OceanaGold (OGC) Q2 2026 earnings summary

Executive summary

• Gold production increased 7% sequentially in Q2 2026 to 139,000 oz, with 2,700 tonnes copper produced, maintaining strong margins and free cash flow generation.

• Record adjusted EBITDA margin of 61% and $130 million in free cash flow achieved, with a strengthened, debt-free balance sheet and cash rising to $655 million.

• $78 million returned to shareholders in Q2 and $174 million year-to-date via dividends and buybacks; $134 million of $350 million buyback program completed.

• Significant progress on organic growth projects, including Waihi North, Palomino Underground, and Wharekirauponga, with high-grade drill results at Haile.

• Listed on the NYSE in April 2026, increasing trading volumes.

Financial highlights

• Q2 2026 revenue reached $647 million at an average realized gold price of $4,433/oz.

• Adjusted EBITDA was $398 million (+84% YoY), with a record 61% margin; operating cash flow was $314 million (+38% YoY); EPS increased 102% YoY to $0.99.

• Free cash flow for Q2 was $130 million, totaling $385 million year-to-date.

• Consolidated AISC was $2,151/oz in Q2, expected to decrease in H2 2026.

• Net profit attributable to shareholders was $222 million.

Outlook and guidance

• Full-year 2026 production, cost, and capital guidance remain unchanged; gold production guidance: 520–590 koz, copper: 13–15 kt, AISC: $1,750–$1,900/oz.

• H2 production expected to rise, with AISC forecasted to decline.

• Growth capital spending to increase in H2, mainly for Waihi North, Palomino, and Haile projects.

• Haile and Didipio production expected to rise in H2, Macraes output to decline as planned, Waihi to remain steady.