Gold by Gold: Revenue Up 131% in 2025
Gold by Gold released its annual results for 2025 on Thursday, showing a revenue increase to 31.6 million euros, driven by higher gold trading volumes from Colombia and rising gold prices. The French group reported a net income of 1.2 million euros, a record level, although this performance largely depends on external factors rather than a structural improvement in operational margins.
Growth Driven by Volumes and Gold Prices
Gold by Gold's consolidated revenue reached 31.6 million euros in 2025, up 131% from 13.7 million euros in 2024. This growth is based on two factors: firstly, the Trading and Refining division processed 300 kilograms of gold in 2025 compared to 162 kilograms in 2024, an 85% increase in volumes exclusively from its Colombian subsidiary. Secondly, the average price of gold in euros increased by 51% between 2024 and 2025, from 70,909 euros per kilogram to 106,828 euros per kilogram, according to data from the World Gold Council. As of April 29, 2026, the price of gold was 124,424 euros per kilogram, up 5% from the 2025 year-end close of 118,005 euros. Meanwhile, the refining and traced gold activities in France, historically part of the group's model, continued to contract, with recycled gold being preferred over traced gold in a context of rising metal prices.
Record Net Income but Only Slight Improvement in Operational Margins
The net income attributable to the group reached a record level of 1.2 million euros in 2025, compared to 36,000 euros in 2024, yielding a net margin of 3.9% of revenue. Operating income was 1.4 million euros, up 386% from 284,000 euros in 2024, with the operating margin rate increasing from 2.1% to 4.4%. However, the gross margin remained stable at 7.0% in both years, increasing from 953,000 euros to 2.2 million euros in absolute terms. The significant increase in absolute gross margin is linked to the dollar's decline relative to the euro, mainly in the first half of 2025, and the rise in gold prices, which had a positive effect on the valuation of year-end inventories. The gross margin rate, however, remains stable at 7.0%. The group's cost structure has changed little: staffing levels remained stable and other purchases and external expenses increased by only 20%.
Strengthened Balance Sheet and Increased Dividend
Gold by Gold's balance sheet strengthened in 2025. The group's consolidated equity amounted to 4.2 million euros as of December 31, 2025, up from 2.9 million euros a year earlier. Gold stocks reached 3.8 million euros at year-end, up from 2.3 million euros at the end of 2024, reflecting both the increase in volumes and the rise in prices. Available cash was 978,000 euros, and financial debts were reduced to only 31,000 euros, consisting of a state-guaranteed loan. The net cash position amounted to 0.9 million euros. Gold by Gold will propose a dividend of 0.04 euros per share for the 2025 fiscal year, up 33% from 0.03 euros paid for 2024. In the coming weeks, the group is expected to announce the launch of a new division aimed at entering a new segment of the gold market, while continuing to develop its trading activities from its Colombian base in a volatile market environment.
