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MMG Limited (1208) investor relations material
MMG Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record interim results with net profit after tax of $566.3M, up 612% year-over-year, and profit attributable to equity holders of $340M, up 1,511% year-over-year, driven by higher copper production, favorable commodity prices, and lower unit costs at Las Bambas.
EBITDA reached $1,540M (+98%), with strong operational momentum from expansions at Las Bambas, Khoemacau, and Kinsevere.
Gearing ratio reduced from 41% to 33%, reflecting a strengthened balance sheet and net debt reduction of $903.3M.
Maintained strong safety performance, with TRIF improving to 1.8 per million hours worked.
Announced acquisition of Anglo American's Nickel Brazil business for up to $500M, expected to close by end-2025.
Financial highlights
Revenue rose 47% year-over-year to $2,817M, driven by higher copper sales and commodity prices.
EBITDA margin improved to 55%, among the top globally.
Net operating cash flow increased 130% year-over-year to $1,185M.
Net finance costs decreased 17% to $139.5M due to lower debt balances and interest rates.
Basic and diluted EPS increased to US 2.80 cents from US 0.23 cents year-over-year.
Outlook and guidance
2025 copper production guidance: 466,000–522,000 tonnes; zinc: 215,000–240,000 tonnes.
Las Bambas copper output expected at 360,000–400,000 tonnes; Kinsevere at 63,000–69,000 tonnes; Khoemacau at 43,000–53,000 tonnes.
CapEx guidance for 2025 set at $1.1B–$1.25B, with major investments in Las Bambas, Khoemacau, and Kinsevere.
C1 cost guidance for Las Bambas revised down to $1.40–$1.60/lb.
Ongoing monitoring of risks such as road blockades and political instability in Peru and DRC.
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