PT Amman Mineral Internasional (AMMN) Q4 2025 earnings summary

Executive summary

• Transitioned to a fully integrated refined copper and gold producer, completing smelter and refinery ramp-up and entering Phase 8 mining with lower ore grades in early years.

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

• Overcame early operational challenges, including temporary smelter shutdowns in July-August 2025, to finish the year with record Q4 production and sales.

• FY 2025 marked by operational challenges from lower grades and smelter ramp-up, but strategic milestones were delivered.

Financial highlights

• FY 2025 net sales reached US$1,847 million, down 31% year-over-year, with Q4 contributing about 70% of annual 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 higher depreciation.

• Capex totaled US$1,372 million, down 23% year-over-year, reflecting completion of major downstream projects.

• Net debt increased to US$5,756 million, up 63% from prior year; total debt rose 50% to US$6.43 billion.

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

Outlook and guidance

• 2026 guidance: 900,000 dmt concentrate, 485 Mlbs copper, and 579,000 oz gold; 500,000 dmt from existing mill, 400,000 dmt from new mill (subject to ramp-up risk).

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

• Focus for 2026 is stable smelter performance and completion of expansion projects (CCPP, LNG, processing plant).

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