Sociedad Minera Cerro Verde (CVERDEC1) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was $516.1M, up from $200.7M in Q4 2024, driven by higher copper prices despite lower sales volume and increased tax expenses.

• Annual net income for 2025 reached $1,367.1M, compared to $953.2M in 2024.

• Revenue for 2025 was $4,728.3M, up from $4,238.3M in 2024, mainly due to higher realized copper prices ($5.93/lb vs $3.81/lb in Q4 2024).

• Favorable FX differences and a $42.3M tax credit from a resolved audit contributed positively.

Financial highlights

• Q4 2025 revenue: $1,396.2M (Q4 2024: $992.0M); annual revenue: $4,728.3M (2024: $4,238.3M).

• Q4 2025 gross margin: 54% (Q4 2024: 35%); cost of sales as % of sales: 46% (Q4 2024: 65%).

• Q4 2025 net income: $516.1M (Q4 2024: $200.7M); annual net income: $1,367.1M (2024: $953.2M).

• Basic and diluted EPS for 2025: $3.905 (2024: $2.723).

• Operating cash flow for 2025: $1,739.9M (2024: $1,698.6M).

Outlook and guidance

• Management highlights competitive cost structure, global shareholder support, and strong liquidity.

• Ongoing and future investments in water and sanitation projects totaling up to $1.3B under long-term agreements.