Gemfields Group (GML) H1 2026 earnings summary

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.