Aura Minerals (AUGO) Q2 2026 earnings summary

Executive summary

• Q2 2026 production was 75,437 GEO, down 8% sequentially but up 18% year-over-year, with H1 2026 totaling 158,000 GEO and full-year guidance reaffirmed at 340,000–390,000 GEO.

• Q2 net revenue was $336 million, down 12% sequentially but up 76% year-over-year, impacted by lower gold prices and production.

• Adjusted EBITDA for Q2 was $197 million, with record LTM EBITDA of $801 million and H1 2026 EBITDA of $440.5 million, up 135% year-over-year.

• Net income for Q2 was $218 million, supported by non-cash gains on gold derivatives; H1 2026 net income was $312.8 million, compared to a net loss in H1 2025.

• Announced a $60 million dividend ($0.72/share) and a $200 million share buyback program effective through June 2027.

Financial highlights

• Q2 2026 net revenues: $336 million; adjusted EBITDA: $197 million; LTM adjusted EBITDA: $801 million.

• Net income: $218 million in Q2; H1 2026 adjusted net income: $201.3 million, up 216% year-over-year.

• Recurring free cash flow: $80 million in Q2 ($117 million excluding hedge losses); H1 2026: $175.1 million.

• Cash at quarter-end: ~$248.3 million; net debt: $168 million; leverage ratio stable at 0.2x.

• Gross margin for H1 2026: 58%; adjusted EBITDA margin: 61%.

Outlook and guidance

• Full-year 2026 production guidance reaffirmed at 340,000–390,000 GEO, with H2 expected at 182,000–232,000 GEO.

• AISC guidance for 2026 is $1,720–$1,865/GEO, with improvements expected in H2 as higher grades and production come online.

• MSG mine turnaround and Borborema debottlenecking to drive H2 and 2027 growth.

• Era Dorada construction is on schedule, with commercial production targeted for 2028 and 60% earthmoving completion.

• Company remains on track to meet 2026 guidance for production, cash cost, AISC, and CAPEX.