CAP (CAP) Q2 2025 earnings summary

Executive summary

• Consolidated net loss narrowed to US $56.0 million in 1H25, a significant improvement from US $350.5 million in 1H24, with discontinued steel segment losses presented separately.

• Revenue for H1 2025 was US $820.4 million, down 10% year-over-year, mainly due to weaker mining results and the discontinuation of the steel segment.

• Consolidated EBITDA for 1H25 was US $170.1 million, down 50.6% year-over-year, with mining and industrial segments as main contributors.

• The company continues to focus on mining, industrial, and infrastructure segments, with ongoing restructuring and asset optimization.

• Industrial segment showed operational improvement, with EBITDA rising to US $6.3 million in 2Q25 from US $1.4 million in 2Q24.

Financial highlights

• Consolidated EBITDA dropped 73% in 2Q25 to US $62 million, mainly due to mining.

• Net income improved to US $-43 million in 2Q25 from US $-312 million in 2Q24, which included a US $335.6 million impairment.

• Gross profit for H1 2025 was US $34.3 million, a sharp decline from US $209.4 million in H1 2024.

• Cash position remained strong at US $416 million as of June 2025, though down from US $392.3 million at year-end 2024.

• Total financial debt increased to US $1.892 billion by June 2025, with net financial debt at US $1.48 billion.

Outlook and guidance

• Production expected to increase in 2H25 as higher-quality ore from Phase 6 at MLC is accessed and operational improvements are implemented.

• CMP maintains guidance of 15.0–15.5 Mt for 2025.

• Ongoing cost reduction plan at CMP targeting US $70–100 million in Opex savings for 2025.

• The company projects a negative EBITDA impact of US $30–40 million for FY2025 due to the suspension of Phase 5 at Mina Los Colorados.

• Management anticipates processing Phase 7 ore, pending environmental approval.