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DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended March 31, 2026. Selected Highlights For the quarter ended March 31, 2026, the Company: recorded net income of $0.6 million, or $0.01 per share available to common stockholders, compared to $2.1 million, or $0.03 per share available to common stockholders for the same period in 2025; recorded AFFO of $2.1 million, or $0.05 per share, compared to $2.3 million.

Farmland Partners Inc. (FPI) Q1 2026 Earnings Call Transcript

Burford Capital Limited (LON:BUR – Get Free Report)’s share price reached a new 52-week low during trading on Friday . The stock traded as low as GBX 504.50 and last traded at GBX 506, with a volume of 639658 shares changing hands. The stock had previously closed at GBX 588.

Trending Headlines about Burford Capital Here are the key news stories impacting Burford Capital this week:

Neutral Sentiment: Overview coverage and company news roundup; useful for background on Burford’s exposure and recent press. News of burford Negative Sentiment: U.S. appeals court (Second Circuit reported) reversed the $16B YPF judgment in Argentina’s favor — directly reducing the legal claim outcome Burford had financed and significantly weakening the recoverable value of that investment. Big win for Argentina — US appeals court reverses $16 billion ruling linked to oil company seizure Negative Sentiment: Market coverage says Burford is likely to take a substantial write-down related to the YPF claim; analysts and headlines link the court setback to a sharp share-price decline and warn of impairment to NAV and near-term earnings. Why Burford Capital (BUR) Is Down 46.2% After Second Circuit YPF Setback And Potential Write-Down Negative Sentiment: Multiple market reports note heavy intraday selling, steep share-price falls, and widespread coverage of the ruling — reinforcing volatility and investor concern while Burford’s next public disclosures are awaited. Burford Capital shares sink as court overturns Argentina’s YPF case Burford Capital Trading Down 40.6% The firm has a market capitalization of £764.83 million, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.09 and a beta of 1.02. The company has a debt-to-equity ratio of 87.46, a current ratio of 1.57 and a quick ratio of 8.01. The company has a fifty day moving average of GBX 652.45 and a 200-day moving average of GBX 722.98.

Burford Capital Company Profile (Get Free Report)

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices.

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Burford Capital Limited (LON:BUR – Get Free Report) shares crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 647.02 and traded as low as GBX 333.20. Burford Capital shares last traded at GBX 338.80, with a volume of 177,508 shares traded.

Wall Street Analysts Forecast Growth Separately, Berenberg Bank reduced their target price on Burford Capital from GBX 1,600 to GBX 500 and set a “buy” rating for the company in a report on Monday, March 30th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Burford Capital has a consensus rating of “Buy” and an average price target of GBX 500.

Get Our Latest Stock Report on Burford Capital

Burford Capital Trading Up 0.1% The company has a debt-to-equity ratio of 87.46, a quick ratio of 8.01 and a current ratio of 1.57. The company has a 50-day simple moving average of GBX 514.95 and a 200 day simple moving average of GBX 647.02. The company has a market capitalization of £742.50 million, a P/E ratio of 12.11, a P/E/G ratio of 1.09 and a beta of 1.24.

Burford Capital Company Profile (Get Free Report)

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices.

Further Reading Five stocks we like better than Burford Capital Receive News & Ratings for Burford Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Burford Capital and related companies with MarketBeat.com's FREE daily email newsletter.

Eldorado Gold offers a compelling growth and value proposition, trading at a notable discount to peers despite imminent catalysts. Skouries mine is set for first production in Q3 2026, driving 40% output growth and significant copper exposure, further enhancing margins. EGO trades at under 8x 2026 earnings and below 5x 2027, with a strong balance sheet, new dividend, and active buybacks supporting capital returns.

Gold mining stocks were reaching for new heights in Q1 2026, but their quest got derailed as uncertainty arose about the outlook. The war in the Middle East can cause all sorts of problems for gold and gold miners, something likely to continue in Q2 2026. While an oil crisis is a short-term headwind for gold and gold miners, the long-term impact could be more positive for both.

April 13, 2026 07:00 ET  | Source: Eldorado Gold Corporation

VANCOUVER, British Columbia, April 13, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (TSX: ELD, NYSE American: EGO)  (“Eldorado” or the “Company”) will release its First Quarter 2026 Financial and Operational Results after the market closes on Thursday, April 30, 2026, and will host a conference call on Friday, May 1, 2026 at 11:30 AM ET (8:30 AM PT).

Q1 2026 Financial and Operational Results Call Details

The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VbJHuSmZ.

Conference Call Details
Replay (available until June 12, 2026)
Date:May 1, 2026Toll:+1 412 317 0088Time:11:30 AM ET (8:30 AM PT)Toll Free:1 855 669 9658Dial in:+1 647 846 2782Access code:4133862Toll free:1 833 752 3325   Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10207478/103910db6b6. Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Türkiye, and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
[email protected] 

Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
[email protected]        

Key Takeaways Eldorado Gold acquired Foran to strengthen its asset base and form a gold-copper mining company.EGO adds Skouries and McIlvenna Bay, both set for commercial production in mid-2026.EGO gains copper exposure and expects an output of 900K gold equivalent ounces in 2027. Eldorado Gold Corporation (EGO - Free Report) announced that it acquired all outstanding shares of Foran Mining Corporation. The deal will boost the balance and resilience of EGO’s existing asset base.

Details on EGO’s Deal With ForanEldorado Gold inked a deal with Foran on Feb. 2, 2026, to form a sector-leading gold-copper mining company that will yield notable near???term growth and cash flow generation. The acquisition of Foran adds two high-quality, fully financed development assets — Skouries and McIlvenna Bay — to Eldorado Gold’s portfolio.

Both assets are set to achieve commercial production in mid-2026, positioning Eldorado Gold to gain from solid metal prices and rising demand for critical minerals. The assets are expected to produce 900 thousand gold-equivalent ounces in 2027.

The addition of McIlvenna Bay gives Eldorado Gold the exposure to copper, offering exploration potential and long-term portfolio growth. The combined portfolio will offer a strategic mix of gold (around 77%), copper (about 15%) and other metals (around 8%).

Eldorado Gold’s Q4 PerformanceEGO reported adjusted earnings of 63 cents per share in fourth-quarter 2025, missing the Zacks Consensus Estimate of 64 cents. The bottom line increased 2% year over year. Eldorado Gold generated revenues of $577 million in the reported quarter, marking a year-over-year increase of 32.3%.

EGO produced 123,416 ounces of gold in the fourth quarter of 2025, marking a year-over-over dip of 20.7%

Eldorado Gold Stock’s Price PerformanceEGO shares have soared 73.5% in the past year compared with the industry’s surge of 80.9%.

Image Source: Zacks Investment Research

EGO’s Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are DuPont de Nemours, Inc. (DD - Free Report) , Compass Minerals International, Inc. (CMP - Free Report) and Johnson Matthey plc (JMPLY - Free Report) . DD and CMP sport a Zacks Rank #1 (Strong Buy) each at present, and JMPLY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for DuPont de Nemours’ 2026 earnings is pegged at $2.28 per share. The estimate indicates year-over-year growth of 35.7%. DuPont de Nemours’ shares have surged 90% in a year.

The consensus estimate for Compass Minerals’s 2026 earnings is pegged at 89 cents per share. The estimate indicates year-over-year growth of 285%. It has an average trailing four-quarter earnings surprise of 34.7%. Compass Minerals’ shares have surged 145% in a year.

The Zacks Consensus Estimate for Johnson Matthey’s 2026 earnings is pegged at $4.34 per share, indicating a year-over-year increase of 13.9%. JMPLY shares have skyrocketed 81.6% in a year. 

(All amounts expressed in U.S. dollars unless otherwise noted)

VANCOUVER, British Columbia, April 30, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, "Eldorado Gold" or “the Company”) (TSX: ELD) (NYSE: EGO) today reports the Company’s financial and operational results for the first quarter of 2026. For further information please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

First Quarter 2026 Highlights

Operations

Gold production: 100,358 ounces.Gold sales: 100,619 ounces at an average realized gold price per ounce sold(1) of $4,891.Production costs: $188.2 millionTotal cash costs(1): $1,470 per ounce soldAll-in sustaining costs ("AISC")(1): $1,942 per ounce soldTotal capital expenditures: $318.0 million, including $135.6 million of project capital invested at Skouries with activity focused on major earthworks and infrastructure construction, as well as $48.5 million of accelerated operational capital. Growth capital(1) at the operating mines totalled $89.4 million and sustaining capital(1) at operating mines totalled $32.9 million.Production and cost outlook: The Company is maintaining its 2026 annual production guidance of 490,000 to 590,000 ounces of gold. Production continues to be weighted to the second half of the year. Excluding Skouries total cash costs(1) for the full year are expected to be between $1,220 to $1,420 per ounce sold and an average AISC(1) of $1,670 to $1,870 per ounce sold.
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(1) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's March 31, 2026 MD&A.

Financial

Revenue: $532.4 million in Q1 2026.Net cash generated from operating activities of continuing operations: $141.4 million in Q1 2026.Cash flow from operating activities before changes in working capital(1): $187.1 million in Q1 2026.Cash and cash equivalents: $629.7 million as at March 31, 2026. Cash decreased by $239.6 million in Q1 2026 compared to Q4 2025, primarily due to growth capital investment, share buybacks, repayments of the VAT Facility, dividend payments, and income taxes paid. These cash outflows are offset partly by cash generated from operating activities, VAT refunds and the sale of investments in marketable securities.Net earnings attributable to shareholders: $136.4 million or $0.69 basic earnings per share.Adjusted net earnings attributable to shareholders(2): $188.2 million net earnings, or $0.95 earnings per share in Q1 2026. Adjustments of non-recurring items include an $18.3 million loss on foreign exchange translation of deferred tax balances, a $20.0 million unrealized loss on derivative instruments, and a $7.7 million expense relating to acquisition costs.
Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(1): $335.7 million.Free cash flow(2): Negative $129.1 million, primarily due to higher cash used in investing activities, partially offset by higher cash generated from operating activities. Free cash flow excluding capital expenditures at Skouries(2) was $62.9 million.
Corporate

Appointment of Sally Eyre to the Board of Directors, effective January 1, 2026.George Burns, Chief Executive Officer will retire in Q3 2026 on the ramp up toward commercial production at Skouries. Christian Milau, President, will assume the role of Chief Executive Officer at that time. Mr. Burns will remain a member of the Board following his retirement, and Mr. Milau will join the Board upon assuming the role of Chief Executive Officer.Promotion of Simon Hille to Executive Vice President and Chief Operating Officer, effective March 24, 2026.Appointment of Gordana Vicentijevic as Senior Vice President, Projects effective May 4, 2026.Initiation of a dividend program and first quarterly dividend payment on March 13, 2026.On April 30, 2026, the Company declared a second quarter dividend of $0.075 per common share, payable on June 16, 2026, to shareholders of record at close of business on June 2, 2026.
Subsequent Events

Completed the acquisition of Foran Mining Corporation ("Foran") on April 14, 2026, consideration included: 64,668,321 shares issued, andC$5.7M cash payment (C$0.01/share) Promotion of Sylvain Lehoux to Senior Vice President, Operations, Canada, effective April 14, 2026.Appointment of Dan Myerson to the Board of Directors, effective April 14, 2026, and appointed as Deputy Chair, effective April 30, 2026.
Commentary

“As expected, first quarter gold production was aligned with our second half-weighted annual guidance, with 100,358 ounces produced,” said George Burns, Chief Executive Officer. “Continued strength in gold prices supported solid financial results during the quarter, reflecting disciplined operating performance and the quality of our asset base. During the quarter, we continued returning capital to shareholders through share buybacks and paid our first quarterly dividend, underscoring our commitment to sustainable shareholder returns.

During the quarter, construction at Skouries continued to advance and remains on track for first concentrate production in Q3 and commercial production in Q4. As execution activities have progressed and the project advances toward construction completion on schedule we have updated the forecast-to-complete and, as a result we have revised the estimate of total project capital to approximately $1.315 billion, an increase of approximately $155 million from the prior estimate. This reflects incremental costs related to labour, project and support overheads and materials across multiple work fronts and foreign exchange impacts. The primary driver of the increase is related to the contractor workforce levels to sustain execution momentum. We believe that advancing Skouries into safe production in the current metal price environment is a key driver of value creation, and this incremental capital reflects our continued focus on maintaining momentum toward first concentrate production.

We also received the Ormaque operating authorization, enhancing production flexibility at the Lamaque Complex by enabling ore from two mines to feed the mill. In addition, we strengthened our execution capabilities with the promotion of Simon Hille to Chief Operating Officer and the addition of Gordana Vicentijevic as Senior Vice President, Projects, reinforcing our focus on delivery certainty and long‑term value creation.

Subsequent to quarter end, we completed the acquisition of Foran, adding McIlvenna Bay to our portfolio, a high‑quality, multi‑decade Canadian copper‑zinc‑gold-silver asset to our portfolio. The project also offers significant exploration upside across a prospective district-scale land package, including near-mine targets such as the Tesla Zone. Since closing the acquisition, we have approved approximately $17 million of exploration spending in 2026, reflecting the highly target‑rich nature of the district and the potential to further extend mine life and support future growth. Collectively, these actions highlight our focus on execution and building a high-quality, long-life portfolio.”

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(2) These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's March 31, 2026 MD&A.

Skouries Highlights

The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece and is a high-grade copper-gold project. In January 2022, Eldorado published the results of the Skouries Project Feasibility Study with a 20-year mine life and expected average annual production over the life of the mine of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces(3).

First production of the copper-gold concentrate is expected in Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.

Concentrate Off-Take Agreements

Concentrate commercial terms remain agreed and final offtake contract negotiations are in progress. With robust market conditions for copper gold concentrates continuing in 2026, we remain confident of achieving significantly stronger terms than those assumed in the 2022 feasibility study assumptions.

Capital Estimate and Schedule

As execution activities have progressed and the project advances toward construction completion on schedule, the Company has updated its forecast-to-complete and, as a result has revised its estimate of total project capital for phase 2 to approximately $1.315 billion. This reflects an incremental $155 million related to labour, project and support overheads and materials costs across multiple work fronts and foreign exchange impacts. Additional contractor resources have been and continue to be required to sustain momentum. Since mid Q1 2026 when the onsite workforce totaled approximately 2,350 employees and contractors, workforce levels have increased to over 3,200 currently, including the addition of specialized EU‑based contractors. This expanded workforce has supported continued progress across critical work fronts. The total workforce is expected to remain above 3,200 throughout the second quarter of 2026, followed by a planned and significant reduction in onsite labour in the third quarter as construction is completed, contractors are demobilized, and staffing levels normalize to support steady-state operations as the project transitions from construction into operations.

The project remains fully funded through operating cash flow, cash and debt financing. The Term Facility totalling €680.4 million ($782.3 million) is fully drawn (and the Contingent Overrun Facility of €60.0 million remains undrawn).

Project capital totalled $135.6 million in Q1 2026 and as of March 31, 2026, cumulative project capital invested towards Phase 2 of construction totalled $1.116 billion.

The accelerated operational capital cost estimate for Skouries has increased to approximately $260 million, reflecting an incremental $82 million investment focused on expanded pre‑commercial underground and open‑pit mining. These activities are supporting continued growth of the ore stockpiles ahead of first production, further advancement of the underground mine and advancing the site general earthworks. This incremental capital supports a smooth ramp‑up into production.

The Company is well positioned for start‑up, with over 2.8 million tonnes of ore stockpiled which provides the entire planned mill tonnage for 2026. Open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years.

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(3) Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period: 2026-2027: $4,000/oz gold and $5.00/lb copper; 2029 and beyond: $3,000/oz gold and $4.50/lb copper.

Construction Activities

As at March 31, 2026, overall project progress was approximately 94% complete.

Primary Crusher Building

The primary crusher is mechanically complete and all associated equipment is set in position, with work underway on the final piping and electrical installation. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations are underway.

The stockpile dome foundation is complete, and assembly of the dome structure is virtually complete. All three reclaim feeders and associated chute work have been installed and work is underway to complete the final mechanical, piping and electrical connections in the stockpile reclaim tunnel. Electrical cable installation and terminations are in progress in the prefabricated electrical distribution room.

Process Plant

Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore introduction. Q1 2026 inspections identified the need to replace the two damaged cyclone feed pumps variable speed drives. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the process control building structure is complete with electrical work underway across all plant areas. Electrical rooms are being progressively handed over to commissioning.

During the period, the compressor systems, blower systems and the process and fire water pumping systems achieved construction completion and have been handed over to the commissioning team. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.

Thickeners

Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up.

Water testing is complete and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building with piping and electrical work nearly complete, and mechanical and electrical installations in the flocculant building progressing. Electrical installations and cable pulling in the thickeners’ secondary substation building are well advanced.

Filtered Tailings Facility

Work continues to progress on the filtered tailings plant which remains on the critical path, with electrical installations and commissioning as the final steps. Work is also advancing on the tailings handling infrastructure.

Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete. Pipe installation continues to progress and cable tray installations are substantially complete. Electrical and instrumentation work is complete on filter presses 1 and 2 and progressing through the remaining four filter presses.

The filter plant tank farm construction has progressed with all five tanks now complete and structural steel for pipe racks and platforms advancing to support piping installations. The clarifier water tank construction is fully welded and currently being painted following the successful hydrotest. The clarifier is assembled and the bridge assembly is being preassembled for installation.

The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.

Powerline and Substations

The 150kV powerline, and primary substation are advancing in accordance with the project schedule to support start-up in Q3 2026. Final approval from the electrical regulatory authority, which is required prior to commissioning, is expected following completion of the required inspection and energization protocols in late Q2 or early Q3.

Powerline construction is advancing with the transmission tower assembly complete and pilot wire pulling now underway along the transmission line. Work in the primary substation has advanced through ongoing assembly of the substation structures and control building structural completion.

Commissioning Activities

Pre-commissioning of the power infrastructure for the plant has started with the substations that distribute power to the process plant, filter plant, and primary crusher. Commissioning continues in the fire, utility, and process water systems. Pre-commissioning for the SAG and Ball mill instrumentation, electrical and control systems has started. Pre-commissioning started in the flotation area with focus on air and instrumentation for the flotation cells. Wet commissioning has started for the process-water pumps and tailings thickeners.

Integrated Extractive Waste Management Facility (the "IEWMF")

Preparation works for the initial tailings placement area is progressing, with engineering fill continuing in the first part of Q2 2026.

Construction of the low-grade ore stockpile continued advancing with the planned sequence focused on the lower section.

Excavation of the southern diversion trench is ongoing and ramping up in the more favorable dry season.

Accelerated Operations and Readiness

Open Pit Mining

The open pit mine continued to ramp up during Q1 2026 and remains ahead of plan in building ore stockpiles for the process plant start-up. The open pit team delivered 877 kt of ore to stockpiles during Q1 2026. At the end of Q1 2026 the stockpiles contained approximately 2.3 million tonnes of open pit and underground ore. The stockpile metal content is approximately 84,000 ounces of gold and 24 million pounds of copper. Grade control drilling of the open pit phase 1 has been completed

Underground Development

The underground mine delivered 140 kt of ore to the ore stockpiles during Q1 2026. Underground access development rates continued to accelerate. A total of 1,333 meters of underground development was completed in Q1 2026. The monthly advance during March 2026 was 607 meters, a step up towards the approximate 700 meters per month we are targeting during the remaining months of the year. The underground ventilation system has been upgraded enabling ventilation of the 350 level where the remaining four test stopes will be mined this year.

The second test stope was completed with ore fragmentation, stope cavity monitoring and extraction exceeding expectations. Development of both the east and west declines continues, and development to access the next four test stopes started in Q2 2026.

Based on the successful completion of the first two test stopes, the Company has the opportunity to expand the stope design to support greater productivity, with the planned four larger test stopes designed at approximately 100 kt per stope

Processing

Three of the four processing operations and maintenance teams have successfully completed their theoretical training and are now completing job familiarization training at both Skouries and Olympias sites. The fourth team will commence theory training in Q2 2026.

Several key readiness activities are advancing according to plan. Procurement of maintenance spares is advancing on plan for completion in Q2, consignment stock agreements are in place with the main OEM’s and the tailings placement design has been completed.

Twelve highly experienced process plant ramp-up experts have been contracted to support the operations team during the first three months of operations.

Workforce

As at March 31, 2026, there were approximately 3,000 personnel working on site, including 450 Skouries employees.

Skouries Multimedia

A progress update video can be found here: https://youtu.be/rQh4xI9eAQ8To view a time lapse of the filtered tailing plant installation, please visit: https://youtu.be/Q0kX40qpUHgPhotos of the construction progress at Skouries can be viewed and downloaded via this link: https://eldoradogold.getbynder.com/web/75fd38cea59305ba/q1-2026-skouries-project-update/ McIlvenna Bay Project – Canada

The McIlvenna Bay Project, located in Saskatchewan, Canada, is a copper-zinc-gold-silver rich development project added on April 14, 2026, with the acquisition of Foran. In March 2025, Foran published a McIlvenna Bay Project Feasibility Study, with an 18 year mine life and average life of mine production of 41 million pounds of copper, 20,000 ounces of gold, 444,000 ounces of silver and 54 million pounds of zinc.

The mine is expected to have a long life and is supported by a robust resource base, with highly prospective exploration upside across the broader district, including the nearby Tesla Zone. McIlvenna Bay is nearing first production and is expected to achieve commercial production in Q3 2026.

Located in one of the world’s most attractive mining jurisdictions, the project benefits from excellent infrastructure and is designated by the Government of Canada as a project of national significance to support critical mineral development. McIlvenna Bay is expected to enhance Eldorado’s production profile, increase exposure to copper, and contribute to long-term cash flow generation.

Following the close of the acquisition the Company is currently working to fully integrate McIlvenna Bay. Updated production and cost guidance, including timing related to potential expansion studies and an evaluation of the potential addition of a silver-lead circuit, will be provided in conjunction with the Company’s Q2 2026 Operational and Financial Update.

Consolidated Financial and Operational Highlights

 3 months ended March 31,
   2026  2025 Revenue$532.4 $355.2 Gold produced (oz) 100,358  115,893 Gold sold (oz) 100,619  116,263 Average realized gold price ($/oz sold) (2)$4,891 $2,933 Production costs 188.2  148.3 Total cash costs ($/oz sold) (2,3) 1,470  1,153 All-in sustaining costs ($/oz sold) (2,3) 1,942  1,559 Net earnings for the period (1) 136.4  72.4 Net earnings per share – basic ($/share) (1) 0.69  0.35 Net earnings per share – diluted ($/share) (1) 0.68  0.35 Net earnings for the period continuing operations (1,4) 136.4  72.0 Net earnings per share continuing operations – basic ($/share) (1,4) 0.69  0.35 Net earnings per share continuing operations – diluted ($/share) (1,4) 0.68  0.35 Adjusted net earnings (1,2,4) 188.2  56.4 Adjusted net earnings per share - basic ($/share) (1,2,4) 0.95  0.28 Net cash generated from operating activities (4) 141.4  130.4 Cash flow from operating activities before changes in working capital (2,4) 187.1  136.5 Free cash flow (2,4) (129.1) (29.4)Free cash flow excluding Skouries (2,4) 62.9  67.9 Cash and cash equivalents (4) 629.7  978.1 Total assets 6,700.0  5,951.8 Debt 1,230.8  932.8 (1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
(3) Includes costs allocated to by-products.
(4) 2025 amounts presented are from continuing operations only and exclude the Romania segment.  Gold production in Q1 2026 totalled 100,358 ounces of gold, a 13% decrease from Q1 2025 production of 115,893 ounces. This primarily reflected decreases at Kisladag due to the planned lower tonnes and ore grade stacked, and decreases at Efemcukuru due to lower ore grade, partially offset by an increase at Olympias and Lamaque due to higher grade and recoveries.

Gold sales in Q1 2026 totalled 100,619 ounces, a 13% decrease from 116,263 ounces sold in Q1 2025 due to the impact of lower production in Q1 2026.

The average realized gold price(4) was $4,891 per ounce sold in Q1 2026, an increase of 67% from $2,933 per ounce sold in Q1 2025. As a result, total revenue was $532.4 million in Q1 2026, an increase of 50% from total revenue of $355.2 million in Q1 2025.

Production costs increased to $188.2 million in Q1 2026 from $148.3 million in Q1 2025 mainly due to an increase in royalties in Turkiye and Greece, which accounted for approximately 70% of the increase to production costs. The remainder relates primarily to increases in labour costs, due to cost inflation in Turkiye, higher volumes produced at Lamaque and Olympias, and additional costs incurred in labour and contractors due to deepening the production centre of the Triangle Mine at Lamaque. Production costs include royalty expense, which increased to $50.1 million in Q1 2026 from $22.2 million in Q1 2025 due to higher average realized gold prices and higher royalty rates, partially offset by lower sales volumes. In Turkiye, royalties are paid on revenue less certain costs associated with ore haulage, mineral processing and related depreciation, and are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. Effective July 24, 2025, amendments to Turkish Mining Law were enacted, which included changes to the base rate table for state royalties on gold metal sales. The price-linked sliding scale of royalty rates has broadened with increasing rate bands, with the highest band at a maximum gold price of $5,101/oz, an expansion from the previous maximum of $2,101/oz. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the EUR/USD exchange rate.

Total cash costs(5) in Q1 2026 averaged $1,470 per ounce sold, an increase from $1,153 per ounce sold in Q1 2025, primarily due to higher royalty expense driven by higher gold prices, lower volumes sold, as well as impacts from labour. AISC per ounce sold(5) increased to $1,942 in Q1 2026 from $1,559 in Q1 2025, mainly due to higher total cash costs per ounce sold in Q1 2026.

The Company reported net earnings attributable to shareholders from continuing operations of $136.4 million ($0.69 basic earnings per share) in Q1 2026, compared to net earnings of $72.0 million ($0.35 basic earnings per share) in Q1 2025. Higher net earnings in Q1 2026 is primarily attributable to higher average realized gold prices, partially offset by lower volumes sold, higher production costs and higher income tax expense.

Adjusted net earnings(5) was $188.2 million ($0.95 basic earnings per share) in Q1 2026, compared to adjusted net earnings of $56.4 million ($0.28 basic earnings per share) in Q1 2025. Adjustments of non-recurring items in Q1 2026 include removing an $18.3 million loss on foreign exchange translation of deferred tax balances, a $20.0 million unrealized loss on derivative instruments, and a $7.7 million expense relating to acquisition costs.

_______________
(4) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(5) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Quarterly Operations Update

Gold Operations

 3 months ended March 31,  2026 2025Total  Gold produced (oz) 100,358 115,893Gold sold (oz) 100,619 116,263Production costs$188.2$148.3Total cash costs ($/oz sold) (1,2)$1,470$1,153All-in sustaining costs ($/oz sold) (1,2)$1,942$1,559Sustaining capital expenditures (2)$32.9$32.9Kisladag  Gold produced (oz) 28,339 44,319Gold sold (oz) 28,311 44,338Production costs$56.7$47.5Total cash costs ($/oz sold) (1,2)$1,896$1,039All-in sustaining costs ($/oz sold) (1,2)$2,060$1,138Sustaining capital expenditures (2)$3.5$2.3Lamaque  Gold produced (oz) 42,306 40,438Gold sold (oz) 44,607 42,205Production costs$41.8$35.7Total cash costs ($/oz sold) (1,2)$904$836All-in sustaining costs ($/oz sold) (1,2)$1,370$1,392Sustaining capital expenditures (2)$20.2$22.7Efemcukuru  Gold produced (oz) 15,394 19,307Gold sold (oz) 15,173 17,790Production costs$37.6$24.7Total cash costs ($/oz sold) (1,2)$2,208$1,357All-in sustaining costs ($/oz sold) (1,2)$2,528$1,550Sustaining capital expenditures (2)$4.6$3.0Olympias  Gold produced (oz) 14,319 11,829Gold sold (oz) 12,528 11,930Production costs$52.1$40.3Total cash costs ($/oz sold) (1,2)$1,628$2,398All-in sustaining costs ($/oz sold) (1,2)$2,031$2,842Sustaining capital expenditures (2)$4.6$4.9(1) Includes costs allocated to by-products.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.  Kisladag

Kisladag produced 28,339 ounces of gold in Q1 2026, a 36% decrease from 44,319 ounces in Q1 2025. The decrease was due to the planned lower tonnes and ore grade stacked in the first quarter, in addition to the accelerated waste removal from phase 6 and the western area which is underway. The average grade of tonnes placed decreased to 0.44 grams per tonne in Q1 2026 from 0.79 grams per tonne in Q1 2025.

Revenue increased to $145.7 million in Q1 2026 from $129.2 million in Q1 2025, driven by the higher average realized gold price, partially offset by lower gold ounces sold.

Production costs increased to $56.7 million in Q1 2026 from $47.5 million in Q1 2025, driven by higher royalty rates as a result of higher realized gold prices, partially offset by lower ounces sold. On a per ounce sold basis, higher production costs and lower ounces produced resulted in total cash costs per ounce sold increasing to $1,896 in Q1 2026 from $1,039 in Q1 2025.

AISC per ounce sold increased to $2,060 in Q1 2026 from $1,138 in Q1 2025, primarily due to higher total cash costs per ounce sold and higher sustaining capital expenditures.

Sustaining capital expenditures of $3.5 million in Q1 2026 primarily included equipment rebuilds and geometallurgical drilling. Growth capital investment of $51.3 million in Q1 2026 includes multiple purchases of land totalling $23.9 million required for the construction of the North Heap Leach Pad ("NHLP") and North Rock Dump, with the balance of $27.4 million related primarily to waste stripping and associated equipment costs as well as continued construction of the NHLP Phase 3.

The geometallurgical study, characterizing future mining phases and evaluating the benefit of additional screening for the high pressure grinding rolls and whole ore agglomeration, is expected to be complete in Q2 2026.

The higher metal price environment has created a significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a $1,700 to a $2,100 pit shell, which is expected to open up the western area of the pit and support resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges in the open pit, we expect to increase waste stripping in 2026 by six to eight million tonnes. The mine optimization plan is expected to be beneficial in the long-term by improved balancing of ore and waste movement and supporting consistent year-over-year performance.

For 2026, production guidance at Kisladag is 105,000 to 130,000 ounces of gold. Production is expected to decrease in the second quarter as a result of an extended 14-day planned shutdown for roll replacement and installation of the secondary crushing screen.

Lamaque

Lamaque produced 42,306 ounces of gold in Q1 2026, a 5% increase from 40,438 ounces in Q1 2025 primarily driven by higher grade ore, which includes the positive impact of Ormaque ore following receipt of the operating authorization in March, partially offset by lower throughput. Average grade increased to 6.20 grams per tonne in Q1 2026 from 5.38 grams per tonne in Q1 2025.

Revenue increased to $219.6 million in Q1 2026 from $122.0 million in Q1 2025 primarily due to the higher average realized gold price combined with an increase in gold ounces sold during the quarter.

Production costs increased to $41.8 million in Q1 2026 from $35.7 million in Q1 2025, reflecting higher costs and higher volume sold. As the centre of production at the Triangle Mine deepens, additional costs are incurred for haulage, equipment and personnel requirements. Total cash costs per ounce sold increased to $904 in Q1 2026 from $836 in Q1 2025 primarily due to higher costs, including mining costs for Ormaque as well as higher royalties due to the higher realized average gold price, partially offset by higher ounces sold.

AISC per ounce sold decreased to $1,370 in Q1 2026 from $1,392 in Q1 2025, primarily due to modestly lower sustaining capital and higher volumes sold, partially offset by the increase in total cash costs per ounce sold.

Sustaining capital expenditures of $20.2 million in Q1 2026 primarily related to underground development, delineation drilling, equipment rebuilds and purchases. Growth capital investment of $27.8 million in Q1 2026 primarily related to Ormaque development, construction of the north basin water management structure, construction of the paste plant, and ramp development at the Triangle Mine.

In 2026, production guidance at Lamaque is 185,000 to 200,000 ounces of gold. Production is expected to increase in the second quarter with higher grades expected as a result of mine sequencing and increased throughput.

Efemcukuru

Efemcukuru produced 15,394 payable ounces of gold in Q1 2026, a decrease from 19,307 payable ounces in Q1 2025 driven by lower gold grade of 3.92 grams per tonne in Q1 2026 from 5.52 grams per tonne in Q1 2025, partly offset by higher throughput during the quarter.

Revenue increased to $78.6 million in Q1 2026 compared to $57.5 million in Q1 2025. The increase was due to the higher average realized gold price, partially offset by lower gold sold.

Production costs increased to $37.6 million in Q1 2026 from $24.7 million in Q1 2025 driven by higher royalty rates as a result of higher realized gold prices. Additionally, lower gold ounces sold resulted in an increase in total cash costs per ounce sold to $2,208 in Q1 2026, from $1,357 in Q1 2025.

AISC per ounce sold increased to $2,528 in Q1 2026 from $1,550 in Q1 2025, primarily due to the increase in total cash costs per ounce sold, as well as higher sustaining capital expenditures as a result of increased development.

Sustaining capital expenditures of $4.6 million in Q1 2026 related primarily to underground development. Growth capital investment of $2.4 million related to both portal development for Kokarpinar and development costs at Bati.

For 2026, production guidance at Efemcukuru is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.

Olympias

Olympias produced 14,319 payable ounces of gold in Q1 2026, a 21% increase from 11,829 ounces in Q1 2025. The increase is a reflection of stable ore blend and flotation performance which resulted in increased metal recoveries.

Revenue increased to $88.5 million in Q1 2026 compared to $46.5 million in Q1 2025 primarily as a result of higher realized gold price, as well as higher sales volumes, grades and recoveries of gold and base metals.

Production costs increased to $52.1 million in Q1 2026 from $40.3 million in Q1 2025. Increases in costs were driven primarily by higher royalties due to the higher realized gold price, combined with the stronger Euro and its impact on costs in local currency, including labour. Total cash costs decreased to $1,628 in Q1 2026 from $2,398 in Q1 2025 due to higher allocation of costs to by-products and higher gold ounces sold, partially offset by higher royalties.

AISC per ounce sold decreased to $2,031 in Q1 2026 from $2,842 in Q1 2025 primarily due to lower total cash cost per ounce sold and higher volumes sold. Sustaining capital expenditures of $4.6 million in Q1 2026 primarily included underground development, underground resource classification drilling and mobile mining equipment rebuilds and purchases. Growth capital investment of $8.0 million in Q1 2026 was driven by the mill expansion project, with sequential completion expected in Q3 2026 and ramp-up expected in Q4 2026.

For 2026, production guidance at Olympias is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to increase with higher grades expected as a result of mine sequencing.

For further information on the Company's operating results for the first quarter of 2026, please see the Company’s MD&A filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

Conference Call

A conference call to discuss the details of the Company’s First Quarter 2026 Results will be held by senior management on Friday, May 1, 2026, at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com and via this link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VbJHuSmZ.

Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10207478/103910db6b6.

Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.

Conference Call Details Replay (available until June 12, 2026)Date:May 1, 2026 Vancouver:+1 412 317 0088Time:11:30 am ET (8:30 am PT) Toll Free:+1 855 669 9658Dial in:+1 647 846 2782 Access code:4133862Toll free:+1 833 752 3325         About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Canada, Turkiye and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contacts

Investor Relations

Lynette Gould, VP Investor Relations, Communications and External Affairs
647.271.2827 or 1.888.353.8166
[email protected]

Media

Chad Pederson, Director, Communications and Public Affairs
236.885.6251 or 1.888.353.8166
[email protected]

Non-IFRS and Other Financial Measures and Ratios

Certain non-IFRS financial measures and ratios are included in this news release, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital.

Please see the March 31, 2026 MD&A for explanations and discussion of these non-IFRS and other financial measures and ratios. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the performance of our gold mining operations and its ability to generate positive cash flow. These non-IFRS financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

We believe that our use of total cash costs per ounce sold and all-in sustaining costs per ounce sold will assist analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, assessing our operating performance, and our ability to generate free cash flow from gold operations. Due to the capital-intensive nature of the industry and the long useful lives over which these assets are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine, and therefore we believe these measures are useful non-IFRS operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. Certain additional disclosures for these and other financial measures and ratios have been incorporated by reference and can be found in the section 'Non-IFRS and Other Financial Measures and Ratios' in the March 31, 2026 MD&A available on SEDAR+ at www.sedarplus.com and on the Company's website under the 'Investors' section.

EBITDA, Adjusted EBITDA

Our reconciliation of EBITDA and Adjusted EBITDA to earnings from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.

 Q1 2026
 Q1 2025
 Earnings before income tax (1)$246.7 $42.3 Depreciation and amortization (2) 54.4  60.6 Interest income (7.7) (8.3)Finance costs 14.0  12.2 EBITDA$307.5 $106.9 Unrealized loss on derivative instruments 20.0  63.4 Acquisition costs 7.7  — Loss (gain) on disposal of assets 0.4  (7.3)Share of loss from associate 0.1  — Adjusted EBITDA$335.7 $163.0 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.
(2) Includes depreciation within general and administrative expenses.
  Adjusted Net Earnings Attributable to Shareholders

Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.

 Q1 2026
 Q1 2025
 Net earnings attributable to shareholders of the Company (1)$136.4 $72.0 Loss (gain) on foreign exchange translation of deferred tax balances 18.3  (3.5)Decrease (increase) in fair value of redemption option derivative 5.8  (0.6)Unrealized loss on derivative instruments 20.0  63.4 Acquisition costs 7.7  — Tax recovery on recognition of deferred tax asset —  (73.5)(Gain) discount on sale of marketable securities (0.1) 5.1 Share of loss from associate 0.1  — Gain on sale of mining licenses —  (6.5)Total adjusted net earnings $188.2 $56.4 Weighted average shares outstanding (thousands) 197,731  204,762 Adjusted net earnings per share ($/share)$0.95 $0.28 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.   Reconciliation of Total Cash Costs, Total Cash Cost per Ounce Sold, AISC, and AISC per Ounce Sold to Production Costs

Our reconciliation of total cash costs, total cash costs per ounce sold, AISC, and AISC per Ounce Sold to production costs, the most directly comparable IFRS measure, is presented below.

For the three months ended March 31, 2026:

 Kisladag
 Lamaque
 Efemcukuru
 Olympias
 Corporate(3)
Total
 Direct operating costs$39.3 $38.1 $20.7 $39.1 $—$137.2 Transportation and selling costs 0.2  0.1  2.8  2.5  —$5.6 Inventory change (1) (3.1) 1.0  (0.2) (2.4) —$(4.6)Royalty expense 20.4  2.6  14.3  12.9  —$50.1 Production costs$56.7 $41.8 $37.6 $52.1 $—$188.2 Costs allocated to by-products (3.1) (1.4) (4.1) (32.0) —$(40.6)Treatment and refining costs (2) —  —  —  0.3  —$0.3 Total cash costs$53.7 $40.3 $33.5 $20.4 $—$147.9 Corporate & allocated G&A —  —  —  —  12.1$12.1 Exploration costs —  0.4  —  —  —$0.4 Reclamation costs and amortization 1.2  0.2  0.3  0.4  —$2.1 Sustaining capital 3.5  20.2  4.6  4.6  —$32.9 All-in sustaining costs$58.3 $61.1 $38.4 $25.4 $12.1$195.4 Gold oz sold 28,311  44,607  15,173  12,528  — 100,619 Total cash costs/oz$1,896 $904 $2,208 $1,628 $—$1,470 AISC/oz$2,060 $1,370 $2,528 $2,031 $121$1,942 (1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.
(2) Included in revenue.
(3) Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.  For the three months ended March 31, 2025:

 Kisladag Lamaque Efemcukuru Olympias Corporate (3)Total Direct operating costs$41.9 $31.4 $17.9 $34.5 $—$125.6 Transportation and selling costs 0.2  0.1  2.7  1.8  —$4.8 Inventory change (1) (5.1) 2.9  (1.5) (0.6) —$(4.3)Royalty expense 10.6  1.4  5.6  4.6  —$22.2 Production costs$47.5 $35.7 $24.7 $40.3 $—$148.3 Costs allocated to by-products (1.5) (0.4) (1.5) (12.8) —$(16.3)Treatment and refining costs (2) —  —  1.0  1.1  —$2.1 Total cash costs$46.1 $35.3 $24.1 $28.6 $—$134.1 Corporate & allocated G&A 0.3  —  0.3  —  10.5$11.2 Exploration costs —  0.7  —  —  —$0.7 Reclamation costs and amortization 1.8  0.1  0.2  0.4  —$2.4 Sustaining capital 2.3  22.7  3.0  4.9  —$32.9 All-in sustaining costs$50.5 $58.8 $27.6 $33.9 $10.5$181.2 Gold oz sold 44,338  42,205  17,790  11,930  — 116,263 Total cash costs/oz$1,039 $836 $1,357 $2,398 $—$1,153 AISC/oz$1,138 $1,392 $1,550 $2,842 $91$1,559 (1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.
(2) Included in revenue.
(3) Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.
  Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.

Reconciliation of general and administrative expenses included in All-in Sustaining Costs:

 Q1 2026
 Q1 2025
 General and administrative expenses (from consolidated statement of operations)$11.2 $8.1 Add:  Share-based payments expense 3.6  4.4 Less:  Depreciation in general and administrative expenses (0.5) (0.4)Business development (1.6) (0.3)Development projects (0.5) (0.5)Corporate and allocated general and administrative expenses per AISC$12.1 $11.2         Reconciliation of exploration and evaluations costs included in All-in Sustaining Costs:

 Q1 2026
 Q1 2025
 Exploration and evaluation expense (from consolidated statement of operations) (1)$9.3 $7.0 Add:  Capitalized exploration cost related to operating gold mines 0.4  0.7 Less:  Exploration and evaluation expenses related to non-gold mines and other sites (9.3) (7.0)Exploration costs per AISC$0.4 $0.7 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.   Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:

 Q1 2026
 Q1 2025
 Asset retirement obligation accretion (from notes to the consolidated financial statements) (1)$1.5 $1.5 Add:  Depreciation related to asset retirement obligation assets 0.9  1.1 Less:  Asset retirement obligation accretion related to non-gold mines and other sites (0.2) (0.2)Reclamation costs and amortization per AISC$2.1 $2.4 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.
  Sustaining and Growth Capital

Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.

 Q1 2026
 Q1 2025
 Additions to property, plant and equipment
(from segment note in the consolidated financial statements) (1)$318.0 $173.2 Growth and development project capital investment - gold mines (92.4) (38.7)Growth and development project capital investment - other (190.2) (99.7)Sustaining capitalized exploration (0.4) (0.7)Sustaining capitalized depreciation (2.7) — Sustaining equipment leases 0.5  (1.3)Sustaining capital expenditure at operating gold mines$32.9 $32.9 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.
  Average Realized Gold Price per Ounce Sold

Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.

For the three months ended March 31, 2026:

 RevenueAdd concentrate
deductions(1)Less non-gold revenue
 Gold revenue(2)Gold oz soldAverage realized gold price per ounce soldKisladag$145.7$—$(3.1)$142.628,311$5,038Lamaque 219.6 — (1.4) 218.244,607 4,891Efemcukuru 78.6 — (4.1) 74.515,173 4,909Olympias 88.5 0.3 (32.0) 56.812,528 4,535Total consolidated$532.4$0.3$(40.6)$492.1100,619$4,891(1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
(2) Includes the impact of provisional pricing adjustments on concentrate sales.
  For the three months ended March 31, 2025:

 RevenueAdd concentrate
deductions (1)Less non-gold revenueGold revenue (2)Gold oz soldAverage realized gold price per ounce sold Kisladag$129.2$—$(1.5)$127.844,338$2,882Lamaque 122.0 — (0.4) 121.642,205 2,881Efemcukuru 57.5 1.0 (1.5) 56.917,790 3,197Olympias 46.5 1.1 (12.8) 34.811,930 2,918Total consolidated$355.2$2.1$(16.3)$341.0116,263$2,933(1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
(2) Includes the impact of provisional pricing adjustments on concentrate sales.
Free Cash Flow and Free Cash Flow Excluding Skouries

Our reconciliations of free cash flow and free cash flow excluding Skouries to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

 Q1 2026
 Q1 2025
 Net cash generated from operating activities (1)$141.4 $130.4 Less: Cash used in investing activities (230.3) (4.7)Less: Proceeds from sale of marketable securities (40.2) (155.1)Free cash flow$(129.1)$(29.4)Add back: Skouries cash capital expenditures 183.6  88.2 Add back: Capitalized interest paid (2) 8.4  9.1 Free cash flow excluding Skouries$62.9 $67.9 (1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.
(2) Includes interest from the Senior Notes.
  Cash Flow from Operating Activities before Changes in Working Capital

Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

 Q1 2026Q1 2025Net cash generated from operating activities (1)$141.4$130.4Add back: Changes in non-cash working capital 45.7 6.1Cash flow from operating activities before changes in working capital$187.1$136.5(1) 2025 amounts presented are from continuing operations only and exclude the Romania segment.
Forward-Looking Statements and Information

Certain of the statements made and information provided in this news release are forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “continues”, “commitment”, “estimates”, “expects”, “forecasts”, “foresees”, “future”, “goal”, “guidance”, “intends”, “opportunity”, “outlook”, “plans”, “potential”, “projects”, “prospective”, “scheduled”, “strives”, or “targets” or the negatives thereof or variations of such words and phrases or statements that certain actions, events, or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.

Forward-looking statements and forward-looking information contained in this news release includes, but is not limited to, statements or information with respect to: the Company’s 2026 annual production guidance (both for the company and by material property) and relative production through the year; cost guidance (including expected total cash costs and average AISC); expected changes to Eldorado's management team and Board and the timing in relation thereto; with respect to Skouries: our expectation of first concentrate production in Q3 and commercial production in Q4 2026; expected stronger terms in offtake contract negotiations; projected gold production and copper production; expected project capital and accelerated operational capital and the timing thereof; expected progress on construction activities and commissioning activities; expected timing and development of test stopes; and expected completion of theoretical training; with respect to Kisladag, expected completion of the geometallurgical study in Q2 2026, opportunities for the open pit and expected benefits of the mine optimizing plan; our expectation to increase waste stripping; and our expectation of decreased production in Q2; with respect to Lamaque, expectations for increased production in Q2; with respect to Efemcukuru, our expectation that production in Q2 to be consistent with Q1; with respect to Olympias, our expectation of increased production in Q2; and expected sequential completion in Q3 and expected ramp-up in Q4 for the mill expansion project; the date of the conference call on May 1, 2026; and generally our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.

Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements, and exploration; the future price of gold, copper, and other commodities; receipt of all required permits on the timelines we expect; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; the successful integration of the assets and operations from the Foran acquisition, and the realization of benefits derived therefrom; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock the potential expansion opportunities across the portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary of shipping for important or critical items for construction, development and improvements activities or for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; and the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.

More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability and our contractors’ ability to recruit and retain labour resources within the required timeline; labour productivity rates and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; our ability to obtain the requisite inspections and approvals for energization of the power supply from the power authority in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.

In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

Furthermore, should one or more of the risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. Generally, these risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries, McIlvenna Bay, and other construction and development projects; including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; integration risks relating to the Foran acquisition, including the possibility that anticipated benefits from the Foran acquisition are not realized on the timeline expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; risks related to title and surface rights; environmental, health and safety matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures, and our ability to mitigate such conditions or failures at a reasonable cost, or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licences and other authorizations; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of mineral reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; acquisitions, including general integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); turnover and attrition rates of labour, and related impacts thereto; default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; cyber security risk; and international conflict and other geopolitical tensions and events, including war, tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this new release, for a fuller understanding of the risks and uncertainties that affect our business and operations. 

With respect to the Skouries Project, these risks, uncertainties, and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project, which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel (both skilled and unskilled) with required skills within the required timelines, and to manage changes to workforce numbers through the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to efficiently manage the transitions from construction to commission to operations; our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, water management infrastructure, and control centre; the timely receipt of necessary permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States.

Qualified Persons and Disclosure of Mineral Resources

Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President and Chief Operating Officer, is the "qualified person" under NI 43-101 responsible for preparing and supervising the preparation of the scientific and technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects.

Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this MD&A for the Quebec projects.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position
As at March 31, 2026 and December 31, 2025
(Unaudited – in thousands of U.S. dollars)

 Note March 31, 2026
  December 31, 2025
       ASSETS     Current assets     Cash and cash equivalents  $629,724  $869,356 Accounts receivable and other4  231,552   279,212 Inventories5  327,191   297,165 Current derivative assets17  1,588   2,051     1,190,055   1,447,784 Deferred tax assets   37,076   37,076 Other assets6  104,968   144,479 Investment in associate7  109,287   109,423 Non-current derivative assets17  6,262   10,380 Property, plant and equipment   5,159,789   4,885,564 Goodwill   92,591   92,591    $6,700,028  $6,727,297 LIABILITIES & EQUITY     Current liabilities     Accounts payable and accrued liabilities  $566,182  $630,310 Current portion of lease liabilities   5,568   6,024 Current portion of debt8  46,939   47,968 Current portion of asset retirement obligation   7,237   7,886 Current derivative liabilities17  106,617   96,879     732,543   789,067 Debt8  1,183,839   1,227,084 Lease liabilities   7,732   8,575 Employee benefit plan obligations   13,961   13,747 Asset retirement obligations   136,094   135,071 Non-current derivative liabilities17  21,699   16,254 Deferred income tax liabilities   282,823   254,420     2,378,691   2,444,218 Equity     Share capital13  3,303,820   3,341,760 Shares held in trust for restricted share units13  (16,364)  (16,035)Contributed surplus   2,492,674   2,537,197 Accumulated other comprehensive loss   (30,463)  (11,553)Deficit   (1,431,302)  (1,572,080)Total equity attributable to shareholders of the Company   4,318,365   4,279,289 Attributable to non-controlling interests   2,972   3,790     4,321,337   4,283,079    $6,700,028  $6,727,297  Commitments and contractual obligations (Note 16)
Events after the reporting date (Note 21, Note 13(b))

Approved on behalf of the Board of Directors

(signed) Teresa Conway Director                         (signed) George Burns Director

Date of approval: April 30, 2026

Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars except share and per share amounts)

 Note Three months ended
March 31, 2026
  Three months ended
March 31, 2025
       Revenue     Metal sales9 $532,428  $355,245       Cost of sales     Production costs   188,213   148,311 Depreciation and amortization   53,994   60,169     242,207   208,480       Earnings from mine operations   290,221   146,765       Exploration and evaluation expenses   9,309   6,990 Mine standby costs   4,714   4,131 General and administrative expenses   11,164   8,080 Share-based payments expense14  3,607   4,362 Write-down of assets   489   2,689 Foreign exchange (gain) loss   (20,367)  6,284 Acquisition costs21  7,694   — Earnings from operations   273,611   114,229       Other expense10  (12,903)  (59,727)Finance costs11  (13,963)  (12,244)Earnings from continuing operations before income tax   246,745   42,258 Income tax expense (recovery)12  111,007   (32,608)Net earnings from continuing operations   135,738   74,866 Net loss from discontinued operations, net of tax   —   (1,333)Net earnings for the period  $135,738  $73,533       Net earnings (loss) attributable to:     Shareholders of the Company   136,379   72,402 Non-controlling interests   (641)  1,131 Net earnings for the period  $135,738  $73,533       Net earnings attributable to shareholders of the Company:     Continuing operations   136,379   71,983 Discontinued operations   —   419    $136,379  $72,402       Net (loss) earnings attributable to non-controlling interest:     Continuing operations   (641)  2,883 Discontinued operations   —   (1,752)   $(641) $1,131       Weighted average number of shares outstanding     Basic13  197,730,794   204,762,059 Diluted13  200,873,516   206,501,722       Net earnings per share attributable to shareholders of the Company:     Basic earnings per share  $0.69  $0.35 Diluted earnings per share  $0.68  $0.35       Net earnings per share attributable to shareholders of the Company - Continuing operations:     Basic earnings per share  $0.69  $0.35 Diluted earnings per share  $0.68  $0.35            Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Income
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)

 Three months ended
March 31, 2026
  Three months ended
March 31, 2025
         Net earnings for the period$135,738  $73,533 Other comprehensive income (loss):   Items that will not be reclassified to earnings or loss:   Change in fair value of investments in marketable securities 280   22,519 Income tax expense on change in fair value of investments in marketable securities (45)  (3,021)Actuarial gains on employee benefit plans 197   185 Income tax expense on actuarial gains on employee benefit plans (47)  (44)Total other comprehensive income for the period 385   19,639 Total comprehensive income for the period$136,123  $93,172     Total comprehensive income attributable to:   Shareholders of the Company 136,764   92,041 Non-controlling interests (641)  1,131  $136,123  $93,172          Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)

 Note Three months ended
March 31, 2026
  Three months ended
March 31, 2025
 Cash flows generated from (used in):     Operating activities     Net earnings from continuing operations  $135,738  $74,866 Adjustments for:     Depreciation and amortization   54,448   60,617 Finance costs11  13,963   12,244 Interest income10  (7,694)  (8,257)Share of loss from associate10  136   — Unrealized foreign exchange (gain) loss   (20,072)  6,563 Income tax expense (recovery)12  111,007   (32,608)Loss (gain) on disposal of assets   392   (7,288)Unrealized loss on derivative instruments10  20,037   63,390 Write-down of assets   489   2,689 Share-based payment expense14  3,607   4,362 Employee benefit plan expense   1,084   1,014     313,135   177,592 Property reclamation payments   (1,178)  (795)Employee benefit plan payments   (463)  (420)Income taxes paid   (132,115)  (48,115)Interest received   7,694   8,257 Changes in non-cash operating working capital15  (45,680)  (6,108)Net cash generated from operating activities of continuing operations   141,393   130,411 Net cash generated from operating activities of discontinued operations   —   191       Investing activities     Additions to property, plant and equipment   (311,307)  (158,495)Capitalized interest paid   (8,438)  (9,116)Value added taxes related to mineral property expenditures   53,923   13,306 Sale of investments in marketable securities, net of purchases   40,193   155,078 Increase in deposits and other investments   (4,666)  (5,518)Net cash used in investing activities of continuing operations   (230,295)  (4,745)      Financing activities     Issuance of common shares for cash, net of share issuance costs   2,034   2,313 Net distributions to non-controlling interests   (177)  — Proceeds from VAT Facility8  —   15,756 Repayments of VAT Facility8  (35,757)  (18,390)Dividends paid13(b)  (14,896)  — Interest paid   (9,922)  (8,462)Principal portion of lease liabilities   (1,215)  (1,346)Purchase of shares for cancellation13  (83,895)  — Purchase of shares held in trust for restricted share units13  (4,492)  (1,810)Net cash used in financing activities of continuing operations   (148,320)  (11,939)      Effect of exchange rates on cash and cash equivalents   (2,410)  7,618 Net (decrease) increase in cash and cash equivalents   (239,632)  121,536 Cash and cash equivalents - beginning of period   869,356   856,797 Change in cash in disposal group held for sale   —   (191)Cash and cash equivalents - end of period  $629,724  $978,142            Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended March 31, 2026 and 2025
(Unaudited – in thousands of U.S. dollars)

 Note Three months ended
March 31, 2026
  Three months ended
March 31, 2025
       Share capital     Balance beginning of period  $3,341,760  $3,433,778 Shares issued upon exercise of share options   2,041   2,313 Shares issued upon exercise of performance share units   —   5,282 Transfer of contributed surplus on exercise of options   704   877 Shares repurchased and cancelled, net of tax   (40,685)  — Balance end of period13 $3,303,820  $3,442,250       Shares held in trust for restricted share units     Balance beginning of period  $(16,035) $(12,970)Shares purchased and held in trust for restricted share units   (4,492)  (1,810)Shares released for settlement of restricted share units   4,163   1,815 Balance end of period13 $(16,364) $(12,965)      Contributed surplus     Balance beginning of period  $2,537,197  $2,612,762 Shares repurchased and cancelled   (42,907)  — Share-based payments arrangements   3,251   2,817 Shares redeemed upon exercise of restricted share units   (4,163)  (1,815)Shares redeemed upon exercise of performance share units   —   (5,282)Transfer to share capital on exercise of options   (704)  (877)Balance end of period  $2,492,674  $2,607,605       Accumulated other comprehensive (loss) income     Balance beginning of period  $(11,553) $56,183 Other comprehensive earnings for the period attributable to shareholders of the Company   385   19,639 Reclassification on derecognition of investments in marketable securities   (19,295)  (103,503)Balance end of period  $(30,463) $(27,681)      Deficit     Balance beginning of period  $(1,572,080) $(2,193,163)Dividends paid13(b)  (14,896)  — Net earnings attributable to shareholders of the Company   136,379   72,402 Reclassification on derecognition of investments in marketable securities   19,295   103,503 Balance end of period  $(1,431,302) $(2,017,258)Total equity attributable to shareholders of the Company  $4,318,365  $3,991,951       Non-controlling interests     Balance beginning of period  $3,790  $(8,143)Earnings attributable to non-controlling interests   (641)  1,131 Net distributions to non-controlling interests   (177)  — Balance end of period  $2,972  $(7,012)Total equity  $4,321,337  $3,984,939            Please see the condensed consolidated interim financial statements dated March 31, 2026 for notes to the accounts.

Agnico Eagle Mines Ltd (TSX:AEM) and Eldorado Gold Corp (TSX:ELD) both reported first quarter results that beat earnings expectations and delivered solid capital returns, according to analysts at Bank of America.

The analysts wrote that ‘Buy’-rated Agnico Eagle generated adjusted EBITDA of $3.01 billion in the first quarter, ahead of forecasts near $2.86 to $2.92 billion, while adjusted earnings per share of $3.41 also topped expectations.

Free cash flow reached $732 million despite a significant working capital outflow, supporting share repurchases of $150 million. Combined with dividends, total capital return for the quarter reached approximately $375 million, or about 51% of free cash flow, exceeding the company’s annual target, which analysts highlighted as stronger than expected.

Operationally, Agnico Eagle’s gold production and unit costs were broadly in line with expectations, while sales and overhead costs came in better than anticipated. The company reiterated its full-year production and cost guidance.

The analysts wrote that Agnico Eagle highlighted “cost uncertainty” tied to geopolitical developments but expects its regional operating strategy to help mitigate those pressures. The company ended the quarter with net cash of $2.9 billion, up from $2.67 billion at the end of 2025, and continues to advance key projects, including a potential construction decision at Hope Bay expected this month.

Bank of America maintained a positive view on Agnico Eagle, citing its asset base in top-tier jurisdictions, consistent operational performance, and growth pipeline.

Eldorado Gold also delivered a first-quarter earnings beat, with adjusted EBITDA of $336 million surpassing expectations in the range of $283 million to $309 million, the analysts noted.

Adjusted earnings per share of $0.95 exceeded forecasts, supported by stronger production, higher gold sales volumes, and lower cash costs, along with reduced depreciation and tax expenses.

Gold production totaled 100,400 ounces, above expectations, while unit costs also came in lower than anticipated.

The company reaffirmed its 2026 guidance, though analysts noted an increase in capital expenditures for the Skouries project, which is now expected to cost $1.32 billion, up by $155 million. First production at Skouries remains on track for the third quarter of 2026.

Despite the stronger operating performance, Eldorado reported negative free cash flow of approximately $188 million in the quarter, reflecting higher capital spending and working capital requirements. Net debt increased to $601 million from $406 million at the end of last year. The company repurchased $84 million of shares during the period.

The analysts maintained a more cautious stance on Eldorado with an ‘Underperform’ rating, pointing to elevated execution risk related to the Skouries project and additional complexity following its recent acquisition of Foran, which expands its exposure to base metals.

Shares of Eldorado Gold were down 1.9% post-earnings, while Agnico Eagle shares also fell 2%.

Sovereign debt loads keep climbing, the dollar index is wobbling, and central banks are still net buyers of bullion. That backdrop has pushed realized gold prices into uncharted territory, with major producers booking $3,500 to nearly $4,900 per ounce on Q1 sales. For retail investors scanning for hard-asset exposure without paying $200-plus for a megacap, a handful of producers still trade for less than the price of a tank of premium fuel.

With that in mind, here are four gold and copper miners trading under $45 that screen as bargains against the macro backdrop. (Note: ENI was excluded from this list because it is an integrated oil and gas major rather than a materials producer, and its ADR trades above the $45 ceiling.)

Barrick Mining (NYSE: B) Barrick Mining (NYSE:B) is a global gold and copper producer with operations in 17 countries and tier-one assets including Nevada Gold Mines, Pueblo Viejo, and the Reko Diq copper-gold project in Pakistan. Shares at $41.28 sit comfortably below the $45 ceiling despite a 124.51% one-year gain, leaving room against the $58.17 analyst target.

The fundamentals back the macro thesis. FY25 revenue jumped 31% to $16.96 billion, EPS came in at $2.93 (+140% YoY), and free cash flow hit $3.87 billion. Management responded with a 140% jump in the quarterly dividend to $0.42, a new 50% payout policy on attributable free cash, and $1.5 billion in buybacks retiring roughly 3% of shares. As the agile base-plus-performance dividend model compounds, the copper pivot via Reko Diq and Lumwana adds a second growth lever. CEO Mark Hill called Q4 “record quarterly cash flow… highest shareholder returns in this company’s history.”

The risk: 2026 gold guidance of 2.90 to 3.25 million ounces sits below 2025 actuals, and Mali remains a geopolitical wildcard. At 11x trailing earnings, the bargain is intact.

Kinross Gold (NYSE: KGC) Kinross Gold (NYSE:KGC | KGC Price Prediction) operates in the US, Brazil, Mauritania, and Chile, with a $34.18 billion market cap. Shares at $28.68 sit well under the ceiling after a 97.37% one-year run.

Q1 26 revenue grew 60.8% to $2.41 billion on a $4,873/oz realized gold price, and free cash flow of $837.5 million marked the fourth consecutive record quarter. Buybacks since April 2025 have reduced the count by roughly 3%. At 9x forward earnings, against an analyst target of $41.23, the discount is real. Risk: planned production decline to 2.0 million Au eq oz in 2026 and Mauritanian tax friction.

Harmony Gold Mining (NYSE: HMY) Harmony Gold Mining (NYSE:HMY) is a South African producer pivoting into copper via the $1.00 billion MAC Copper acquisition closed October 2025. At $17.19, the stock trades at 11x earnings, with nine-month gold and copper revenue up 34% to $4.02 billion and a net cash swing of $78 million from net debt of $335 million.

CEO Beyers Nel pointed to an “11th consecutive year of meeting production guidance” and a pathway to roughly 100,000 tonnes of copper per annum. Risks include rand exposure, Eskom reliability, and lower-grade years at Moab Khotsong.

Eldorado Gold (NYSE: EGO) Eldorado Gold (NYSE:EGO) operates in Turkey, Canada, and Greece, with the $1.315 billion Skouries copper-gold project ~94% complete and first concentrate targeted Q3 2026. Q1 26 revenue rose 49.9% to $532.4 million, beating estimates by 4.5%, and adjusted EPS of $0.95 beat by 44.18%.

At $31.69, the stock trades at 7x forward earnings against a $45 analyst target. Skouries capex creep and a Q3 CEO transition are the live risks worth tracking.

Bottom Line Each of these names carries jurisdictional, operational, and commodity-cycle risk that can override a favorable macro setup. Investors should weigh production guidance, AISC trajectories, and capital-return policies against their own time horizon before treating sub-$45 gold equities as a free option on sovereign debt anxiety.

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Key Takeaways Eldorado Gold produced its first copper concentrate at the fully owned McIlvenna Bay Project.McIlvenna Bay adds copper and zinc production, diversifying Eldorado Gold's asset base.Eldorado Gold plans to invest $17M in 2026 exploration at McIlvenna Bay and nearby claims. Eldorado Gold Corporation (EGO - Free Report) announced that it produced the first copper concentrate at its fully owned McIlvenna Bay Project. This milestone production solidifies Eldorado Gold’s Canadian operating platform.

McIlvenna Bay Project Enhances EGO’s ExposureIn April 2026, Eldorado Gold announced that it acquired all outstanding shares of Foran Mining Corporation, boosting the balance and resilience of EGO’s existing asset base. The acquisition of Foran added two high-quality, fully financed development assets — Skouries and McIlvenna Bay — to Eldorado Gold’s portfolio.

The McIlvenna Bay Project in east-central Saskatchewan, Canada, meaningfully diversified Eldorado Gold's asset base with substantial production of copper and zinc. By adding highly demanded critical minerals like copper, the project provides the company with significant exposure and complements its well-balanced portfolio. The production of the first copper concentrate at the project is a milestone for Saskatchewan and for Canada.

Combined with the Skouries project in Greece, McIlvenna Bay is expected to transform the company into a high-margin, free-cash-flow-generating business. Moreover, the project is expected to yield jobs, economic activity and long-term prosperity for communities across Saskatchewan through the upcoming years.

Eldorado Gold’s Focus on GrowthIn 2026, EGO is committing around $17 million to further exploration at McIlvenna Bay and its surrounding claims. This investment reflects the highly prospective, district-scale nature of the land package and fuels ongoing growth.

The nearby Tesla Zone, which is a high-grade polymetallic discovery, offers an excellent long-term expansion opportunity for McIlvenna Bay. Along with testing for copper-rich extensions at Tesla, Eldorado Gold’s exploration team plans to drill the Bigstone deposit to grow its resource base.

EGO Stock’s Price PerformanceEldorado Gold shares have gained 44.2% in the past year compared with the industry’s return of 54.7%.

Image Source: Zacks Investment Research

Eldorado Gold’s Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) , CF Industries Holdings, Inc. (CF - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB carries a Zacks Rank #1 (Strong Buy) at present, whereas CF and ASM carry a Zacks Rank 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 181% so far this year.

The Zacks Consensus Estimate for CF Industries’ current-year earnings is pegged at $17.16 per share, indicating an 83% year-over-year rise. CF has an average trailing four-quarter earnings surprise of 11.4%. CF Industries’ shares have gained 21.4% in a year.

Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 90.5% in a year.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced that its annual report on Form 20-F for the fiscal year ended December 31, 2025, has been filed with the U.S. Securities and Exchange Commission (the "SEC").

The annual report can be accessed on Opera's investor relations website at investor.opera.com or the SEC's website at www.sec.gov. Opera will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon requests directed to [email protected] or:

Opera Limited
Vitaminveien 4
0485 Oslo, Norway
Attn: Investor Relations

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

SOURCE Opera Limited

Also from this source

Opera turns the browser into an AI execution layer with MCP Connector. Powered by MCP Connector, Opera enables AI clients such as Claude, ChatGPT, Lovable, n8n and OpenClaw to connect directly to the browser and act within it.

, /PRNewswire/ -- Opera (NASDAQ: OPRA), the Norwegian browser innovator and agentic AI company, today announced MCP Connector for Opera Neon, enabling external AI clients to connect directly to the browser, access live web context, and perform actions within it.

This means you no longer need to bring context to your AI. Your AI now comes to where your work already is.

MCP Connector Opera Neon, Opera's agentic browser, now supports third-party AI agents through MCP Connector, allowing these AI clients to operate within the user's active session.

Unlike AI systems that operate in isolated or simulated browser environments, Opera Neon allows AI to work directly within the user's real browser session.

AI clients are becoming more capable, but remain disconnected from where work happens. Users still need to copy content between tabs, re-explain what they are looking at, and restart workflows every time they switch tools. MCP Connector addresses this by allowing AI clients to access and act directly within the browser.

"Last year, we launched Browser Operator as a first step toward an agentic browser. Now we are opening those capabilities to external AI clients through MCP, so they can act directly inside the browser, not outside it," said Monika Kurczyńska, Director of R&D for browser AI at Opera.

By exposing a Model Context Protocol (MCP) endpoint, Opera Neon gives connected AI clients access to live browser context, including open tabs, page content, and authenticated sessions. AI clients can also perform actions such as navigating pages, extracting information, capturing screenshots, filling out forms, opening new tabs, and performing searches.

With MCP Connector, Opera Neon opens the browser to a wide range of AI clients. Popular AI clients such as Claude, ChatGPT, Lovable, OpenClaw and n8n can connect today, alongside other MCP-compatible clients, creating an open ecosystem around the browser.

MCP Connector builds on Opera Neon's existing ability to execute tasks directly in the browser, where it can navigate sites and perform actions based on user intent. With this update, these capabilities are now available to external AI clients.

Use cases include development, prototyping, and automation. Developers are already using tools such as Claude Code to test applications directly in a real browser environment. Prototyping tools like Lovable can use live interfaces to generate designs. Automation platforms such as n8n and AI assistants like ChatGPT can incorporate browser-based actions into workflows.

"The browser is where workflows live, but AI has been disconnected from it," said Monika Kurczyńska. "With Opera Neon, we connect popular AI clients directly to an agentic browser, so they can operate where users already work, without needing to recreate context."

Opera develops a portfolio of browsers designed for different audiences, including its flagship browser Opera One, the gaming-focused Opera GX, and Opera Neon, its agentic browser focused on AI-driven workflows. With MCP Connector, Opera Neon extends these capabilities by enabling external AI clients to operate directly within the browser.

To support these interactions, Opera has implemented two core components. Authentication is handled through a secure MCP server URL, ensuring that only authorized AI clients can access the browser session. A persistent proxy layer maintains connection stability and returns a clear "browser not available" state when the browser is not accessible.

MCP Connector is available today for all Opera Neon subscribers. Opera will also introduce a simplified version of browser connector to its flagship Opera One and Opera GX browsers, expanding access to these capabilities across its product portfolio.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions of people use Opera browsers for their unique features on mobile phones and desktop computers. Founded in 1995 and headquartered in Oslo, Norway, Opera is publicly listed on the Nasdaq stock exchange under the ticker symbol OPRA. Download Opera browsers and other Opera products at opera.com. Learn more at investor.opera.com.

SOURCE Opera Limited

OPRA demonstrates diversified growth prospects via AI-driven query monetization, e-commerce advertising, and fintech expansion, aided by the nascent Neon subscription opportunities. Management's FY2026 guidance targets strong revenue/adj EBITDA growth, albeit with potentially underwhelming adj EPS performance due to the elevated advertising costs. OPRA's sideways trading already triggers to the cheap P/E of ~10x, with the stock offering a potentially rich upside potential to my bull-case LTPT of $42.20.

Posted by Defense World Staff on Apr 14th, 2026

Opera Limited Sponsored ADR (NASDAQ:OPRA – Get Free Report) has received a consensus rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.75.

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lowered their target price on shares of Opera from $24.50 to $21.50 and set a “buy” rating on the stock in a research note on Tuesday, January 13th. Zacks Research upgraded shares of Opera from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Weiss Ratings restated a “hold (c)” rating on shares of Opera in a research note on Friday, March 27th. Wall Street Zen upgraded shares of Opera from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, TD Cowen restated a “buy” rating on shares of Opera in a research note on Friday, March 13th.

Get Our Latest Analysis on OPRA

Opera Price Performance Shares of OPRA stock opened at $15.22 on Tuesday. Opera has a 1 year low of $11.71 and a 1 year high of $21.06. The firm has a fifty day moving average price of $14.01 and a 200-day moving average price of $14.44. The company has a market cap of $1.37 billion, a price-to-earnings ratio of 12.79 and a beta of 1.22.

Opera (NASDAQ:OPRA – Get Free Report) last issued its quarterly earnings data on Saturday, February 14th. The company reported $0.30 earnings per share (EPS) for the quarter. Opera had a net margin of 17.61% and a return on equity of 8.00%. The firm had revenue of $176.65 million during the quarter. Equities research analysts expect that Opera will post 0.81 EPS for the current year.

Institutional Inflows and Outflows A number of large investors have recently modified their holdings of the company. Harvey Capital Management Inc. lifted its stake in shares of Opera by 0.9% during the 4th quarter. Harvey Capital Management Inc. now owns 100,950 shares of the company’s stock valued at $1,429,000 after buying an additional 925 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Opera by 305.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 91,016 shares of the company’s stock valued at $1,289,000 after buying an additional 68,549 shares in the last quarter. Handelsbanken Fonder AB purchased a new position in shares of Opera during the 4th quarter valued at $355,000. Quent Capital LLC purchased a new position in shares of Opera during the 4th quarter valued at $212,000. Finally, IFP Advisors Inc lifted its stake in shares of Opera by 127.0% during the 3rd quarter. IFP Advisors Inc now owns 11,350 shares of the company’s stock valued at $234,000 after buying an additional 6,350 shares in the last quarter. Hedge funds and other institutional investors own 10.21% of the company’s stock.

Opera Company Profile (Get Free Report)

Opera Limited (NASDAQ: OPRA) is a global software and internet services company best known for its cross-platform web browsers, including the flagship Opera Browser, Opera Mini for mobile devices and Opera GX designed for the gaming community. The company integrates features such as ad blocking, built-in VPN services and a cryptocurrency wallet into its desktop and mobile applications, aiming to deliver fast, secure and feature-rich browsing experiences to hundreds of millions of users worldwide.

Beyond its consumer-facing browsers, Opera operates Opera News, a personalized content and news aggregation platform with a strong presence in Africa and Asia, and Opera Ads, a digital advertising network that leverages user-behavior data to provide targeted ad placements across devices.

Featured Articles Five stocks we like better than Opera

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced that the company's first quarter 2026 financial results will be released before the market opens on Tuesday, April 28, 2026. The earnings release will be available on our investor relations website at investor.opera.com.

Management will host a conference call to discuss the first quarter 2026 financial results on the same day at 8:00 a.m. ET. Listeners may access the call by dialing the following numbers:

United States: +1 800-267-6316
Norway: +47 80-01-3780
International: +1 203-518-9783

Confirmation Code: OPRAQ126

A live webcast of the conference call can be accessed at investor.opera.com

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

SOURCE Opera Limited

Also from this source

Posted by Defense World Staff on Apr 21st, 2026

Opera (NASDAQ:OPRA – Get Free Report) is anticipated to post its Q1 2026 results before the market opens on Tuesday, April 28th. Analysts expect Opera to post earnings of $0.32 per share and revenue of $171.0410 million for the quarter. Individuals may review the information on the company’s upcoming Q1 2026 earning report for the latest details on the call scheduled for Tuesday, April 28, 2026 at 8:00 AM ET.

Opera (NASDAQ:OPRA – Get Free Report) last posted its quarterly earnings results on Saturday, February 14th. The company reported $0.30 EPS for the quarter. Opera had a net margin of 17.61% and a return on equity of 8.00%. The company had revenue of $176.65 million during the quarter. On average, analysts expect Opera to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Opera Stock Up 2.2% NASDAQ:OPRA opened at $17.50 on Tuesday. The company has a fifty day moving average of $14.42 and a 200 day moving average of $14.34. Opera has a 52 week low of $11.71 and a 52 week high of $21.06. The firm has a market capitalization of $1.57 billion, a P/E ratio of 14.71 and a beta of 1.22.

Analyst Ratings Changes A number of equities research analysts recently commented on the stock. The Goldman Sachs Group lowered their price target on shares of Opera from $24.50 to $21.50 and set a “buy” rating for the company in a report on Tuesday, January 13th. Wall Street Zen lowered shares of Opera from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings restated a “hold (c)” rating on shares of Opera in a report on Friday, March 27th. TD Cowen restated a “buy” rating on shares of Opera in a report on Friday, March 13th. Finally, Zacks Research upgraded shares of Opera from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $22.75.

Get Our Latest Stock Report on Opera

Institutional Inflows and Outflows Several institutional investors have recently added to or reduced their stakes in the stock. Harvey Capital Management Inc. raised its holdings in Opera by 0.9% in the 4th quarter. Harvey Capital Management Inc. now owns 100,950 shares of the company’s stock worth $1,429,000 after purchasing an additional 925 shares in the last quarter. State of Tennessee Department of Treasury bought a new position in Opera in the 2nd quarter worth $83,000. Caxton Associates LLP bought a new position in Opera in the 1st quarter worth $270,000. Goldman Sachs Group Inc. raised its holdings in Opera by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 153,906 shares of the company’s stock worth $2,453,000 after purchasing an additional 30,662 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in shares of Opera by 305.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 91,016 shares of the company’s stock worth $1,289,000 after buying an additional 68,549 shares during the period. 10.21% of the stock is currently owned by institutional investors.

About Opera (Get Free Report)

Opera Limited (NASDAQ: OPRA) is a global software and internet services company best known for its cross-platform web browsers, including the flagship Opera Browser, Opera Mini for mobile devices and Opera GX designed for the gaming community. The company integrates features such as ad blocking, built-in VPN services and a cryptocurrency wallet into its desktop and mobile applications, aiming to deliver fast, secure and feature-rich browsing experiences to hundreds of millions of users worldwide.

Beyond its consumer-facing browsers, Opera operates Opera News, a personalized content and news aggregation platform with a strong presence in Africa and Asia, and Opera Ads, a digital advertising network that leverages user-behavior data to provide targeted ad placements across devices.

Featured Stories Five stocks we like better than Opera

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Revenue increased 23% year-over-year to $175.8 million, exceeding the guidance range

Adjusted EBITDA was $42.0 million, representing a 24% margin and 30% year-over-year growth, also exceeding the guidance range

Second quarter 2026 revenue guidance of 23 - 25% growth with adjusted EBITDA margin of 23% at the midpoint

Raised full-year guidance to $727 - 740 million revenue (18 - 20% growth) with adjusted EBITDA of $170 - 174 million (23% margin)

, /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced financial results for the quarter ended March 31, 2026.

"We are off to a very strong start in 2026, with first quarter revenue and adjusted EBITDA ahead of the high-end of our guidance and continued strong cash generation. Our performance reflects solid execution across both advertising and query revenues which saw similar rates of growth during the quarter," said Lin Song, CEO.

"Beyond our solid financial execution, we achieved major product and strategic milestones this quarter. We continue to redefine the browser's role in the AI era; and with the launch of Browser Connector we have turned the browser into a live execution layer, allowing the user's AI platform of choice to access and read page content, understand open tabs, and even take screenshots to analyze images or graphs. Beyond the technical upgrade, this also reinforces Opera's long-standing advocacy for user choice over lock-in. MiniPay also continued its rapid growth trajectory, promoting a healthy partner ecosystem and an expanding set of services tailored for emerging markets," continued Mr. Song.

First Quarter 2026 Financial Highlights

Three Months Ended March 31,

In thousands, except percentages and per share amounts

2025

2026

% Change

Revenue

$

142,717

$

175,771

23

%

Operating profit

$

21,075

$

29,762

41

%

Operating margin

15

%

17

%

Net income

$

18,283

$

24,786

36

%

Net income margin

13

%

14

%

Adjusted net income (1)

$

24,154

$

31,176

29

%

Adjusted net income margin

17

%

18

%

Adjusted EBITDA (1)

$

32,259

$

41,998

30

%

Adjusted EBITDA margin

23

%

24

%

Diluted earnings per share

$

0.20

$

0.27

34

%

Adjusted diluted earnings per share (1)

$

0.27

$

0.34

28

%

Net cash flow from operating activities

$

15,945

$

42,145

164

%

As percentage of adjusted EBITDA

49

%

100

%

Free cash flow from operations (1)

$

12,026

$

35,506

195

%

As percentage of adjusted EBITDA

37

%

85

%

(1)

See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures.

First Quarter 2026 and Recent Business Highlights

Advertising revenue grew 24% year-over-year to $117.0 million, representing 67% of total revenue. Advertising revenue was driven by continued strong momentum from e-commerce partners, which remained the fastest-growing vertical. Query revenue grew 23% year-over-year to $58.3 million, accounting for 33% of total revenue and benefiting from both strong search performance and the evolution of our broader opportunities to address user queries. Opera had 288 million average monthly active users ("MAUs") across all products and services in the quarter, with annualized average revenue per user ("ARPU") of $2.43, an increase of 25% versus the first quarter of 2025. During the quarter Opera added 4 million MAUs, with strong growth in PC browsers following the release of Opera One R3 with new built-in AI tools.  Opera GX had 35 million average MAUs in the quarter across PC and mobile, up 1 million from the prior quarter. MiniPay reached 15 million cumulative activated wallets as of March 2026, representing a 123% year-over-year increase. Net cash flow from operating activities was $42.1 million, representing 100% of adjusted EBITDA. At quarter-end, cash and cash equivalents totaled $141.9 million. A dividend of $0.40 per share under our semi-annual dividend program was paid in January, totaling $35.9 million. In March, we repurchased 1.14 million shares for a total spend of $17.0 million or an average of $14.88 per share, following the launch of our previously announced $300 million share repurchase program. This includes shares repurchased from the public and the according pro-rata shares repurchased, or agreed to be repurchased, from our majority shareholder, with a total cash outlay of $12.8 million in the quarter and the remainder $4.1 million to be included in our next settlement round with the majority shareholder. As of March 31, 2026, the number of shares outstanding was 89,552,967. First Quarter 2026 Financial Results

All comparisons in this section are relative to the first quarter of 2025 unless otherwise stated.

Revenue increased 23% to $175.8 million.

Advertising revenue increased 24% to $117.0 million. Query revenue increased 23% to $58.3 million. Other revenue was $0.5 million. Operating expenses increased 20% to $146.1 million.

The total amount of technology and platform fees, content cost and cost of inventory sold, all being costs of revenue, was $64.8 million, or 37% of revenue. Personnel expenses excluding share-based compensation increased 23% to $21.5 million. Share-based compensation expenses increased 7% to $6.4 million. Marketing and distribution expenses increased 13% to $38.5 million. Depreciation and amortization increased 17% to $5.2 million. All other operating expenses increased 10% to $9.6 million, driven mainly by higher hosting and other operating costs, partly offset by lower professional services expenses. Operating profit was $29.8 million, representing a 17% margin, compared to an operating profit of $21.1 million and a margin of 15% in the first quarter of 2025.

Net finance income was $0.1 million, reflecting net interest income of $0.7 million, largely offset by foreign exchange loss of $0.6 million.

Income tax expense was $5.1 million, corresponding to an effective tax rate of 17%, and representing 12% of adjusted EBITDA. This compares to income tax expense of $2.5 million in the first quarter of 2025, representing 8% of adjusted EBITDA.

Net income was $24.8 million, representing a 14% margin, compared to net income of $18.3 million and a margin of 13% in the first quarter of 2025.

Adjusted net income was $31.2 million, representing a 18% margin and an increase of 29% relative to $24.2 million and a 17% margin in the first quarter of 2025.

Adjusted EBITDA was $42.0 million, representing a 24% margin and an increase of 30% relative to $32.3 million and a 23% margin in the first quarter of 2025.

Diluted earnings per share was $0.27, whereas adjusted diluted earnings per share was $0.34.

Net cash flow from operating activities was $42.1 million, or 100% of adjusted EBITDA. Free cash flow from operations was $35.5 million, or 85% of adjusted EBITDA.

Business Outlook

Second Quarter 2026 Guidance

Full-Year 2026 Guidance

Revenue

$176 – 178 million

$727 – 740 million

Year-over-year revenue growth

23 – 25

%

18 – 20

%

Adjusted EBITDA (1)

$40 – 42 million

$170 – 174 million

Adjusted EBITDA margin (2)

23

%

23

%

(1)

See the section below titled "Non-IFRS Financial Measures" for explanations of non-IFRS financial measures.

(2)

The percentages shown for adjusted EBITDA margin have been calculated based on the midpoints of the revenue and adjusted EBITDA guidance.

"Our first quarter performance reflects the strong momentum in our business, with the resulting overperformance driving an incremental $4 million of revenue on top of the guidance range, with over 50% conversion to incremental adjusted EBITDA. The second quarter is shaping up in a similar way, allowing us to also raise our full-year expectations while still leaving room for later upside," said Frode Jacobsen, CFO.

"We remain focused on seizing our opportunities and advancing Opera's scale, however we take care to combine that with continued cost discipline and healthy profit expansion. We are pleased with our ability to return capital to shareholders through our recurring dividend and share repurchase programs," continued Mr. Jacobsen.

Conference Call and Webcast Information

Opera's management will host a conference call to discuss the first quarter 2026 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.

Non-IFRS Financial Measures

In addition to financial measures presented in accordance with IFRS Accounting Standards, we use the non-IFRS performance measures adjusted net income, adjusted EBITDA, adjusted diluted earnings per share, as well as the non-IFRS liquidity measure free cash flow from operations, to manage our business, evaluate performance, support planning and decision-making, and allocate resources. The non-IFRS performance measures are intended to provide supplemental information by excluding items that we believe are not representative of core business operating performance. While free cash flow from operations does not represent residual cash available for discretionary uses, we believe that it provides useful supplemental information regarding our ability to generate cash from ongoing operations to fund investments, including acquisitions, and to support capital allocation decisions.

Adjusted net income is defined as net income adjusted to exclude (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expenses, and (vii) the income tax effect of these adjustments. Adjusted net income margin is calculated as adjusted net income divided by revenue. Adjusted diluted earnings per share is calculated as adjusted net income divided by the diluted weighted average number of shares outstanding.

Adjusted EBITDA is defined as net income adjusted to exclude (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expenses, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

Free cash flow from operations is defined as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

We believe these non-IFRS financial measures are useful to investors because they facilitate period-to-period comparisons of operating performance and are consistent with how management evaluates the business. These measures should not be considered in isolation or as substitutes for, or superior to, the financial information prepared in accordance with IFRS Accounting Standards. Our definitions of adjusted net income, adjusted EBITDA, adjusted diluted earnings per share and free cash flow from operations may differ from similarly-titled measures used by other companies. In addition, these measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We address the limitations of these non-IFRS financial measures by providing reconciliations from the most closely comparable IFRS financial measures in the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release. Investors are encouraged to review these reconciliations and to consider non-IFRS financial measures together with our IFRS results.

Forward-Looking Statements

This press release contains statements of a forward-looking nature. These statements include, but are not limited to, statements relating to our expectations regarding our business, strategy, products, services, outlook and guidance. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Important factors that could cause actual results to differ materially include, among others: (i) our ability to attract, retain, and engage users and to increase ARPU; (ii) changes in macroeconomic conditions, including inflationary pressures, interest rates, consumer and advertiser spending trends, and the effects of higher energy prices and market volatility; (iii) our ability to maintain and improve monetization from query and revenue-sharing arrangements, including dependence on major partners and changes in their commercial terms, policies, algorithms, or distribution mechanics; (iv) changes by platform providers (including mobile operating systems, browsers, app stores, and device manufacturers) that could affect distribution, product functionality, data access, attribution, or monetization; (v) competition in browsers, AI-enabled user experiences, digital advertising, and consumer internet products; (vi) the successful development, deployment, adoption, and monetization of new products and features, including AI initiatives, and the costs and risks associated with them; (vii) privacy, data protection, consumer protection, competition/antitrust, online safety, and other laws and regulations (including changes in interpretation, enforcement, or compliance obligations) and related litigation or regulatory inquiries; (viii) security incidents, service disruptions, outages, and failures of our or third parties' systems; (ix) our ability to manage operational, technical, and infrastructure costs, including hosting and distribution costs, and to scale effectively; (x) foreign currency exchange rate fluctuations and other market volatility; (xi) geopolitical events, including armed conflicts, sanctions, trade or shipping disruptions, or other instability in the Middle East and other regions, and their effects on energy prices, inflation, financial markets, supply chains, and broader economic conditions; (xii) our ability to attract and retain key personnel; and (xiii) other risks and uncertainties described under "Risk Factors" in our most recent Annual Report on Form 20-F and in our other filings and submissions with the U.S. Securities and Exchange Commission.

All information provided in this press release is as of the date hereof and is based on assumptions that the Company believes to be reasonable as of this date, and it undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

Opera Limited
Consolidated Statement of Operations
(In thousands, except per share amounts, unaudited)

Three Months Ended March 31,

2025

2026

Revenue

$

142,717

$

175,771

Other operating income

(17)

45

Operating expenses:

Technology and platform fees

(2,237)

(2,423)

Content cost

(922)

(1,478)

Cost of inventory sold

(47,534)

(60,854)

Personnel expenses excluding share-based compensation

(17,568)

(21,546)

Share-based compensation expenses

(6,000)

(6,407)

Marketing and distribution expenses

(34,204)

(38,517)

Credit loss expense

(160)

(440)

Depreciation and amortization

(4,434)

(5,205)

Impairment of non-financial assets

(733)

(670)

Other operating expenses

(7,833)

(8,515)

Total operating expenses

(121,626)

(146,055)

Operating profit

21,075

29,762

Share of net income (loss) of equity-accounted investees

(7)

(20)

Net finance income (expense):

Finance income

678

824

Finance expense

(120)

(116)

Net foreign exchange gain (loss)

(835)

(565)

Net finance income (expense)

(277)

143

Income before income taxes

20,791

29,886

Income tax expense

(2,508)

(5,100)

Net income attributable to Opera shareholders

$

18,283

$

24,786

Earnings per share:

Basic

$

0.20

$

0.27

Diluted

$

0.20

$

0.27

Weighted-average number of shares outstanding:

Basic

89,486

90,475

Diluted

90,188

91,143

Opera Limited
Consolidated Statement of Comprehensive Income
(In thousands, unaudited)

Three Months Ended March 31,

2025

2026

Net income

$

18,283

$

24,786

Other comprehensive income (loss):

Items that may be reclassified to the Statement of Operations:

Exchange differences on translation of foreign operations

1,153

141

Other comprehensive income (loss)

1,153

141

Total comprehensive income attributable to Opera shareholders

$

19,436

$

24,927

Opera Limited
Consolidated Statement of Financial Position
(In thousands, unaudited)

As of December 31,

As of March 31,

2025

2026

Assets:

Property and equipment

$

32,744

$

33,480

Goodwill

430,323

430,188

Intangible assets

98,898

111,062

Investment in OPay

294,600

294,600

Equity-accounted investments

4,016

5,246

Other non-current investments and financial assets

1,625

1,662

Deferred tax assets

1,585

1,608

Total non-current assets

863,792

877,845

Trade receivables

112,593

107,946

Other current receivables

7,033

6,493

Cash and cash equivalents

155,466

141,904

Other current assets

4,367

6,760

Total current assets

279,459

263,102

Total assets

$

1,143,251

$

1,140,948

Equity:

Share capital

$

18

$

18

Additional paid-in capital

576,046

540,168

Treasury shares

(238,815)

(255,789)

Retained earnings

674,735

705,706

Foreign currency translation reserve

(1,268)

(1,127)

Total equity attributable to Opera shareholders

1,010,716

988,975

Liabilities:

Non-current lease liabilities

4,544

4,004

Deferred tax liabilities

9,212

7,750

Other non-current liabilities

10

7

Total non-current liabilities

13,766

11,761

Trade and other payables

89,520

89,788

Current lease liabilities

3,866

4,861

Income tax payable

6,610

10,214

Deferred revenue

4,499

14,230

Other current liabilities

14,273

21,119

Total current liabilities

118,768

140,212

Total liabilities

132,535

151,973

Total equity and liabilities

$

1,143,251

$

1,140,948

Opera Limited
Consolidated Statement of Changes in Equity
(In thousands, except number of shares, unaudited)

For the three months ended March 31, 2025:

Number
of shares
outstanding

Share
capital

Additional
paid-in
capital

Treasury
shares

Retained
earnings

Foreign
currency
translation
reserve

Total equity
attributable
to Opera
shareholders

As of January 1, 2025

88,480,154

$

18

$

647,212

$

(238,815)

$

536,623

$

(4,938)

$

940,100

Net income

—

—

—

—

18,283

—

18,283

Other comprehensive income

—

—

—

—

—

1,153

1,153

Cost of equity awards, net of tax

—

—

—

—

5,434

—

5,434

Issuance of shares upon exercise of equity awards

1,020,700

—

—

—

—

—

—

Dividends

—

—

(35,395)

—

—

—

(35,395)

As of March 31, 2025

89,500,854

$

18

$

611,818

$

(238,815)

$

560,340

$

(3,786)

$

929,576

For the three months ended March 31, 2026:

Number
of shares
outstanding

Share
capital

Additional
paid-in
capital

Treasury
shares

Retained
earnings

Foreign
currency
translation
reserve

Total equity
attributable
to Opera
shareholders

As of January 1, 2026

89,648,056

$

18

$

576,046

$

(238,815)

$

674,735

$

(1,268)

$

1,010,716

Net income

—

—

—

—

24,786

—

24,786

Other comprehensive income

—

—

—

—

—

141

141

Cost of equity awards, net of tax

—

—

—

—

6,185

—

6,185

Issuance of shares upon exercise of equity awards

1,045,522

—

—

—

—

—

—

Share repurchases (1)

(1,140,611)

—

—

(16,975)

(16,975)

Dividends

—

—

(35,878)

—

—

—

(35,878)

As of March 31, 2026

89,552,967

$

18

$

540,168

$

(255,789)

$

705,706

$

(1,127)

$

988,975

(1)

Includes ADSs repurchased from the public market and ordinary shares repurchased or agreed to be repurchased from our majority shareholder on a pro rata basis under a share purchase agreement. Within the totals, 288,431 shares subject to a binding repurchase agreement with the majority shareholder have been reflected, corresponding to a redemption obligation of $4.1 million recognized in equity as of period-end, with delivery of the shares and cash settlement taking place in the subsequent quarter.

Opera Limited
Consolidated Statement of Cash Flows
(In thousands, unaudited)

Three Months Ended March 31,

2025

2026

Cash flows from operating activities:

Income before income taxes

$

20,791

$

29,886

Adjustments to reconcile income before income taxes to net cash flow from operating activities:

Net finance (income) expense

277

(143)

Share of net income (loss) of equity-accounted investees

7

20

Impairment of non-financial assets

733

670

Depreciation and amortization

4,434

5,205

Cost of equity awards

5,761

6,034

Other adjustments

(572)

(1,204)

Changes in working capital:

Trade and other receivables

(11,034)

5,523

Other current assets

437

(2,285)

Trade and other payables

(6,693)

343

Deferred revenue

(1,050)

(1,902)

Other liabilities

3,140

2,713

Income taxes paid

(286)

(2,714)

Net cash flow from operating activities

15,945

42,145

Cash flows from investing activities:

Purchase of equipment

(596)

(2,465)

Development expenditure

(2,231)

(2,882)

Investment in an associate

(1,250)

(1,250)

Interest received

678

824

Net cash flow used in investing activities

(3,399)

(5,772)

Cash flows from financing activities:

Share repurchases

—

(12,846)

Dividends paid

(35,395)

(35,878)

Payment of lease liabilities

(1,091)

(1,293)

Interest paid

(120)

(116)

Net cash flow used in financing activities

(36,606)

(50,133)

Net change in cash and cash equivalents

(24,060)

(13,759)

Cash and cash equivalents at beginning of period

126,797

155,466

Effect of exchange rate changes on cash and cash equivalents

809

197

Cash and cash equivalents at end of period

$

103,546

$

141,904

Opera Limited
Supplemental Financial Information
(In thousands, unaudited)

Revenue

The following table presents revenue disaggregated by type:

Three Months Ended March 31,

2025

2026

Advertising

$

94,626

$

116,992

Query

47,566

58,298

Other revenue

524

482

Total revenue

$

142,717

$

175,771

Share-based Compensation Expenses

The table below presents the amounts of share-based compensation expenses:

Three Months Ended March 31,

2025

2026

Cost of Opera-granted awards

$

(7,299)

$

(4,427)

Cost of parent-granted awards (1)

1,538

(1,606)

Total cost of equity awards

(5,761)

(6,034)

Social security contributions for Opera-granted awards

(240)

(373)

Total share-based compensation expenses

$

(6,000)

$

(6,407)

(1)

Kunlun, the majority shareholder of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders.

Other Operating Expenses

The table below presents the items of other operating expenses:

Three Months Ended March 31,

2025

2026

Hosting

$

(2,930)

$

(4,360)

Audit, legal and other advisory services

(2,202)

(405)

Software license fees

(838)

(927)

Rent and other office expenses

(631)

(626)

Travel

(498)

(485)

Other

(733)

(1,712)

Total other operating expenses

$

(7,833)

$

(8,515)

Opera Limited
Reconciliations of Non-IFRS Financial Measures
(In thousands, except per share amounts, unaudited)

The following table presents a reconciliation of net income to adjusted net income:

Three Months Ended March 31,

2025

2026

Net income

$

18,283

$

24,786

Add (deduct):

Share of net loss of equity-accounted investees

7

20

Impairment of non-financial assets

733

670

Amortization of acquired intangible assets

645

645

Share-based compensation expenses

6,000

6,407

Income tax effect on adjustments

(1,514)

(1,351)

Adjusted net income

$

24,154

$

31,176

Diluted weighted-average number of shares outstanding

90,188

91,143

Adjusted diluted earnings per share

$

0.27

$

0.34

The following table is a reconciliation of net income to adjusted EBITDA:

Three Months Ended March 31,

2025

2026

Net income

$

18,283

$

24,786

Add (deduct):

Income tax expense

2,508

5,100

Net finance (income) expense

277

(143)

Share of net loss of equity-accounted investees

7

20

Impairment of non-financial assets

733

670

Depreciation and amortization

4,434

5,205

Share-based compensation expenses

6,000

6,407

Other operating income

17

(45)

Adjusted EBITDA

$

32,259

$

41,998

The table below reconciles net cash flow from operating activities to free cash flow from operations:

Three Months Ended March 31,

2025

2026

Net cash flow from operating activities

$

15,945

$

42,145

Deduct:

Purchase of equipment

(596)

(2,465)

Development expenditure

(2,231)

(2,882)

Payment of lease liabilities

(1,091)

(1,293)

Free cash flow from operations

$

12,026

$

35,506

SOURCE Opera Limited

On April 28, 2026, Opera Ltd (OPRA) shares rose 5.3% to $17.81, continuing a positive trend that has seen the stock increase by 32.0% over the past month. The s

Opera Limited Sponsored ADR (OPRA - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, OPRA's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

This kind of chart pattern is the opposite of a death cross, which is a technical event that suggests future bearish price movement.

Shares of OPRA have been moving higher over the past four weeks, up 25.8%. Plus, the company is currently a #3 (Hold) on the Zacks Rank, suggesting that OPRA could be poised for a breakout.

The bullish case solidifies once investors consider OPRA's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 0 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.

Investors may want to watch OPRA for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), a leading global browser and AI agent company, today announced that its Board of Directors has declared its next semi-annual cash dividend of $0.40 per share to holders of the company's ordinary shares and American Depositary Shares ("ADSs"), each representing one ordinary share, payable on or about July 14, 2026, to shareholders of record as of the close of business on July 7, 2026. Based on 89,552,967 ordinary shares outstanding as of March 31, 2026, the aggregate dividend would be approximately $35.8 million. The actual aggregate amount payable will be determined based on the number of shares outstanding on the record date and will reflect shares repurchased by Opera under its ongoing share repurchase program prior to that date. Dividends to be paid to the holders of ADSs through the depositary bank, The Bank of New York Mellon, will be subject to the terms of the deposit agreement.

About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across devices. Hundreds of millions worldwide use Opera's mobile and desktop browsers for their speed, security, and unique features, enhanced with integrated AI that enables users to navigate and interact with the web in new transformative ways. Founded in 1995 and headquartered in Oslo, Norway, Opera is listed on the Nasdaq stock exchange under the ticker symbol "OPRA". Download Opera products from opera.com and learn more about Opera at investor.opera.com.

SOURCE Opera Limited

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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Mach Natural Resources LP (MNR - Free Report) , which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry.

When looking at the last two reports, this company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 47.40%, on average, in the last two quarters.

For the most recent quarter, Mach Natural Resources LP was expected to post earnings of $0.26 per share, but it reported $0.43 per share instead, representing a surprise of 65.38%. For the previous quarter, the consensus estimate was $0.34 per share, while it actually produced $0.44 per share, a surprise of 29.41%.

Price and EPS Surprise

For Mach Natural Resources LP, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Mach Natural Resources LP currently has an Earnings ESP of +16.92%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner.

With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Here are three stocks with buy rank and strong income characteristics for investors to consider today, April 21:

Mach Natural Resources LP (MNR - Free Report) : This upstream oil and gas company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 60.8% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 16.6%, compared with the industry average of 0.0%.

Ecopetrol S.A. (EC - Free Report) : This integrated oil and gas company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 61.5% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 7.6%, compared with the industry average of 1.4%.

ZTO Express (Cayman) Inc. (ZTO - Free Report) : This company that provides express delivery and other value-added logistics services has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 3%, compared with the industry average of 0.0%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check out this week’s current list of Best Stocks to Buy Now.

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