Achieved $13.5 billion adjusted EBITDA for 2025, with strong performance in metals, especially copper and zinc, and a recovery in the second half after a weak first half; this was down 6% year-over-year.
Marketing EBIT reached $2.9 billion, driven by metals trading opportunities, while energy and coal trading was weaker but improved in the second half.
Net income was $0.4 billion, a significant turnaround from a loss of $1.6 billion in 2024, driven by a strong H2 performance.
Maintained production guidance for the second consecutive year, highlighting operational reliability.
Portfolio optimization included asset sales (Century Aluminum, PASAR smelter, Puerto Nuevo terminal, Colombian port) and reinvestment in high-IRR projects.
Industrial adjusted EBITDA was close to $10 billion, with metals contributing $7 billion and energy $3.7 billion.
Second half EBITDA increased 50% over the first half, with industrial up 65%.
Net funding reduced from $14.5 billion to $10 billion, despite CapEx and distributions; net debt stood at $8.7 billion, while another source reports net debt at $11.2 billion.
Net CapEx was $6.9 billion, with major investments in water treatment and copper growth projects.
Cash generated by operating activities was $10.6 billion, down 5% year-over-year.
2026 priorities include safety, operational excellence, organic growth, and maintaining a strong balance sheet.
CapEx guidance remains $26–$28 billion over the next three years, with $6.5 billion average annual spend.
Copper production expected to reach 1 million tons by 2028–2029, transforming the business into a leading copper producer.
2026 production guidance: copper 810–870kt, zinc 700–740kt, steelmaking coal 30–34Mt, energy coal 95–100Mt.
No change in production or CapEx guidance since the last CMD.
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