EarningsQ2 2026 Earnings Report
MX:BTGN Q2 2026 EPS Results
Actual EPS$0.54
Consensus EPS$1.33
Beat/MissMissed by -$0.78
One Year Ago EPS$2.18
MX:BTGN Q2 2026 Revenue Results
Actual Revenue$13.93B
Expected Revenue$15.19B
Beat/MissMissed by -$1.26B
YoY Revenue Growth+14.00%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:BTGN Upcoming Earnings
B2Gold's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BTGN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call delivered several meaningful positives: a material permitting milestone for Fekola Regional that unlocks long-term production growth (>150,000 oz/year from 2028), in-line Q2 production (204k oz) with outperformance at key mines (Fekola, Masbate, Otjikoto), a $325 million asset sale, elimination of prepay/collar encumbrances heading into 2027, narrowed company guidance and lower AISC expectations, and continued active capital returns. Offsetting these positives were notable near-term cash pressures—negative free cash flow of $258 million in Q2 driven by front-loaded cash taxes (45% of expected 2026 tax paid in Q2), realized losses from collar contracts (~$71M), and operational disruption and incremental costs at Goose due to the April crusher fire. While there are short-term cash-flow and operational headwinds, the strategic and operational milestones materially strengthen the company’s medium-term outlook.Company Guidance
Menankoto Exploitation Permit Granted (Fekola Regional)
The government of Mali granted the Menankoto exploitation permit, allowing pre-stripping and development of Fekola Regional. Management expects the regional operation to ramp through end-2027 and produce in excess of 150,000 ounces/year from 2028 through the mid-2030s, unlocking a major near-term growth opportunity.
Q2 2026 Consolidated Gold Production in Line with Expectations
Consolidated production was approximately 204,000 ounces in Q2 2026, driven by strong operating performances at Fekola, Masbate and Otjikoto; these three mines exceeded expectations for the quarter.
Portfolio and Balance Sheet Strengthening Transactions
Completed sale of 70% interest in Fingold to Agnico Eagle for $325 million, strengthening liquidity. Company ended the quarter with $287 million cash and $405 million working capital.
Return of Capital to Shareholders
Year-to-date 2026 repurchases of ~35 million shares for $172 million and dividends of $52 million, totaling $224 million returned to shareholders (noted as over 4% of current market cap). Also repurchased 19 million shares in the quarter for $92 million.
Adjusted and Reported Earnings
Reported net income attributable to shareholders was $417 million ($0.31/share) for Q2, boosted by the Finland sale and unrealized derivative gains. Adjusted net income was $41 million ($0.03/share); excluding ~$71 million of realized losses on gold collar contracts, adjusted EPS would have been just over $0.08.
Elimination of Hedging/Prepay Encumbrances
Gold prepaid deliveries were completed in June 2026 and collar contracts conclude in December 2026, leaving the company unencumbered heading into 2027 with all remaining gold sales exposed to spot prices — management expects meaningful improvement in free cash flow as a result.
Guidance Narrowed and AISC Guidance Lowered
Consolidated 2026 production guidance narrowed to 820,000–920,000 ounces. Cash operating cost guidance unchanged at $1,155–$1,280/oz produced; all-in sustaining cost (AISC) guidance lowered to $2,370–$2,550/oz sold, with management expecting full-year AISC at or below the low end.
Operational Recovery Plan at Goose and Crusher Replacement
Following an April crusher fire, an additional mobile crusher was delivered in July and commissioning was underway in early August; combined crushing capacity expected to exceed 3,000 tonnes/day, supporting a plan to reach ~300,000 oz/year consolidated run-rate by mid-2027.
MX:BTGN Earnings History
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.
Beat
Missed