Mineros S.A (MINEROS) Q2 2026 earnings summary

Executive summary

• Achieved record first-half 2026 results with revenue of $559–$560 million, up 46–63% year-over-year, and adjusted EBITDA of $260 million, up 70% year-over-year.

• Net profit for H1 2026 reached $133 million ($0.45/share), up 63% year-over-year, with Q2 net profit of $45 million ($0.15/share).

• Gold-equivalent ounces sold in H1 2026 totaled 122,634, up 12% year-over-year; silver sales more than doubled to 312,446 oz.

• Maintained a strong balance sheet with $229 million in cash and gold-backed assets, and a net cash position of $110 million.

• Expanded buyback program to $175 million, paid $14.7 million in H1 dividends, and share price outperformed gold and peers.

Financial highlights

• Q2 2026 revenue reached $267 million, up 46% year-over-year, driven by higher gold volumes and prices.

• Adjusted EBITDA for Q2 was $108 million (40% margin), and $260 million for H1 (47% margin), up 70% year-over-year.

• H1 2026 gross profit increased 71% to $238.3 million, with gross margin rising to 43%.

• H1 net free cash flow was $53 million, up from $44 million in H1 2025.

• ROCE improved to 62% from 44% year-over-year.

Outlook and guidance

• Full-year 2026 gold production guidance raised to 220,000–240,000 oz, with Hemco expected to contribute 137,000–147,000 oz and Nechí 83,000–93,000 oz.

• Consolidated cash cost guidance: $2,070–$2,170/oz; AISC: $2,370–$2,470/oz; H1 AISC tracked below guidance at $2,348/oz.

• Hemco plant expansion to 2,500 tpd on track for completion by year-end 2026.

• Porvenir project received environmental certification; final permits expected by year-end or early next year.

• 2026 CAPEX budget set at $113.7 million, with $51.7 million for growth, $44.7 million for sustaining, and $17.3 million for exploration.