Kenmare Resources (LON:KMR) reported lower first-half revenue and a loss after tax as weaker titanium minerals prices outweighed higher shipments and a reduction in cash operating costs.
Managing Director Tom Hickey said the company remained on track to meet its 2026 shipment guidance of 1.1 million tonnes, supported by a solid third-quarter order book and sales of its newer ZrTi concentrate product
However, Kenmare modestly reduced its full-year ilmenite production expectation to approximately 800,000 tonnes as the ramp-up of its upgraded Wet Concentrator Plant A, or WCP A, continued more slowly than expected. Prices pressure revenue and earnings Chief Financial Officer James McCullough said Kenmare’s average realized price fell 26% from the first half of 2025 and 31% from the second half of 2025 to $242 per tonne. Ilmenite prices declined to $203 per tonne from $286 per tonne a year earlier, while zircon prices fell to about $1,100 per tonne from around $1,300 per tonne.
Shipments rose 13% to 555,000 tonnes, but the volume increase did not offset lower pricing. Revenue declined 16% year over year. EBITDA was $4 million, while the company recorded a $34 million loss after tax.