Gemfields Group (GML) H1 2026 TU earnings summary

Executive summary

• For the six months ended 30 June 2026, auction revenues from emeralds and rubies showed significant year-over-year growth, with cumulative auction revenue reaching USD 103 million for 2026 to date.

• Operational update covers the six months to 30 June 2026, with unaudited figures for Kagem (emerald) and Montepuez (ruby) mines, both 75% owned.

• Full interim results commentary will be published on 25 September 2026.

Financial highlights

• Group gross cash at 30 June 2026 was USD 47.7 million, with gross debt of USD 91.9 million, resulting in net debt of USD 44.2 million.

• Outstanding auction receivables were USD 33.3 million, reducing net debt with receivables to USD 10.9 million.

• Cumulative auction revenue by year: 2022 USD 316m, 2023 USD 242m, 2024 USD 196m, 2025 USD 129m, 2026 YTD USD 103m.

• Total auction revenues reached USD 102.9 million for H1 2026, up from USD 60 million in H1 2025.

Segment performance

• Kagem emerald auction revenue rose to USD 26.8 million (2025 H1: USD 21.2 million), and MRM ruby auction revenue surged to USD 76.1 million (2025 H1: USD 38.9 million).

• Kagem Emerald Mine cumulative auction sales reached USD 1.174 billion from 55 auctions.

• Kagem's cumulative premium emerald production for 2026 was 93,185 carats, with total emerald production at 6.00 million carats YTD.

• Montepuez Ruby Mine cumulative auction sales totaled USD 1.276 billion from 30 auctions.

• Montepuez's cumulative premium ruby production for 2026 was 30,408 carats, and tumble ruby production was 168,886 carats YTD.

• Kagem maintained strong premium emerald production, though operating costs rose due to higher fuel prices, exchange rates, and increased mining activity.

• MRM experienced weak premium grade ruby recovery at 0.025 carats per tonne in H1 2026.