PT Amman Mineral Internasional (AMMN) Q3 2025 earnings summary

Executive summary

• Net sales for 9M 2025 were US$545.3 million, a sharp decline from US$2.49 billion in 2024, mainly due to the transition from concentrate exports to finished product sales as the new smelter commenced operations.

• Net loss of US$175.1 million was recorded, compared to a net profit of US$719.7 million in 2024, reflecting lower sales and higher ramp-up costs.

• First copper cathode and refined gold production achieved in 2025, with sales commencing in Q2 and Q3, respectively.

• Major capital projects, including the copper smelter and precious metals refinery, were completed, with expansion projects progressing as planned.

• Mining operations remained on track in 9M 2025 despite smelter ramp-up challenges and a concentrate export ban since early in the year.

Financial highlights

• Net sales for 9M 2025 were US$545.3 million, down 78% year-over-year, mainly from copper cathodes and new refined gold sales.

• EBITDA was US$279 million, down 81% year-over-year, with a 51% margin.

• Gross profit for 9M 2025 was US$134.6 million, down from US$1.3 billion in 2024.

• Capex totaled US$1,058 million, a 24% decrease year-over-year, focused on expansion projects.

• Cash and cash equivalents stood at US$676.1 million as of September 2025.

Outlook and guidance

• 2026 is expected to be a growth year, driven by improved ore grades and completion of expansion projects.

• FY 2026 mining guidance: 900,000 dmt concentrate, 485 Mlbs copper, and 579,000 oz gold.

• Smelter repairs expected in H1 2026, with gradual ramp-up throughout the year.

• The group is transitioning to finished product sales as concentrate export permits expired at the end of 2024, in line with regulatory changes.

• No FY 2026 guidance for copper cathode and refined gold due to ongoing smelter stabilization.