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Interim results for the six months ended 31 D...
Petra Diamonds Limited reported interim results for the six months ended 31 December 2025, with revenue of US$100 million, down from US$115 million in the prior year period, impacted by tender timings and a weaker diamond market, though the average realised price per carat remained stable at US$104. Adjusted EBITDA increased to US$26 million from US$15 million, driven by a significant reduction in adjusted mining and processing costs to US$72 million from US$98 million. The company successfully refinanced its debt facilities, extending maturities to 2029 and 2030, and raised approximately US$25 million through a rights issue. Consolidated net debt stood at US$284 million, and operational free cash flow was negative US$6 million. Adverse weather conditions and a stronger South African Rand presented headwinds, while the recovery of a 41.82 carat blue diamond at Cullinan Mine was a notable operational highlight. Disclaimer*
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 27 February 2026\n \n \n \n \n \n \n \n \n \n LSE: PDL\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Petra Diamonds Limited\n \n \n \n \n \n \n \n \n \n Interim results for the six months ended 31 December 2025\n \n \n \n \n \n \n Vivek Gadodia and Juan Kemp, joint CEOs at Petra Diamonds, commented: \n \n \n \n \n \n \n “H1 FY 2026 signalled a pivotal period for the Group, with the successful refinancing and extension of our debt facilities, providing greater stability to the Group’s capital structure. We were also pleased with the continued improvement to our product mix throughout the Period, and especially excited by the recovery of a 41.82 carat Type IIb blue stone at our Cullinan Mine in late December 2025, which demonstrates the quality of our ore bodies. \n \n \n \n \n \n \n \n \n \n Our financial results for H1 FY 2026 reflect the discipline in managing our costs and capital, as well as the anticipated improvement in product mix, especially at Cullinan Mine, offset by the continuing weaker market and the strength of the South African Rand. We closed H1 FY 2026 with a net debt of US$284m (inclusive of fair value adjustments) with a negative operational cashflow of US$6m, largely due to the tender timings during December, when sales were carried over into H2 FY 2026.\n \n \n \n \n \n \n \n \n \n Operations at Cullinan Mine stabilised during Q2 after the initial transition during Q1 when it moved from a continuous operation to a 3-shift operation. Finsch had largely steady operations during H1 FY 2026. Both the mines, however, did suffer from adverse weather-related conditions leading to enhanced rainfall and lightning induced power dips (especially at Cullinan Mine) from about mid-November 2025 up until mid-January 2026, that resulted in some production disruptions. \n \n \n \n \n \n \n \n \n \n Looking at external factors, the diamond market remained subdued during H1 FY 2026, with the smaller sizes coming under further strain during Q2 FY 2026, with average like-for-like prices down 20% from Q1 FY 2026 to Q2 FY 2026. This was partially offset by the improved product mix. \n \n \n \n \n \n \n \n \n \n The significant appreciation of the Rand against the US Dollar is an...
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