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Gemfields Group Limited (GML) investor relations material
Gemfields Group Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary26 Sep, 2025
Executive summary
H1 2025 was challenging due to lower premium ruby and emerald output, Kagem's mining suspension, civil unrest in Mozambique, and a new 15% Zambian export duty, all impacting cash flow and operations.
Rights issue and Fabergé divestment post-period strengthened the balance sheet and sharpened focus on core African gemstone mining.
MRM's second processing plant (PP2) became operational in September, expected to triple ruby processing capacity and drive new revenue in late H2 2025.
Cost-cutting and streamlining measures, including a temporary halt to Kagem mining, lowered operating costs by 30% year-over-year.
Loss after tax was $24.6m, compared to a $13.7m profit in H1 2024, driven by reduced sales and a $4.6m loss from discontinued operations (Fabergé).
Financial highlights
Group revenue for H1 2025 was $64.2m, down 47% year-over-year; Kagem contributed $21.1m, MRM $39m.
EBITDA loss of $4.9m and adjusted EPS loss of 1.5 cents per share.
Free cash flow was negative $22.1m, mainly due to reduced revenues and ongoing CapEx at MRM.
Net debt at June 30 was $45.1m (including auction receivables), improved since December due to the rights issue.
Capital expenditure was $28.2m, mainly for MRM's PP2.
Outlook and guidance
Kagem's premium emerald production has recovered post-suspension, with strong auction results post-June 2025.
MRM's PP2 ramp-up in Q4 2025 is expected to triple processing capacity and support future growth.
Three further auctions planned for H2 2025, including ruby and emerald sales.
Capital allocation will prioritize balance sheet strengthening and debt reduction over dividends or M&A in 2026.
Management remains cautiously optimistic for H2 2025, citing improved auction demand and pricing trends.
MRM PP2: Expected ruby production increase?
ABSA term loan: What is the covenant breach risk?
Kagem: What is the current mining strategy?
How will new MRM ruby qualities be valued?
Outline balance sheet bolstering strategy
What conditions for Kagem impairment reversal?
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Next Gemfields Group Limited earnings date
H2 202522 Apr, 2026
Next Gemfields Group Limited earnings date
H2 202522 Apr, 2026
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