MMG (1208) H2 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue up 39% to US$6.22 billion and net profit after tax up 161% to US$955.2 million, driven by higher production and favorable commodity prices.

• Maintained operational stability and safety improvements across all sites, with Las Bambas among the global top 10 for copper production.

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

• Strengthened balance sheet, reducing net debt to US$3.35 billion and achieving a gearing ratio of 33%.

• Advanced sustainability initiatives, including joining the UN Global Compact and launching community development programs.

Financial highlights

• Revenue reached US$6,218 million (+39% YoY); EBITDA was US$3,412 million (+67%) with a 55% margin.

• Net profit after tax was US$955.2 million (+161% YoY); 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$2.7 billion; basic EPS was US 4.20 cents.

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

Outlook and guidance

• 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.

• 2026 CapEx planned at US$1,600–1,700 million, focused on Las Bambas upgrades and Khoemacau expansion.

• Continued focus on operational excellence, cost optimization, and sustainable returns.

• Strategic goal to support group target of 1 million tons of copper production by 2030.