PT Amman Mineral Internasional (AMMN) Q4 2025 earnings summary

Executive summary

• Transitioned to a fully integrated refined copper and gold producer, advancing downstream operations and entering Phase 8 mining with lower ore grades in early years.

• Achieved first production of copper cathode, refined gold, and refined silver in 2025, with smelter and PMR ramping up to 71% and 55% of design capacity by Q4.

• Overcame early operational challenges, including temporary smelter shutdowns, to finish the year with record production and sales in Q4.

• Consolidated financial statements for 2025 and 2024 were audited and received an unqualified opinion, confirming fair presentation.

• The Board of Directors affirms responsibility for the accuracy and completeness of the financial statements and internal controls.

Financial highlights

• FY 2025 net sales reached US$1,847 million, down 31% year-over-year, with strong recovery in Q4 driven by smelting, refining, and concentrate sales.

• EBITDA was US$1,057 million (57% margin), and net profit was US$258 million (14% margin), both lower than FY 2024 due to transitional dynamics and lower ore grades.

• Capex totaled US$1,372 million, down 23% year-over-year; net debt increased 63% to US$5,756 million.

• Cash and cash equivalents stood at US$677 million at year-end.

• Total assets increased to $13,870.6 million at year-end 2025 from $11,121.5 million in 2024.

Outlook and guidance

• 2026 guidance unchanged: anticipate growth from higher ore grades and ramp-up of new projects, targeting 900,000 dmt concentrate, 485 Mlbs copper, and 579,000 oz gold.

• No specific 2026 guidance for copper cathode and refined gold as focus remains on stabilizing smelter operations.

• The Group continues to monitor regulatory changes, especially regarding mining permits, export regulations, and royalty rates, and anticipates further developments that may impact operations.

• Global copper market outlook remains constructive, with demand growth driven by electrification and energy transition, and prices expected to stay elevated amid tight supply.

• No significant impact is expected from the implementation of OECD Pillar Two global minimum tax rules.