Gemfields Group
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Gemfields Group (GML) investor relations material

Gemfields Group H2 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 TU earnings summary24 Mar, 2026

Executive summary

  • Operational interruptions at Montepuez Ruby Mining and Kagem emerald mine reduced output and cash generation, with delays in commissioning the second processing plant (PP2) at MRM impacting premium ruby production and auction cadence.

  • Seven auctions were held, generating USD 129 million, with demand skewed away from lower-quality, smaller-size goods; high-quality emeralds and rubies saw improved pricing.

  • Cash generation was constrained despite disciplined cost control and strong safety performance.

  • Priorities for 2026 include stabilizing operations, ramping up PP2, maintaining strict cost and capital discipline, and restoring predictable auction cadence.

Financial highlights

  • Loss per share for 2025 expected at USDC 2.6, a 62.9% improvement from USDC 7.0 in 2024; in ZAR terms, loss per share improved 69.0% to ZARC 40.0 from ZARC 129.0.

  • Headline loss per share expected at USDC 1.3, a 38.1% improvement from USDC 2.1 in 2024; in ZAR terms, headline loss per share improved 44.8% to ZARC 21.6 from ZARC 39.1.

  • Weighted average shares in issue for 2025: 1,476,650,587 (2024: 1,168,833,774, adjusted for rights issue).

Outlook and guidance

  • PP2 commissioning delays expected to persist into the first half of 2026, impacting ruby production.

  • Deleveraging is the primary capital discipline focus in the short term to strengthen the balance sheet and broaden capital allocation options in the medium term.

  • Ongoing monitoring of global energy market volatility due to Middle East conflict, with potential cost impacts yet to be quantified.

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