Central Asia Metals (CAML) H2 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in 2025, with all production meeting guidance and robust safety focus, despite one LTI.

• Revenue increased 7% year-on-year to $229.9 million, driven by higher copper and zinc prices and strong operational performance at both Kounrad and Sasa.

• Group EBITDA reached $102 million at a 44% margin; year-end cash balance was $80.1 million, driven by $56 million Free Cash Flow.

• Full-year dividend of GBP 12/share (12p), representing 50% of Free Cash Flow, at the top end of policy, and a $10 million share buyback completed.

• Sasa impairment of $117.5 million led to a net loss after tax of $74.7 million; adjusted EPS excludes impairments and hedge losses.

Financial highlights

• Revenue up 7% YoY to $229.9 million, driven by higher copper (+10%), zinc (+3%), and silver (+55%) prices.

• EBITDA of $102 million at a 44% margin; Kounrad delivered a 75% EBITDA margin, Sasa 26%.

• Adjusted Free Cash Flow was $56 million; cash in bank at year-end was $80.1 million.

• CapEx totaled $19 million; Sasa accounted for $11.3 million, Kounrad $4.9 million.

• Dividend of 12p/share (final 7.5p); $420 million returned to shareholders since IPO.

Outlook and guidance

• 2026 production guidance: copper 12,000–13,000 tons at Kounrad, zinc-in-concentrate 18,000–20,000 tons, lead-in-concentrate 26,000–28,000 tons.

• Sasa production expected to return to normal run rates above 800,000 tons/year.

• CapEx guidance for 2026: $14.5–$17.5 million; exploration spend expected at $3–3.5 million.

• Priorities include operational improvements at Sasa, maintaining efficiency at Kounrad, and advancing exploration in Kazakhstan.