Mineros S.A (MINEROS) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 revenue of $559 million, up 63% year-over-year, and adjusted EBITDA of $260 million, up 70%, driven by strong gold prices, operational improvements, and higher gold equivalent sales of 122,634 oz.

• 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).

• Shareholder returns included $18.1 million in buybacks and $14.7 million in dividends in H1, with the buyback program expanded to $175 million.

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

• Silver sales in H1 more than doubled year-over-year to 312,446 oz, supporting higher gold equivalent output and cost reductions.

Financial highlights

• Q2 2026 revenue was $267 million, up 46% year-over-year, with 61,849 gold equivalent ounces sold, an 11% increase.

• Q2 adjusted EBITDA was $108 million, up 31% year-over-year, with a 40% margin.

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

• Q2 average realized gold price was $4,290/oz (up 29% year-over-year); H1 average was $4,530/oz (up 46%).

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

Outlook and guidance

• 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 maintained at $2,070–$2,170/oz; all-in sustaining cost at $2,370–$2,470/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 Q4 2026, with a construction decision anticipated soon after.

• 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.