CMOC Group (3993) Q4 2025 earnings summary

Executive summary

• FY2025 delivered record EBITDA of RMB 45.09bn and net attributable profit of RMB 20.34bn; copper output reached 741kt, up 14% YoY.

• Operating revenue declined 2.98% to RMB 206.68bn, while operating costs fell 11.56% to RMB 157.23bn.

• Production growth, cost improvements and portfolio expansion supported profitability; total assets rose 18.03% to RMB 200.93bn.

• Gold portfolio expanded through the Odin acquisition and the purchase of four Brazilian gold mines.

• Received the highest Wind ESG AAA rating and continued ESG, digitalization and automation initiatives.

Financial highlights

• EBITDA rose 27.65% to RMB 45.09bn; operating profit increased 39.82% to RMB 35.33bn.

• Net profit attributable to shareholders increased 50.30% to RMB 20.34bn; EPS rose 50.79% to RMB 0.95.

• Gross profit reached RMB 35.16bn; administrative expenses rose 31.91% to RMB 2.81bn, while financial expenses fell 82.18% to RMB 0.51bn.

• Net operating cash flow was RMB 20.84bn, down 35.64% YoY; free cash flow was RMB 13.26bn, down 51.76%.

Outlook and guidance

• 2026 production guidance: copper 760–820kt; cobalt 100–120kt; molybdenum 11.5–14.5kt; tungsten 6.5–7.5kt.

• 2026 guidance: niobium 10–11kt; phosphate 1.05–1.25mt; fertilizer 6.5–7.5kt; gold 6–8 tonnes; IXM trading volume 4–4.5mt.

• KFM II is progressing toward 2027 commissioning, adding 100kt of annual copper capacity; Odin open-pit production is expected to start in 2029.

• Copper and gold markets expected to remain strong, supported by supply constraints and energy-transition demand.