Atalaya Mining Copper (ATYM) Q4 2025 earnings summary

Executive summary

• 2025 was a strong year with copper production of 51,000–51,100 tons, at the high end of guidance, and improved cost performance.

• EBITDA reached EUR 180 million, free cash flow exceeded EUR 100 million, and net cash ended at EUR 122 million.

• Board proposed a final dividend of EUR 0.065 per share, with total 2025 dividends at EUR 0.109 per share, up from EUR 0.0637 in 2024.

• Added to FTSE 250 index after re-domiciliation to Spain, improving liquidity.

• Board renewal and management changes continued, with new non-executive directors and ongoing focus on sustainability and safety.

Financial highlights

• FY2025 revenue was EUR 482.9 million, EBITDA EUR 179.8 million, and net profit EUR 85.4 million after a EUR 24.1 million impairment.

• Free cash flow for FY2025 was EUR 107.4 million, a significant turnaround from negative FCF in FY2024.

• Net cash position at year-end was EUR 122 million, up from EUR 35.1 million the previous year.

• Cash cost for 2025 was $2.40/lb and all-in sustaining cost $2.90/lb, both better than guidance.

• By-product credits from silver and low treatment charges led to negative off-site costs, improving margins.

Outlook and guidance

• 2026 copper production expected between 50,000–54,000 tons, with Q1 lower due to flooding but recovery expected later.

• Silver production guidance at 0.9–1.1 million ounces; C1 cost guidance $2.60–2.90/lb, AISC $3.10–3.40/lb.

• CapEx for 2026 expected at EUR 75–102 million (excluding Touro), focused on stripping, road relocation, and tailings dam expansion.

• Diesel price and Middle East conflict are monitored as potential cost risks.

• H2 2026 production expected to be ~10% higher than H1 due to operational factors.