Metro Mining (MMI) H1 2025 earnings summary

Executive summary

• Underlying business performance improved year-on-year, with record first-half shipments of 1.9 million tons, a 27% increase, despite weather-related constraints and a period of non-operation.

• Revenue rose 78% year-over-year to $145.0 million, driven by higher bauxite prices and increased sales volume.

• Net profit after tax reached $119.8 million, reversing a $37.0 million loss in the prior period.

• All bauxite production was sold to Chinese refineries under binding offtake agreements.

• The results reflect a turnaround, with strong operational and financial outcomes, and a notable shift in the company's risk profile.

Financial highlights

• Revenue: $145.0 million for 1H 2025 (1H 2024: $81.4 million).

• Underlying EBITDA reached $23 million for the half-year, up 248% year-over-year.

• Gross profit: $21.7 million (1H 2024: $15.2 million loss).

• Operating cash flow was significantly positive, with net cash from operating activities of $7.3 million.

• Average achieved FOB net revenue: A$72/WMT, up 60% year-over-year.

Outlook and guidance

• Momentum is strong heading into the second half, traditionally the most productive period.

• Full-year outlook is positive, with expectations of continued strong performance.

• Production guidance for FY25 is 6.5–7 million WMT.

• Next year targets increased output, with a goal of $30 US landed cost in Chinese ports by 2026.

• Cash flow forecasts indicate continued profitability and sufficient liquidity to meet obligations.