Bellevue Gold (BGL) H2 2026 earnings summary

Executive summary

• Achieved FY26 production of 143.5koz, within guidance of 130-150koz, and sold 142.0koz.

• Delivered record free cash flow and maintained broadly neutral profit despite aggressive pre-delivery of gold into the hedge book.

• Revenue rose to $576.3 million, up $181.3 million year-over-year, despite a higher proportion of hedged gold sales.

Financial highlights

• FY26 net profit after tax (NPAT) was $7.1 million, impacted by 83.4koz of gold delivered into the hedge book at below spot prices; NPAT would have been ~$205 million if all gold was sold at spot.

• EBITDA reached $237.5 million, with an EBITDA margin of 41%.

• Operating cash flow was $252.9 million; record free cash flow after hedge deliveries totaled $62.6 million.

• Cash and gold increased by $54.8 million to $206.4 million; drawn debt remained at $100 million.

Outlook and guidance

• FY27 production guidance is 150,000-170,000oz at AISC of A$2,800–A$3,100/oz.

• Non-sustaining capital guidance is $90–100 million; exploration expenditure guidance is $25–30 million.

• Hedge book expected to be closed in FY27, providing full exposure to spot gold prices.