MMG (1208) H2 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenue up 39% to US$6,218 million and net profit after tax up 161% to US$955 million, driven by higher production and favorable commodity prices.

• Maintained operational stability and safety improvements across all sites, with visible leadership in safety culture and risk management.

• Advanced sustainability initiatives, including joining the UN Global Compact and community development programs.

• Strengthened balance sheet with net debt reduced to US$3,351 million and gearing ratio at a historic low of 33%.

• No dividend recommended for 2025, prioritizing financial flexibility and growth investments.

Financial highlights

• Revenue reached US$6,218 million, up 39% year-on-year; EBITDA rose 67% to US$3,412 million with a 55% margin.

• Net profit after tax was US$955 million, up 161% year-on-year; free cash flow increased 135% to US$1,608 million.

• Net debt reduced by 25% to US$3,351 million; gearing ratio improved to 33%, down from 41% in 2024.

• Operating cash flow reached US$2,689 million, up 67% year-on-year.

• Basic EPS: US 4.20 cents; Diluted EPS: US 4.19 cents.

Outlook and guidance

• 2026 copper production targets: Las Bambas 380,000–400,000 tonnes; Kinsevere 65,000–75,000 tonnes; Khoemacau 48,000–53,000 tonnes.

• 2026 zinc production targets: Dugald River 170,000–180,000 tonnes; Rosebery 45,000–55,000 tonnes.

• 2026 capital expenditure expected at US$1,600–1,700 million, with major allocations to Las Bambas and Khoemacau expansion.

• Strategic focus on operational excellence, disciplined M&A, and completion of the Nickel Brazil transaction.

• Continued focus on cost optimization and leveraging high gold and silver prices for by-product credits.