Q2 FY2026
Filed Aug 5, 2026Aura reported record Q2 2026 Net Income of US$217.7 million and record H1 2026 production of 157,574 GEO, while reaffirming 2026 production, cost and CAPEX guidance.
Revenue, gross profit, operating income and Adjusted EBITDA increased materially year-over-year, supported by higher gold prices, Borborema commercial production, MSG and Almas expansion. Sequential earnings, production, revenue and Adjusted EBITDA declined, while AISC increased and MSG generated negative Adjusted EBITDA during its turnaround.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Production (GEO)other | 75,437 GEO | -8% | 18% |
| Total Sales (GEO)other | 78,414 GEO | -4% | 26% |
| Net Revenueother | US$335,967 thousand | -12% | 76% |
| Cost of goods soldother | (US$144,490 thousand) | -6% | 67% |
| Gross Profitother | US$191,477 thousand | -16% | 84% |
| Gross Marginother | 57% | -3 p.p. | 2 p.p. |
| Operational Expensesother | (US$16,176 thousand) | -31% | 25% |
| General and administrative expensesother | (US$22,477 thousand) | 43% | 99% |
| Exploration expensesother | (US$3,569 thousand) | 51% | 108% |
| Operating incomeother | US$175,301 thousand | -15% | 93% |
| Adjusted EBITDAnon-GAAP | US$196,659 thousand | -19% | 85% |
| Adjusted EBITDA Marginnon-GAAP | 59% | -5 p.p. | 3 p.p. |
| Profit/(loss) for the periodother | US$217,687 thousand | 129% | 2572% |
| Net Marginother | 65% | 40 p.p. | 61 p.p. |
| Adjusted Net Incomenon-GAAP | US$97,414 thousand | -11% | 164% |
| Cash Costnon-GAAP | US$1,513/GEO | 2% | 32% |
| All-in Sustaining Costnon-GAAP | US$1,985/GEO | 9% | 37% |
| Operating Cash Flowother | US$111,945 thousand | -5% | 40% |
| Recurring Free Cash Flownon-GAAP | US$80,230 thousand | -15% | 33% |
| Total CAPEXother | US$84,319 thousand | 91% | 68% |
| Gross debtother | US$441,244 thousand | 8% | -3% |
| Cash and cash equivalentsother | US$248,322 thousand | -7% | 48% |
| Net Debtnon-GAAP | US$168,026 thousand | 46% | -40% |
| Net Debt/LTM EBITDAnon-GAAP | 0.21x | 0.05x | -0.59x |
| Average realized gold price per ounce sold, netnon-GAAP | US$4,304/oz | -11% | 35% |
| Average realized copper priceother | US$6.09/lb | 5% | 41% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AranzazuHigher copper prices and a higher volume of copper sold offset lower production associated with mine sequencing. | US$74,825 thousand | 8% | 20% |
| ApoenaLower sales, lower gold price, lower grades and lower recovery during Nosde Phase 3 development. | US$25,376 thousand | -29% | -5% |
| MinosaHigher gold prices supported year-over-year revenue, while lower production, sales and realized gold prices reduced sequential revenue. | US$64,286 thousand | -20% | 15% |
| AlmasHigher production and sales from the plant expansion, together with higher gold prices year-over-year. | US$79,322 thousand | 15% | 90% |
| BorboremaYear-over-year growth reflected its pre-commercial stage in Q2 2025; sequential revenue declined on lower sales volumes and lower metal prices. | US$63,242 thousand | -23% | 1614% |
| MSGLower sales volume and lower gold prices as lower-grade surface and stockpile material represented a larger share of plant feed during underground development. | US$28,916 thousand | -38% | – |
2026 outlook
- NoteGold equivalent ounces production: 340k – 390k GEO
- NoteCash Cost per equivalent ounce of gold produced, Total w/ MSG: US$1,303 – US$1,411
- NoteAISC per equivalent ounce of gold produced, Total w/ MSG: US$1,720 – US$1,865
- NoteCAPEX, Sustaining: US$105 million – US$123 million
- NoteCAPEX, Exploration: US$19 million – US$25 million
- NoteCAPEX, Expansion: US$262 million – US$314 million
- NoteCAPEX, Total: US$386 million – US$462 million
- NoteSecond-half guidance: 182k to 232k GEO
Capital returns
- Dividends and share buybacks paid of US$67.7 million
- Aura may repurchase up to an aggregate US$200 million from June 18, 2026 through June 18, 2027, or until completed, whichever comes first.
- The repurchase programs cover the Company's common shares and Brazilian Depositary Receipts.
What drove it
- Net Revenue increased 76% year-over-year due to higher sales and more favorable metals prices, including a 35% increase in average realized gold price and a 41% increase in average realized copper price.
- Borborema commercial production, the addition of MSG and Almas plant expansion supported production and sales growth year-over-year.
- Almas production rose 25% year-over-year and 2% sequentially, driven by higher ore processed volumes from the ongoing plant expansion.
- Aranzazu production increased 14% sequentially at current metal prices, driven primarily by favorable copper-to-GEO conversion dynamics; production at constant prices increased 8% sequentially on higher grades.
- Q2 Net Income included an unrealized gain on gold hedges of US$126.0 million arising from mark-to-market adjustments.
- The sale of the São Francisco mine contributed to Other Income/Expenses, including an US$11.0 million sequential increase in that line.
Concerns
- Total production decreased 8% sequentially and total sales decreased 4% sequentially.
- Net Revenue decreased 12% sequentially, while Gross Profit declined 16%, Operating Income declined 15% and Adjusted EBITDA declined 19%.
- AISC increased to US$1,985/GEO, up 9% sequentially and 37% year-over-year.
- MSG reported Cash Cost of US$3,852/GEO, AISC of US$5,277/GEO and Adjusted EBITDA of (US$1,116 thousand) during the turnaround and underground development period.
- Apoena production decreased 24% sequentially and 31% year-over-year, with Cash Cost rising 37% sequentially to US$1,886/GEO.
- Realized losses with derivative gold collars were US$37,249 thousand, up 12% sequentially and 218% year-over-year.
- Net Debt increased 46% sequentially to US$168,026 thousand, following dividends and share buybacks, expansion CAPEX and a new debt issued at MSG.
What to watch
- Second-half production delivery of 182k to 232k GEO relative to the 2026 target of 340k – 390k GEO.
- MSG operational performance as underground infrastructure upgrades and primary development advance, with the Company expecting improvement in H2 2026 and a production step-up in 2027.
- Apoena's access to higher-grade ore from the Nosde pit following completion of development later in 2026.
- Progress in Almas expansion toward 3 Mtpa, Borborema capacity engineering studies and the incorporation of Serrinhas and Pé Quente into Matupá studies.
- Era Dorada construction progress, where earthmoving was 60% complete and cumulative investment reached US$15.3 million as of June.
- Gold collar settlements, as all outstanding gold collars of 166,578 Ozs associated with future Borborema production expire between July/2026 and June/2028.
Balance sheet and cash flow
- Operating Cash Flow: US$111,945 thousand, compared to US$117,871 thousand in Q1 2026 and US$79,864 thousand in Q2 2025.
- Recurring Free Cash Flow: US$80,230 thousand, compared to US$94,852 thousand in Q1 2026 and US$60,420 thousand in Q2 2025.
- Total CAPEX: US$84,319 thousand, including Expansion of Capex of US$53.5 million, Sustaining Capex of US$25.3 million and Exploration Capex of US$5.5 million.
- Gross debt: US$441,244 thousand, compared to US$409,048 thousand at the end of Q1 2026.
- Cash and cash equivalents: US$248,322 thousand, compared to US$267,789 thousand at the end of Q1 2026.
- Net Debt: US$168,026 thousand, compared to US$115,181 thousand at the end of Q1 2026.
- Restricted Cash: US$3,492 thousand.
- Derivative financial instrument (Almas Swap): US$21,404 thousand.
Analysis
Aura delivered strong year-over-year operating and financial growth in Q2 2026. Total production increased 18% to 75,437 GEO, sales increased 26% to 78,414 GEO and Net Revenue increased 76% to US$335,967 thousand. The growth reflected higher realized metal prices, Borborema commercial production, the addition of MSG and higher volumes at Almas. Gross Profit increased 84% to US$191,477 thousand, Operating Income increased 93% to US$175,301 thousand and Adjusted EBITDA increased 85% to US$196,659 thousand. The H1 2026 result established record production of 157,574 GEO, with Net Revenue of US$718,573 thousand and Adjusted EBITDA of US$440,527 thousand.
The quarter weakened sequentially as lower production, sales and gold prices reduced earnings. Production declined 8%, sales declined 4% and Net Revenue declined 12% from Q1 2026. Gross Profit declined 16% and Adjusted EBITDA declined 19%, while Adjusted EBITDA Margin contracted to 59% from 64%. Lower grades from mine sequencing affected Apoena, Borborema and MSG, while Minosa was affected by higher stacking levels within the leach pad and lower ore plant feed. Aranzazu and Almas were the principal sequential production offsets, with Aranzazu benefiting from copper-to-GEO conversion dynamics and higher grades, and Almas benefiting from increased plant feed.
Reported Net Income reached a record US$217,687 thousand, but the result was materially supported by an unrealized gain on gold hedges of US$126,013 thousand. Adjusted Net Income was US$97,414 thousand, down 11% from Q1 2026 but up 164% from Q2 2025. Realized losses with derivative gold collars were US$37,249 thousand in the quarter. Higher costs also require attention: consolidated Cash Cost was US$1,513/GEO and AISC was US$1,985/GEO. MSG was the largest cost pressure, reporting AISC of US$5,277/GEO and Adjusted EBITDA of (US$1,116 thousand) while Aura invested in underground development and infrastructure for its turnaround.
Cash generation remained positive despite lower sequential EBITDA and higher investment. Recurring Free Cash Flow was US$80,230 thousand, while Total CAPEX rose 91% sequentially to US$84,319 thousand, including US$53.5 million of expansion CAPEX. Net Debt increased to US$168,026 thousand from US$115,181 thousand, as operating cash flow was deployed toward CAPEX and US$67.7 million of dividends and share buybacks. The company also approved programs allowing repurchases of up to an aggregate US$200 million through June 18, 2027.
Aura reaffirmed its 2026 production guidance of 340k – 390k GEO, Total w/ MSG Cash Cost guidance of US$1,303 – US$1,411, Total w/ MSG AISC guidance of US$1,720 – US$1,865 and Total CAPEX guidance of US$386 million – US$462 million. H1 production was 158k GEO, while the company cited second-half guidance of 182k to 232k GEO. The operating path for the second half depends on the MSG turnaround, access to higher-grade Nosde material at Apoena and the expected effects of mine sequencing across the portfolio.
Management, verbatim
Aura delivered a record first half, producing 158k GEO in H1 2026. With second-half guidance of 182k to 232k GEO, we remain firmly on track with our full-year target of 340k to 390k GEO.
Rodrigo Barbosa, President and CEO
Not in the filing
stated, not guessed- Diluted EPS and basic EPS
- GAAP or IFRS earnings per share
- Quarterly dividend amount
- Separate amount of Q2 2026 share repurchases
- Separate amount of Q2 2026 dividends paid
- Tax rate
- Revenue guidance
- Gross margin guidance
- Operating expense guidance
- Prior outlook section for comparison with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.