Bumi Resources Minerals (BRMS) Q2 2026 earnings summary

Executive summary

• First half 2026 saw increased coal production and sales, driven by operational efficiencies and favorable weather at Arutmin, while KPC remained stable.

• Revenue for H1 2026 was USD95.8 million, down from USD120.8 million year-over-year, with profit for the period at USD13.3 million, a decrease from USD22.3 million.

• The group remains in a deficit position of USD697.5 million as of June 30, 2026.

• Diversification efforts advanced, with initial gold and copper production at Wolfram and a target of over 50% EBITDA from non-thermal coal within five years.

• Strategic initiatives include expanding gold production capacity and accelerating exploration at key subsidiaries.

Financial highlights

• Revenue increased by 28% compared to the first half of 2025, mainly from higher coal sales and prices, but group revenue for H1 2026 was USD95.8 million, down from USD120.8 million year-over-year.

• Profit for the period rose 87% year-over-year to $72.3 million in one segment, while group net profit was USD13.3 million, down from USD22.3 million.

• Adjusted EBITDA up 39% year-over-year, driven by higher sales and a lower effective royalty rate (17% vs. 23%).

• Total assets increased to USD1.41 billion from USD1.31 billion at year-end 2025.

• Cash balance as of June 30, 2026, stood at $376.9 million, while cash and cash equivalents at period end were USD32.1 million.

Outlook and guidance

• Full-year 2026 coal sales guidance is 82–84 million tons, with 38.9 million tons achieved in the first half.

• CPM aims to optimize ore reserve exploration at Poboya to support a planned 10,000 TPD plant.

• Underground mining is targeted to commence in Q1 2027 to boost gold output.

• Non-thermal coal EBITDA projected to exceed 50% of total within five years, with further diversification news expected in H2 2026.

• LMR is awaiting a production operation license to enable construction of a 2,000 TPD plant.