Gemfields announces the Group’s financial results for the six months to 30 June 2026 of USD 106.0 million
Summarised Results:
Total revenue for the six months to 30 June 2026 of USD 106.0 million.
EBITDA for the six months to 30 June 2026 of USD 40.7 million.
Statutory loss per share of USDc 4.3 primarily driven by a non-cash impairment charge of USD 125.2 million, recognised in respect of MRM.
Adjusted headline earnings per share of USDc 6.
Free cash flow before working capital movements for the six months to 30 June 2026 of USD 17.4 million, reflecting the inclusion of revenues from the delayed December 2025 mixed-quality ruby auction, which was held in February 2026.
The Group’s net debt position at 30 June 2026 was USD 42 million (before USD 33.3 million of auction receivables, which have now been collected in full).
David Lovett, Interim CEO and CFO of Gemfields, commented:
“The first half of 2026 was a difficult period for Gemfields, driven principally by the continued shortage of premium ruby recoveries at Montepuez Ruby Mining (“MRM”), which remains the Group’s most significant operational and financial challenge. Kagem Mining (“Kagem”) delivered good emerald production, but higher diesel costs and a stronger Zambian kwacha weighed on profitability. While the Group’s reported results benefitted from the February 2026 mixed-quality ruby auction, it should be noted that this auction was originally scheduled for late 2025 and was postponed into the current reporting period.
During the period, the second processing plant (“PP2”) at MRM became largely operational and recent ruby recoveries have shown signs of improvement. However, it is too early to determine whether these results represent a sustainable improvement in grade and recoveries. The principal focus of management remains on testing and validating recent operational performance, improving mine planning and establishing a more consistent operating platform at MRM.
After an extended period of operational challenges, a return to sustainable profitability will require consistent execution over time rather than short-term improvements. While recent operational performance has been more encouraging than that seen earlier in the year, significant work remains to be done before we can conclude that MRM has turned a corner.”
Financial and Operating Results
| Six months to 30 June 2026 | Six months to 30 June 2025 | |
| USD’000 | USD’000 | |
| Revenue | 106,007 | 64,200 |
| EBITDA1 | 40,676 | (4,943) |
| Loss from operations | (100,668) | (21,255) |
| Net loss | (98,538) | (24,576) |
| Loss attributed to owners of the Company | (73,497) | (20,468) |
| USD cents | USD cents | |
| Loss per share | (4.3) | (1.7) |
| Headline earnings / (loss) per share | 0.6 | (1.5) |
| Adjusted Headline earnings / (loss) per share | 0.6 | (1.5) |
| Dividend per share | – | – |
| USD’000 | USD’000 | |
| Net debt | (44,237) | (61,216) |
| USD’000 | USD’0002 | |
| Net Asset Value (attributable to equity holders
of the Company) |
248,263 | 321,762 |
