MMG (1208 HK) Announces 2025 Annual Results with Revenue Reaching US$6.22 billion

MMG (1208 HK) reported strong results for the year ended 31 December 2025. Revenue increased by 39% year-on-year to US$6.22 billion, reflecting higher production and favorable metal prices. Copper output rose notably, with Las Bambas contributing US$4.45 billion in revenue.

Net profit after tax reached US$955.20 million, up 161% year-on-year, while EBITDA surged 67% to US$3.41 billion. EBIT more than doubled to US$2.00 billion. Net operating cash flow amounted to US$2.69 billion, a 67% year-on-year increase. The company reduced net debt to US$3.35 billion, lowering its gearing ratio to 33%. No dividend was proposed for 2025.

Across operations, Las Bambas produced 410,834 tonnes of copper in concentrate, reflecting a 27% increase, and achieved record EBITDA of US$2.83 billion. Kinsevere produced 52,791 tonnes of copper cathode, and its EBITDA rose to US$100.70 million. Khoemacau recorded 42,120 tonnes of copper in concentrate and EBITDA of US$167.00 million; Dugald River delivered a record 183,463 tonnes of zinc in concentrate and EBITDA of US$176.10 million; Rosebery produced 48,597 tonnes of zinc and reported EBITDA of US$168.10 million.

Capital expenditure totaled US$1.08 billion during 2025, primarily directed to Las Bambas, Khoemacau, and Kinsevere. A convertible bond of US$500.00 million was issued in October, mainly used to refinance existing shareholder debt. Looking ahead to 2026, MMG anticipates copper production ranging from 380,000 to 400,000 tonnes at Las Bambas and 65,000 to 75,000 tonnes at Kinsevere, alongside other production forecasts for Khoemacau, Dugald River, and Rosebery. Total capital expenditure in 2026 is expected to be between US$1.60 billion and US$1.70 billion.