Aura Minerals Posts Record First Half: $440.5M EBITDA, $312.8M Net Income, and Reaffirmed 340k–390k GEO Guidance

summarizeSummary

Aura Minerals delivered record H1 2026 results, including $440.5M in Adjusted EBITDA and $312.8M in net income, reaffirmed its full-year production guidance of 340k–390k GEO, and announced a $200M buyback program.

check_boxKey Events · Earnings and Guidance · AUGO

• Record H1 Production and Revenue

  First-half 2026 production reached 157,574 GEO, a 27% increase year over year, propelling net revenue to $718.6 million—up 104% from H1 2025.

• Adjusted EBITDA More Than Doubles

  Adjusted EBITDA for H1 2026 surged 135% year over year to $440.5 million, while the last twelve months' figure hit $802 million, marking the twelfth consecutive quarterly increase.

• Non-Cash Hedge Gains Boost Net Income

  Second-quarter net income of $217.7 million included a $126.0 million unrealized mark-to-market gain on gold collars; adjusted net income came in at $97.4 million.

• Realized Hedge Losses a Cash Drag

  Realized losses on gold hedges amounted to $70.6 million in H1 2026, with Borborema collars—capped at $2,400/oz—covering roughly 80% of production through mid-2028.

auto_awesomeAnalysis · AUGO · Energy & Transportation

A record first half saw production climb 27% and Adjusted EBITDA more than double to $440.5 million. The quarter benefited from a $126 million non-cash mark-to-market gain on gold hedges, which boosted net income but does not represent cash flow. Realized hedge losses of $70.6 million in H1 are a cash drag, and the Borborema collars—with a ceiling of $2,400/oz—will continue to cap upside on 80% of production through mid-2028. A $200 million share buyback authorization and a trailing dividend yield of 4.3% signal management's confidence in cash generation, though the recent insider selling trend (over $26 million net in 90 days) warrants attention. The company remains on track for full-year guidance, with second-half production expected to step up significantly.