OM (OMH) H1 2026 earnings summary

Executive summary

• Achieved profit after tax of US$26.3 million for 1H 2026, reversing a US$9.6 million loss in 1H 2025, driven by a gain on disposal and dividend income from discontinued operations.

• EBITDA surged to US$87.0 million from US$19.1 million year-over-year, reflecting improved margins and one-off gains.

• Revenue declined 14% to US$265.2 million due to lower sales volumes of manganese ores and ferrosilicon, despite higher average selling prices.

• Basic and diluted EPS improved to 3.44 US cents from a loss of 1.25 US cents per share.

• The Group strengthened its financial position through early bond redemption, asset sales, and a special dividend.

Financial highlights

• Gross profit increased 40% to US$30.3 million, with gross margin rising to 11% from 7% year-over-year.

• Net cash used in operating activities was US$72.4 million, while consolidated cash position rose to US$48.8 million.

• Net asset backing per share increased to 59.47 US cents from 55.25 US cents at year-end 2025.

• Total borrowings reduced to US$181.1 million, lowering the borrowings-to-equity ratio to 0.40.

Outlook and guidance

• No interim dividend declared for 1H 2026.

• Board remains confident in the Group’s ability to meet obligations and continue operations.

• Management notes gradual improvement in pricing environment but remains cautious about sustainability.

• Focus remains on operational resilience and disciplined capital management amid ongoing market volatility.