MMG (1208) H2 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue up 39% to US$6,218 million and net profit after tax up 161% to US$955 million, driven by higher production and favorable commodity prices.

• Maintained operational stability and safety improvements, with visible leadership in safety culture and risk management.

• Diversified portfolio across copper, zinc, gold, silver, and other metals, with strong operational and financial performance across all segments.

• Strengthened balance sheet with net debt reduced to US$3,351 million and gearing ratio at a historic low of 33%.

• Advanced sustainability initiatives, including community development and alignment with UN Global Compact principles.

Financial highlights

• Revenue reached US$6,218 million, up 39% year-on-year; EBITDA rose 67% to US$3,412 million with a 55% margin.

• Net profit after tax was US$955 million, up 161% year-on-year; free cash flow increased 135% to US$1,608 million.

• Net debt reduced to US$3,351 million; gearing ratio improved to 33%.

• Operating cash flow exceeded US$2,689 million; total assets reached US$15,300.5 million.

• Las Bambas contributed US$1,159 million in dividends, supporting debt repayment and balance sheet strengthening.

Outlook and guidance

• 2026 CapEx planned at US$1,600–1,700 million, focusing on sustaining core operations and growth projects.

• 2026 copper production guidance: Las Bambas 380,000–400,000 t, Khoemacau 48,000–53,000 t, Kinsevere 65,000–75,000 t.

• Zinc production guidance: Dugald River 170,000–180,000 t, Rosebery 45,000–55,000 t.

• Continued focus on operational excellence, stable growth, and completion of the Nickel Brazil transaction.

• Positive long-term outlook for copper prices, with short-term volatility managed through prudent hedging.