UK's Petra Diamonds H1 revenue falls 12% on tender timing

Petra Diamonds

27/02/2026 07:10

Overview

Diamond miner's H1 FY 2026 revenue fell 12% yr/yr due to tender timing

Adjusted EBITDA improved to $26 mln, driven by cost reductions

Company completed refinancing and discovered a high-quality blue diamond

Outlook

Petra Diamonds remains focused on consistent production and cost optimisation in H2 FY 2026

Company anticipates continued improvement in grade and product mix across operations

Petra Diamonds maintains pricing assumptions for FY 2026, Cullinan US$85-105/ct, Finsch US$75-95/ct

Result Drivers

PRODUCT MIX IMPROVEMENT - Improved product mix, especially at Cullinan Mine, offset weaker diamond pricing environment

OPERATIONAL STABILITY - Operations at Cullinan Mine stabilised after transitioning to a 3-shift operation, despite weather disruptions

COST MANAGEMENT - Cost management and capital discipline led to a reduction in adjusted mining and processing costs by 27%

Company press release: ID:nPRrR7645a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
H1 Adjusted Net Income
-$13 mln
H1 Net Income
-$188 mln
H1 Adjusted EBITDA
$26 mln
H1 Adjusted EBITDA Margin
26.00%
H1 Adjusted Pretax Profit
-$17 mln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy."

Wall Street's median 12-month price target for Petra Diamonds Ltd is GBp18.89, about 5% above its February 26 closing price of GBp18.00

The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 5 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)