Gold by Gold: Revenue up 29%, but negative net result in the first half
Gold by Gold has closed its accounts for the first half of 2026, marked by revenue growth driven by the appreciation of the gold price.
At the same time, gross margin contracted and the net result attributable to the group turned negative, while Gold by Gold is establishing a new division dedicated to physical gold reserves.
Revenue at €17.2M, gross margin reduced to 1.7%
In the first half of 2026, Gold by Gold achieved consolidated revenue of €17.2M, compared to €13.4M a year earlier, representing growth of 29%. This increase is driven by the appreciation of gold prices, with the average price expressed in euros appreciating by 43% compared to the first half of 2025.
In volume, the Trading and Refining division traded 144 kg of gold over the period, compared to 146 kg a year earlier, exclusively from the Colombian subsidiary Gold by Gold Colombia. Gross margin stood at €301K, compared to €762K in the first half of 2025, bringing the gross margin rate to 1.7%, compared to 5.7% a year previously.
According to the company, this level results from trading margins at low levels on the official Colombian market and the decline in gold prices in euros (of around -8% between January 1 and June 30, 2026), which weighed on the valuation of inventory at the end of the semester.
Operating result down, provision on gold stocks
The operating result for the semester came in at -€228K, compared to €337K in the first half of 2025, with a cost structure that the company describes as virtually stable. This result includes a provision of €76K relating to the value as of June 30, 2026 of gold stocks held as part of the new Gold Reserves division.
The exceptional result is positive at €323K, consisting of net adjustments to provisions on gold stocks held in Peru. After a tax charge of €166K incorporating adjustments for the 2025 fiscal year in the Colombian subsidiary, consolidated net result stands at -€73K and net result attributable to the group at -€87K, compared to €451K a year earlier.
Refining and traced gold activities in France remained sluggish over the semester, with the increase in metal prices leading professionals to favor reprocessed gold, in a context of a 19% decline in global gold demand for jewelry according to the World Gold Council.
Launch of the Gold Reserves division and equity at €5.4M
The first half of 2026 was marked by the launch of the Gold Reserves division, with the acquisition of 10.5 kilograms of responsible physical gold, in the form of 10 one-kilogram ingots and 5 one-hundred-gram ingots, held in France in secure safes managed by third parties. Gold by Gold associates each gram held with a Fairmined Credit, providing a premium to certified artisanal mines.
The financial position strengthened with a capital increase of €1.5M announced on June 10, 2026, dedicated to the constitution of a physical gold reserve. As of June 30, 2026, consolidated equity stood at €5.4M, compared to €4.2M at the end of December 2025. Inventory reached €4.7M, available cash €1.0M, and financial borrowings were fully repaid.
Regarding prospects, the company indicates it will continue to develop its trading activities from its Colombian base, while maintaining a lean cost structure. It specifies that the capital increase is intended to be followed, depending on market conditions and investor support, by subsequent operations to strengthen equity, with net proceeds entirely dedicated to the acquisition of additional quantities of gold.
