PT Amman Mineral Internasional (AMMN) Q3 2025 earnings summary

Executive summary

• Net sales for 9M 2025 were US$545 million, primarily from copper cathode and newly introduced refined gold sales, but a net loss of US$175 million was recorded due to smelter ramp-up challenges and a concentrate export ban.

• EBITDA reached US$279 million (51% margin), with mining operations remaining on track despite operational disruptions and a significant increase in fresh ore mined in Q3.

• The company became a fully integrated mining-to-refining operation, launching refined gold production in July 2025 and commencing sales in Q3.

• Expansion projects, including smelter, PMR, power, and processing plant, are progressing as planned.

Financial highlights

• Net sales for 9M 2025 were US$545 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.

• Net loss of US$175 million, compared to a net income of US$720 million in 9M 2024.

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

• Cash and cash equivalents stood at US$676 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.

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

• Concentrate export permit application in process, expected in Q4 2025 for six months.