Endeavour dividend
Endeavour’s minimum dividends are US$300 million for FY2026 and US$325 million for FY2027. Endeavour’s cash coverage has been uneven: payouts exceeded free cash flow by $223.5 million in 2024, while future extra returns depend on gold prices, cash generation and leverage.
How much does Endeavour pay per share?
For 2026, management guides to group production of 1,090–1,265 koz. Group AISC guidance is US$1,600–1,800/oz. It is based on a US$3,000 gold assumption. Mana is expected below 155 koz and above US$2,250/oz AISC. Minimum dividends are US$300 million for FY2026 and US$325 million for FY2027.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 4.08 | 0.57 | -0.94 | 1.71 | |
| − Dividends paid, per share | 1.16 | 0.82 | 0.81 | 0.67 | 0.54 |
| − Share buybacks, per share | 0.35 | 0.16 | 0.25 | 0.40 | 0.55 |
| = FCF not paid out, per share | 2.08 | 0.42 |
What this means. The company's own free cash flow per share is higher because it includes cash from businesses it sold and does not subtract shares given to employees as pay.
Is Endeavour's dividend covered by its cash?
Construction created the pressure. Free cash flow means cash from operations minus cash spent on investing. It was negative $232.4 million in 2023 and recovered to $139.2 million in 2024. Payouts exceeded free cash flow by $569.0 million in 2023 and $223.5 million in 2024.
The position changed sharply in 2025. Net debt was $718.1 million in 2024. It fell to $96.8 million in 2025 as stronger cash generation supported debt repayment, although higher gold prices also helped. By July 2026, minimum dividends were set through 2028, while extra returns remained conditional on gold prices, cash generation and leverage. The next construction programme will test whether that discipline lasts.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,010.4 | 139.2 | -232.4 | 424.2 | |
| − Dividends paid | 288.2 | 200.0 | 200.4 | 166.6 | 129.9 |
| − Share buybacks | 87.4 | 39.2 | 61.5 | 98.7 | 133.8 |
| = Free cash flow not paid out | 515.7 | 104.5 | |||
| = Paid out more than the free cash flow | 223.5 | 569.0 | |||
| Paid out, % of free cash flow | 37.2% | 171.8% | not meaningful | 62.5% |
What this means. In 2024, it paid shareholders more cash than the business generated, so it had to use savings or borrow money to cover the difference.
What could change Endeavour's dividend?
The 2027 production and AISC updates will show whether Mana’s weakness is contained or spreading across the portfolio. Gold prices and sustaining-capital demands will determine whether the minimum dividends leave room for buybacks.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 3,120 (1,430 / 4,313) | 2,796 (1,080 / 4,608) | 2,990 (1,208 / 5,503) |
| Shares (millions) | 240 (242 / 239) | 239 (243 / 237) | 238 (243 / 234) |
| Dividends per share | 1.35 (1.25 / 1.50) | 1.35 (0.75 / 1.80) | 1.35 (0.25 / 2.10) |
| Enterprise value to ebitda | 5.50 (4.20 / 6.50) | 5.20 (3.50 / 7.00) | 5.00 (3.30 / 7.50) |
| Net debt | -1,251 (168 / -2,109) | -1,779 (915 / -3,996) | -2,542 (1,424 / -7,002) |