Sandfire Resources (SFR) Q4 2025 earnings summary

Executive summary

• Group copper equivalent production reached 152,400 tonnes in FY 2025, up 12% year-over-year and just 1% below guidance despite weather and power disruptions in Spain and Botswana.

• MATSA delivered 94,100 tonnes CuEq (+3% YoY) and Motheo 58,300 tonnes CuEq (+29% YoY), both nearly meeting guidance, with Motheo setting a Q4 record.

• Strong market and operational performance drove $1.2 billion in unaudited group sales revenue and $528 million underlying EBITDA.

• Net debt reduced by $273 million in FY 2025, including $120 million in Q4, ending at $123 million.

• Underlying operating unit costs at MATSA and Motheo were $78/tonne and $40/tonne, respectively, in line or better than guidance.

Financial highlights

• Group sales revenue reached $1.2 billion for FY 2025; underlying EBITDA was $528 million.

• Net debt at $123 million, down from $396 million a year ago, with a $273 million reduction in FY 2025.

• Group capital expenditure totaled $208 million, with $122 million at MATSA and $86 million at Motheo.

• Motheo achieved a 30% increase in Q4 sales, with five cargos shipped.

• One-off items included $20–$21 million from the sale of Old Highway Project and $15–$20 million cash flow from updated treatment and refining charges.

Outlook and guidance

• FY 2026 group copper equivalent production forecasted at 149–165kt, with the midpoint representing 2% growth over FY 2025.

• MATSA copper equivalent production expected to rise 2% to 96,000 tonnes in FY 2026; Motheo projected to grow by 3%.

• Motheo's unit costs expected to rise ~10% in FY 2026 due to A4 ramp-up, increased haulage, and higher power tariffs.

• MATSA's costs expected to remain well controlled in local currency, but a strong Euro may increase USD costs.

• Full suite of FY 2026 guidance metrics to be provided with full year results.