OceanaGold (OGC) Q2 2026 earnings summary

Executive summary

• Produced 139,000 oz gold (rounded from 138,800 oz) and 2,700 tons copper in Q2, up 7% sequentially, maintaining strong margins and free cash flow generation.

• Record adjusted EBITDA margin of 61% achieved, despite lower gold prices compared to Q1.

• Returned $78 million to shareholders in Q2 and $174 million year-to-date via dividends and buybacks; $134 million in buybacks YTD, with up to $350 million approved for 2026.

• Balance sheet strengthened with cash up 6% to $655 million and remains debt-free.

• Advanced key growth projects, including Waihi North, Palomino Underground, and commencement of decline development at Wharekirauponga.

Financial highlights

• Q2 revenue reached $647 million at an average realized gold price of $4,433/oz, with gold sales weighted toward the end of the quarter.

• Adjusted EBITDA was $398 million, up 84% year-over-year, with a record margin of 61%.

• Net profit attributable to shareholders was $222 million, with EPS of $0.99 and adjusted EPS of $0.98.

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

• Consolidated AISC was $2,151/oz, expected to decrease in the second half of 2026.

Outlook and guidance

• On track to meet full-year 2026 guidance for gold and copper production, costs, and capital spend.

• Expect stronger copper production and highest gold output in Q4; Haile and Didipio production to rise in H2, Macraes output to decline as planned, Waihi steady.

• All-in sustaining costs (AISC) anticipated near the upper end of guidance due to labor inflation and energy costs, but expected to decline in Q3 and Q4.

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