Gem Diamonds earnings date
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Gem Diamonds (GEMD) Q2 2026 Earnings Report
GB:GEMD Q2 2026 EPS Results
- Actual EPS
- GBP 0.00
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -GBP 0.07
GB:GEMD Q2 2026 Revenue Results
- Actual Revenue
- GBP 44.41M
- Expected Revenue
- GBP 43.78M
- Beat/Miss
- Beat by +GBP 625.69K
- YoY Revenue Growth
- +26.93%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 09/03/2026
- Time
- Before Open
- Conference Call
- Thursday, September 3, 2026
Gem Diamonds's next earnings date is estimated for March 18, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call was predominantly positive, with a substantial financial turnaround, stronger diamond pricing and demand, materially lower net debt, improved liquidity, and continued operational cost efficiencies. These positives were tempered by one lost-time injury, lower sales volumes, currency and inflationary pressures, limited additional cost-cutting opportunities, refinancing requirements, and broader diamond-market and macroeconomic uncertainties.
Management maintained its full year guidance for production and costs, saying it was “confident that we'll get there”; ore production is expected to remain at approximately 5 million tonnes per annum, while the 30% carbon-emissions reduction target versus the 2021 baseline is being maintained and the group is “currently... trending to be above that for 2026.” The next satellite cutback is expected to start in 2027, and management said it hopes to continue at the current cost level, although “there just are no longer any glaring opportunities to attack.” Refinancing of revolving credit facilities totaling approximately $75 million, $76 million in aggregate, which expire in December 2026, is a key assumption, with the Board having reasonable expectation that it will be successfully concluded.
- Revenue and EBITDA TurnaroundFirst-half revenue increased 32% to $59.7 million from $45.4 million, while EBITDA improved to $8.6 million from negative $2.6 million in the prior comparative period. Earnings before tax recovered to $3.1 million, and attributable profit reached $0.6 million versus an attributable loss of $11.7 million previously.
- Higher Diamond PricingThe average selling price increased to $1,395 per carat from $1,008 per carat in H1 2025. Management said achieved dollar per carat was approximately 30% to 40% better than the same period in the prior year, reflecting higher-quality diamonds sold and improved market prices for larger exceptional-quality stones.
- Strong Demand and Improving Diamond MarketManagement reported big demand for Gem Diamonds' goods, with buyers competing for the stones and contributing to price increases. Management also said the diamond market appears to be resetting as rough-diamond supply has fallen from approximately 172 million carats per year to approximately 90 million carats, while pricing across size and quality categories has started to improve.
- Production Tracking the Mine PlanThe company recovered 41,695 carats in H1, with production volumes remaining in line with planned output for the year and the long-term mine plan. Three diamonds larger than 100 carats were recovered during H1, and two additional 100-carat-plus diamonds were found after the period end, bringing the year-to-date total to five compared with a 2008-to-2025 average of eight per annum.
- Recovery of the 347-Carat Lesotho JubileeLetšeng recovered a 347-carat diamond named the Lesotho Jubilee to mark Lesotho's 60th anniversary of independence. The stone is scheduled to be offered for sale in the September tender.
- Business Resilience Program Delivering Cost EfficienciesManagement said the business resilience program launched in July 2025 has delivered a tighter cost base and meaningful cost efficiencies. Waste mining was reduced to approximately 300,000 tonnes from 1.7 million tonnes, while ore treatment throughput was maintained at approximately 5 million tonnes per annum.
- Lower Cash and Unit CostsThe cash element of cost of sales decreased 1% to $31.3 million and declined 12% in local currency to LSL 513 million despite elevated fuel prices and broader inflationary pressures. Direct cash cost per tonne treated decreased 15% in local currency to LSL 197 per tonne, or $12 per tonne, while total all-in cash costs decreased 23% in local currency to LSL 536 million, or $32 million.
- Reduced Royalty and Selling CostsRoyalty and selling costs decreased 86% to $700,000 from $5.2 million in H1 2025. Management attributed the reduction to the royalty suspension agreed with the government of Lesotho at the end of 2025 and extended through the end of September 2026.
- Corporate Cost RationalizationCorporate costs decreased 19% to $2.5 million from $3.1 million in H1 2025, reflecting ongoing rationalization in the South African, administrative and U.K. head offices.
- Improved Balance Sheet and LiquidityCash increased to $20.2 million from $3.8 million at year-end, while borrowings declined to $20.6 million from $24.9 million. Group net debt fell to $0.5 million from $20.1 million at December, and the group retained approximately $17 million of undrawn facilities.
- Strong Cash Generation and Lower Capital ExpenditureLetšeng generated approximately $27 million of cash before waste costs, capital expenditure, debt repayments and financing costs. Capital expenditure was $300,000 compared with $2.2 million in H1 2025, an 88% reduction, reflecting completion of plant modification and recovery improvement projects that began in 2025.
- Safety and Sustainability ProgressThe all injury frequency rate was 0.5 compared with 0.51 in H1 2025. The company reported no major or significant environmental or social incidents, said it had reached its 30% carbon-emissions reduction target against the 2021 baseline, and is currently trending above that target for 2026. Its tailings facilities are being managed in alignment with the Global Industry Standard on Tailings Management.
- Potential for Future DividendsManagement said the company would like to pay dividends as soon as possible, has a dividend policy, and intends to return dividends to owners, while noting that it was too soon to make forecasts.
GB:GEMD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 18, 2027 | 2026 (Q4) | ―- | -0.49 | ― | ― |
| Sep 03, 2026 | 2026 (Q2) | ―0.00 | -0.07 | 104.21% (+0.07) | |
| Mar 18, 2026 | 2025 (Q4) | ―-0.49 | 0.01 | -9840.00% (-0.49) | |
| Sep 04, 2025 | 2025 (Q2) | ―-0.07 | 0.01 | -778.57% (-0.08) | |
| Mar 13, 2025 | 2024 (Q4) | ―0.01 | -0.01 | 162.50% (+0.01) | |
| Aug 29, 2024 | 2024 (Q2) | ―0.01 | -0.01 | 300.00% (+0.02) | |
| Mar 14, 2024 | 2023 (Q4) | ―-0.01 | 0.02 | -124.24% (-0.03) | |
| Aug 31, 2023 | 2023 (Q2) | ―-0.01 | 0.03 | -120.59% (-0.03) | |
| Mar 16, 2023 | 2022 (Q4) | ―0.03 | 0.03 | 13.79% (+0.00) | |
| Sep 01, 2022 | 2022 (Q2) | ―0.03 | 0.06 | -55.26% (-0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
