CAP (CAP) Q4 2025 earnings summary

Executive summary

• Net loss for 2025 reduced by 80% to US$85m, with non-recurring losses of US$42.3m mainly from TASA divestiture, Cintac, and CMP adjustments.

• Consolidated EBITDA reached US$513m in 2025, down 10% YoY, mainly due to mining segment performance.

• Gross financial debt decreased by US$88m in 4Q25; net debt/EBITDA improved to 2.8x.

• TASA subsidiary sold for US$24.4m, aligning with portfolio optimization and decarbonization strategy.

• Recognized for ESG leadership, ranking in the top 10% of its sector globally.

Financial highlights

• Consolidated revenues increased 35% YoY in 4Q25, driven by mining, partially offset by TASA's reclassification as discontinued operations.

• Mining EBITDA up 150% YoY to US$209m in 4Q25, driven by 45.7% higher shipments and C1 cash cost reduction from US$58.7/t to US$43.1/t.

• Industrial segment EBITDA declined to US$-4m, mainly due to Cintac project delays and non-recurring losses.

• Infrastructure EBITDA increased 19% YoY to US$14m, supported by higher desalinated water demand.

• Free cash flow for 2025 was US$89m, with operating cash flow of US$1,816m and CAPEX of US$313m.

Outlook and guidance

• 2026 iron ore production guidance set at 15.1–15.6 Mt, with C1 cash cost expected to improve to US$49–53/t.

• 2026 CAPEX guidance confirmed at US$300m, with ~92% allocated to mining.

• Long-term production expected to recover above 16 Mt from 2027 as higher-grade ore is accessed.