Genesis Minerals (GMD) H2 2026 earnings summary

Executive summary

• EBITDA more than doubled to A$952.4m, up 110% year-over-year, driven by strong margins and higher gold prices.

• Underlying NPAT rose 147% to A$546.9m, within guidance; statutory NPAT reached A$601.8m due to a one-off tax benefit from acquired tax losses.

• Sales revenue increased 89% to A$1,742.4m, with gold production up 33% to 285,402oz, meeting guidance.

• Cash and equivalents rose 81% to A$520.1m, despite significant investments in growth, M&A, and exploration.

• Maiden fully franked dividend of A5.0 cents per share declared for FY26.

Financial highlights

• Operating cash flow increased 122% to A$935.2m year-over-year.

• Bank debt at A$200m, with net cash, bullion, and investments at A$320.1m.

• All-in sustaining costs (AISC) were A$2,670/oz, up 11% year-over-year but within guidance.

• Average realised gold price was A$6,009/oz, up 36% year-over-year.

• Growth capital and exploration expenditure totaled A$275m, excluding acquisitions.

Outlook and guidance

• FY27 standalone outlook: production of 270,000–300,000oz, AISC A$2,750–3,050/oz, growth capital A$380–420m, exploration A$80–90m.

• Post-merger with Vault, targeted annual production of 600–700koz, resources of 34Moz, and reserves of 9Moz.

• Strategic plan for the merged group to be released in the first half of 2027, including multi-year production and cost assumptions.