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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.
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H1 2025 earnings summary13 Aug, 2025

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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Frequently asked questions

MMG Limited is a Hong Kong-based global resources company engaged in the exploration, development, and production of base metals, primarily copper and zinc. The company operates mining projects across multiple continents, including Asia, Australia, and the Americas. The company is headquartered in Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.

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