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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Gemfields Group
Gemfields Group (GML) investor relations material
Gemfields Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary30 Sep, 2026
Executive summary
H1 2026 revenue rose 65% year over year to USD 106.0 million, driven by strong auctions, while operational challenges at MRM weighed on performance.
EBITDA improved to USD 40.7 million from negative USD 4.9 million in H1 2025; the period recorded a USD 98.5 million net loss after a USD 125.2 million non-cash MRM impairment.
Priorities include operational stability, financial discipline and balance sheet resilience.
The CEO stepped down, with the CFO appointed Interim CEO to ensure continuity.
Financial highlights
Revenue was USD 106.0 million, up from USD 64.2 million year over year; auction revenue accounted for 97% of the total.
Adjusted EBITDA was USD 40.7 million, up 73% versus H2 2025; EBITDA margin increased to 38% from -8% in H1 2025.
Net loss was USD 98.5 million versus USD 24.6 million in H1 2025, mainly reflecting the MRM impairment; loss from operations was USD 100.7 million.
Free cash flow before working capital movements was USD 17.4 million, compared with an outflow of USD 22.1 million in H1 2025; delayed December 2025 auction proceeds contributed.
Net debt was USD 44.2 million at 30 June 2026, or USD 10.9 million after USD 33.3 million of auction receivables.
Outlook and guidance
Management is focused on stabilising MRM, improving premium ruby recoveries and establishing a more consistent operating platform; sustainable profitability is not assured by short-term improvements.
Upcoming auction performance is expected to be consistent with recent trends; a September emerald auction realised USD 29.6 million, with further auctions planned before year-end.
Kagem is expected to sustain strong performance, supported by continued demand for Zambian emeralds; mine planning aims to stabilise production.
Capital allocation priorities include debt management, essential investment, cost control and liquidity preservation.
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Latest events from Gemfields Group
- Net loss driven by MRM impairment despite higher revenues; operational improvements underway.GML
Trading update - Major investments in processing capacity aim to boost premium gemstone-driven growth.GMLInvestor presentation
- Emerald and ruby auction revenues surged to USD 103 million in H1 2026, driving strong output.GMLH1 2026 TU
- 2025 was marked by weak revenues and operational challenges, but cost controls improved stability.GMLH2 2025
- Loss per share improved 62.9% year-over-year despite operational challenges and auction volatility.GMLH2 2025 TU
- Revenue and profit fell on lower auction volumes, but growth investments and cost controls continue.GMLH1 2024
- Revenue and cash flow dropped in 2024, prompting a $30m rights issue and major cost cuts.GMLH2 2024
- Revenue down 47% to $64.2m, net loss $24.6m, outlook improves with asset sales and PP2 ramp-up.GMLH1 2025
Next Gemfields Group earnings date
H2 202625 Mar, 2027
Gemfields Group
Next Gemfields Group earnings date
H2 202625 Mar, 2027
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