Newmont Corp. (NEM): First take: 2Q CY26 production/earnings beat; CY26 guidance unchanged

Research evidence excerpt

Newmont Corp. (NEM): First take: 2Q CY26 production/earnings beat; CY26 guidance unchanged

Equity Research

24 July 2026 | 7:42AM AEST

Newmont Corp. (NEM): First take: 2Q CY26 production/earnings beat;

CY26 guidance unchanged

Key takeaways Hugo Nicolaci

+61(2)9321-8323 |

n Earnings: NEM reported 2Q adjusted/underlying EBITDA of ~US$3.76bn, hugo.nicolaci@gs.com

Goldman Sachs Australia Pty Ltd

+6%/-3% vs. GSe/consensus with lower opex offsetting slightly lower

Paul Young

revenue on realised gold pricing, and down 27% QoQ (on ~10% lower realised +61(2)9321-8302 | paul.young1@gs.com

gold prices) but up 25% YoY (on ~33% higher realised gold prices) taking 2Q Goldman Sachs Australia Pty Ltd

EBITDA margins to ~61% respectively (from ~71% in 1Q26). Adjusted/underlying Marcus Dosanjh +61(2)9321-8780 |

NPAT of ~US$2.25bn was ahead on lower D&A and tax. marcus.dosanjh@gs.comGoldman Sachs Australia Pty Ltd

n Balance sheet/capital management: NEM finished 2Q CY26 with reported net

cash including leases/adjustments improving to ~US$3.4bn (cash of ~US$9.0bn;

net cash excl leases of ~US$3.9bn), better than expectations on the above

combined better than expected working capital and tax impacts. A 2Q dividend

payout of US26cps was in-line with GSe/VA Consensus, with an additional

~US$1.7bn spent on the buy-back from April-26, with ~US$4.3bn of the

additional US$6bn buyback program remaining though NEM intends to request

additional approval from the board as the current program approaches

completion (NEM continues to target ~US$1bn net cash +/- US$2bn, with a

target minimum ~US$5bn cash on balance sheet, with excess cashflow

continuing to go to share repurchases in lieu of any competing capital

requirements in growth/M&A). NEM retains significant liquidity at the 2Q for