Mongolian Mining (975) H1 2026 earnings summary

Executive summary

• Revenue rose to USD586.2 million in 1H2026, up from USD347 million in 1H2025, driven by strong coal sales and the first full period of gold mine contribution.

• Net profit reached USD105.9 million in 1H2026, reversing a loss of USD19.9 million in the prior year and reflecting improved operational efficiency and higher commodity prices.

• Adjusted EBITDA increased to USD169.2 million from USD94.1 million year-over-year.

• Maintained a diversified portfolio with leading positions in coking coal, gold, silver, and copper mining assets in Mongolia.

• No interim dividend was declared for the period, with focus on capital returns via share buybacks.

Financial highlights

• Gross profit doubled to USD134.9 million from USD62.9 million year-over-year.

• Net current assets increased to USD184 million as of June 30, 2026, from USD67 million at year-end 2025.

• Cash and cash equivalents stood at USD294.4 million, with total debt at USD400 million as of June 30, 2026.

• Net cash from operating activities was USD180.1 million, with a net increase in cash of USD70.5 million.

• Basic EPS was USD8.59 cents, compared to a loss per share of USD2.24 cents in 2025.

Outlook and guidance

• Continued focus on operational efficiency, cost control, and scaling up production across coal and metals segments.

• Ongoing investments in pre-stripping and CAPEX to support future production growth.

• Plans to set science-based GHG emissions targets and further sustainability initiatives.

• Continued share repurchases and exploration of strategic cooperation.

• Commitment to maintaining safety and ESG standards.