Hochschild Mining reported a 243% year-over-year increase in first-half profit before income tax, driven by a 62% revenue gain to $844.4 million as gold prices strengthened. Adjusted EBITDA more than doubled to $491.5 million, while basic earnings per share rose to $0.37 from $0.12 in the prior-year period.
Production fell 8% to 151,830 gold equivalent ounces, reflecting lower output across operations. The miner’s all-in sustaining costs (AISC) climbed to $2,448 per ounce, up from $1,873 a year earlier, as inflation and stronger local currencies in Argentina, Mexico and Peru weighed on margins. Cash and short-term investments stood at $308.7 million as of June 30, down from $319.6 million at year-end, though the company shifted to a net cash position of $51.1 million.
Hochschild declared an interim dividend of 4.0 cents per share, a fourfold increase from the prior-year interim payment of 1.0 cent. The miner also paid $25.7 million in final 2025 dividends to shareholders and $58.3 million to its San Jose joint venture partner during the first half.
For 2026, Hochschild raised its AISC guidance to a range of $2,380 to $2,500 per gold equivalent ounce, up from the prior $2,157 to $2,320 estimate. The company cited higher royalties, profit-sharing and selling expenses linked to elevated prices, as well as persistent cost inflation in Argentina. Capital expenditure guidance for sustaining and development projects was set at $210 million to $225 million, while attributable production was maintained at 300,000 to 328,000 gold equivalent ounces.
Operational updates included progress at the Mara Rosa mine in Brazil, where a turnaround plan remains on track with further improvements expected in haulage, tailings and water management. Development work at the Monte Do Carmo project continues, with a construction decision possible by year-end. In Peru, Hochschild submitted a modified environmental impact assessment for the Royropata project as part of ongoing permitting efforts.
Shares rose 5.8% in early London trading following the results.
