Ferreycorp (FERREYC1) Q4 2025 earnings summary

Executive summary

• Achieved robust growth in 2025, with stock price up 33% and total shareholder return of 46.8%, supported by strong performance in Caterpillar equipment and expanding mining rental fleet.

• Fourth quarter 2025 sales reached S/1,946 million (US$569 million), up 8.5% in dollars but down 1.5% in soles year-over-year, driven by Caterpillar and allied equipment sales.

• Declared two interim cash dividends of S/100 million each in 2025, with a 3.06% yield and payments in January and November.

Financial highlights

• Full-year 2025 consolidated sales were S/7.8 billion (US$2.18 billion), up 3% in soles and 8% in dollars year-over-year.

• Q4 2025 sales were S/1.95 billion, with CAT equipment segments growing 73% (underground mining) and 17% (construction).

• Adjusted gross margin for 2025 was 24.7%, down from 26% last year; Q4 adjusted margin at 23.5%.

• Adjusted operating profit for 2025 was S/762 million, down 10% year-over-year; Q4 operating profit was S/131 million.

• Adjusted EBITDA for 2025 was S/1.07 billion, a 5% decline; Q4 adjusted EBITDA was S/272 million.

• Net profit for 2025 was S/481 million, a 2% decrease year-over-year; Q4 net profit was S/102 million.

Outlook and guidance

• Expecting slow growth in 2026, with sales volumes similar to 2025, driven by brownfield mining and infrastructure projects.

• CapEx guidance for 2026 is $130 million, focused on mining rental fleet and shop improvements.

• Continued focus on efficiency strategies, SG&A optimization, and cost reduction to protect margins.

• Management notes FX gains in 2025 may lead to lower gross margins in future quarters as inventory is sold at lower exchange rates.