Mineros S.A (MINEROS) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $800 million (+48% YoY), adjusted EBITDA of $358 million (+71%), and net profit of $145 million (+68%), driven by high gold prices and increased production in Colombia and Nicaragua.

• Produced 227,000 gold equivalent ounces, exceeding guidance, and returned $42 million to shareholders via dividends and buybacks.

• Recognized as a top performer on TSX and BVC, with share price appreciation of 275% and 259% respectively.

• Maintained a strong safety record, with low lost time injury frequency rates in Colombia (0.9) and Nicaragua (0.16).

• Ended 2025 with $108 million in cash and a net cash position of $93 million.

Financial highlights

• Q4 2025 revenue was $261 million (+74% YoY), gross profit $106 million (+94%), and adjusted EBITDA $115 million (+101%).

• Full-year gross profit rose to $326 million (+77%), and net profit was $145 million (+68% YoY).

• Net cash flows from operating activities reached $198.5 million for 2025, up 38% year-over-year.

• Paid $29.8 million in dividends in 2025, up 8% from 2024.

• Returned $42 million to shareholders in 2025 through dividends and buybacks.

Outlook and guidance

• 2026 gold production guidance: 213,000–233,000 ounces, up 10,000 ounces from 2025 guidance.

• 2026 AISC guidance: $2,370–$2,470/oz; cash cost: $2,070–$2,170/oz.

• Colombia: 83,000–93,000 oz at AISC $1,820–$1,920/oz; Nicaragua: 130,000–140,000 oz at AISC $2,000–$2,100/oz.

• $113.7 million CAPEX budget for 2026, with $51.7 million for growth, $44.7 million sustaining, and $17.3 million for exploration.

• Aggressive exploration program in Nicaragua and technical studies at Porvenir, with updates expected in Q1 2026.