EM CEEMEA CREDIT: Endeavour Mining: Q3 Earnings, Supportive Read

(EDVLN; NR/BB-neg/BB)

• London-HQ, West Africa operating gold miner Endeavour Mining posted 3Q25 results, a supportive read for credit sentiment. Our feeds show the recently issued 5NC2 EDVLN 7 May30 charting at 6% yield area, having launched at 7.25% back in May ’25.
• Operationally, lower Q3 prod’n sequentially at 264koz does not alter the overall picture, with +5% y/y showing in line. The FY guidance looks on track at 1,100-1,260koz. A key contributor to prod’n is Hounde mine in Burkina Faso, which remains on a downward trend and saw a drop sequentially from 69koz In Q2 to 49koz in Q3 on lower avg. grades and seasonal factors.
• Higher AiSC in the quarter at $1,569/oz (+22% y/y) reflects on-going impact from higher royalties. Sequential rise is a more modest +8% q/q. AiSC FY guidance confirmed at $ 1,150-1,350.
• Financially, Q3 rev’s beat estimate at USD910mn, -10% y/y on lower prod’n. Adj EBITDA is reported at USD466mn, -16% sequentially. OCF were higher q/q at USD308mn on reduced corporate tax hit in Q3 and increased W/C outflow (mix of inventories and VAT receivables). FCF stand at USD166mn for Q3.
• Cash & equiv. sit at USD262.2mn at quarter end. Net debt is sequentially lower at USD453mn, with calculated LTM adj EBITDA up at USD2,181mn, which leaves marginally improved LTM adj leverage position at 0.21x, well below Co.’s target at 0.5x.