karttunen
CFO
Endomines Finland Plc
minna.karttunen@endomines.com
+358 40 513 3225
Endomines Finland Plc is a Finnish forerunner in sustainable mining. Our operations are focused on gold production and exploration in the Karelian Gold Line in Eastern Finland. We produce gold for the jewellery and electronics industries and create value by turning natural resources into wealth, and we also create value by transforming natural resources into wealth, an investment that can withstand the volatility of global politics. Our vision is to develop the Karelian gold line into one of the most important and sustainable gold-producing regions in the world. Endomines is listed on the OMX Helsinki main list (PAMPALO). www.endomines.com