Centamin plc

First-half revenue was $465 million, up 9% year over year, driven by an average realized gold price of $2,218/oz, up 15%, partly offset by gold sold volumes down 5%. Adjusted EBITDA was up 9%; attributable profit was $83 million, down 8%; and basic EPS was US$7.19, down 9%. Free cash generated was $43 million, up 121%, operating cash flow was up 19% to $203 million, and liquidity finished at $350 million, including $110 million of cash and cash equivalents, $52 million of bullion on hand, $38 million of sales debtors, and an undrawn $150 million RCF. Sukari Q2 production was 120,000 ounces, and management said full-year guidance remains unchanged at 500,000 ounces of production, cash costs of $700-$850/oz, and AISC of $1,200-$1,350/oz.

Martin Horgan framed the half as strong operationally and strategically, saying the company is building an organic growth pipeline across Sukari, Doropo, EDX, and ABC. He emphasized that the business is moving toward a more diversified, multi-asset gold producer model, with internal promotions also signaling a broader management bench. On Sukari, he said the team delivered a solid Q2 after a softer Q1, stayed on plan, and benefited from strong gold prices and good cost control.

Ross Jerrard focused on the cash flow and balance sheet, stressing that the company generated $43 million of free cash flow and ended with $350 million of liquidity. He said cash and cash equivalents were $110 million, bullion on hand was $52 million, debtor balances were $38 million, and the $150 million revolving credit facility remained undrawn. He also highlighted that some costs were reclassified because waste that had been budgeted as waste was later identified as ore, which affected capitalized versus expensed costs and distorted unit metrics, but he said all-in sustaining cost remains under $1,300/oz when normalized.

There was no analyst Q&A included in the transcript provided, so the main management commentary came from the prepared remarks. The main concerns management addressed were the timing mismatch between production and sales, which affected unit metrics, and accounting impacts from reclassifying material from waste to ore. They also flagged government reshuffle-related delays in Egypt that may push some EDX-related energy optimization work into the first half of next year.