PT Amman Mineral Internasional (AMMN) Q2 2025 earnings summary

Executive summary

• H1 2025 marked a major operational transition from concentrate exports to copper cathode sales due to regulatory changes, with all H1 sales delivered in Q2 2025.

• Net sales for H1 2025 were $183 million, all from copper cathode sales in Q2, reflecting the new regulatory environment and a sharp decline from $1.55 billion in H1 2024.

• Net loss for H1 2025 was $146 million, compared to a $479 million profit in H1 2024, reflecting lower sales and higher operating expenses.

• Smelter and precious metals refinery commissioning progressed, with first copper cathode produced in March and first refined gold in July 2025.

• Major regulatory changes impacted export permits, export duties, and royalty rates, with new royalty rates effective from April 2025.

Financial highlights

• Net sales dropped 88% year-over-year to $183 million for H1 2025.

• EBITDA for H1 2025 was $86 million, rebounding from a negative $42 million in Q1.

• Gross profit fell to $55.7 million from $851.9 million year-over-year.

• Capex for H1 2025 was $719 million, down 17% from H1 2024.

• Cash and cash equivalents rose 33% to $1,002 million as of June 2025.

Outlook and guidance

• 2025 guidance remains unchanged, with a challenging year expected due to the transition to Phase 8 and commissioning complexities.

• Lower metal production anticipated in 2025 as ore processed comes mainly from low-grade stockpiles and Phase 8's outer halo.

• Revenue and production expected to grow as smelter and PMR ramp up and stabilize.

• Refined gold sales from PMR expected to begin in Q3 2025.

• New royalty rates and export duty structures are expected to increase cost pressures going forward.