GCM Resources (GCM) H1 2026 earnings summary

Executive summary

• Interim results cover the six months ended 31 December 2025, with a focus on the Phulbari Coal and Power Project in Bangladesh.

• Geopolitical energy disruptions in early 2026 highlighted Bangladesh's vulnerability to imported fuel shocks, shifting policy debate toward domestic energy resources.

• The Phulbari project remains development-ready, capable of supplying over 60% of Bangladesh's domestic coal power demand and reducing FX outflow.

• The company extended its MOU with PowerChina to December 2027 and raised £2.25m post-period to strengthen working capital.

• The BNP's election win positions the company to support evolving national energy security strategies.

Financial highlights

• Loss after tax for H1 FY26 was £1.012m, down from £1.302m in H1 FY25.

• Administrative expenses decreased to £411,000 from £461,000 year-over-year.

• Capitalised project expenditure was £194,000, compared to £259,000 in the prior year period.

• Cash and cash equivalents at 31 December 2025 were £706,000, down from £983,000 at 31 December 2024.

• Two equity placings post-period raised £1.0m and £1.25m, respectively, for working capital.

Outlook and guidance

• The company will advance engagement with the new government and maintain project readiness.

• Management will focus on cost and liquidity management, leveraging recent capital raises.

• The Phulbari project is positioned as a key domestic energy supply option amid global energy market volatility.