Hong Kong · Delayed Price · Currency is HKD MMG Limited Earnings Call Transcripts
Fiscal Year 2026
-
Record first-half 2026 results featured a 61% revenue increase to $4.54 billion, EBITDA margin of 60%, and net debt reduction to $610 million. Strong operational performance, resource growth, and disciplined capital allocation support a positive outlook despite ongoing geopolitical and regulatory risks.
-
Q2 copper and zinc output remained broadly stable YoY, while by-product production strengthened. Lower cost guidance at Las Bambas, Khoemacau and Rosebery, alongside a ~$1.6 billion capital raise, supports expansion and financial flexibility.
-
Q1 copper production rose 9% YoY, while precious-metal credits helped drive C1 costs below guidance at several mines. Khoemacau expansion and Kinsevere upgrades advanced; elevated metal prices supported margins, with operational risks monitored.
Fiscal Year 2025
-
Record 2025 results with revenue up 39% and net profit up 161% year-on-year, driven by strong copper and precious metal prices, stable operations at Las Bambas, and improved balance sheet. Major expansions and prudent risk management support long-term growth.
-
Copper output rose 27% to 507,000 tonnes in 2025, alongside record results at key assets. 2026 guidance reflects growth at Kinsevere and Khoemacau, while operations remain focused on safety, reliability, and cost control.
-
Net profit after tax surged over 600% year-on-year to $566 million, with revenue up 47% to $2.8 billion and EBITDA margin reaching 55%. Copper production rose 64%, and the gearing ratio dropped to 33%. Operational risks remain from potential road blockages in Peru.
-
Q2 copper output rose 54% YoY and zinc output 12%, while expected H1 attributable net profit was ~$340 million. Las Bambas could exceed 400,000 tonnes of copper for FY if external disruptions are avoided; power and transport risks persist.
-
Strong production growth in Copper and Zinc is matched by robust sustainability, safety, and community initiatives. New projects and acquisitions, such as Nickel Brasil, support decarbonization and portfolio diversification, while human rights and environmental stewardship remain central.
-
Copper production surged 76% year-on-year, driven by strong performance at Las Bambas, Kinsevere, and Khoemacau, while safety remains a key focus amid higher injury rates. Expansion projects and sustainability initiatives are progressing, and a new dividend policy is in place, though distributions await clearing of accumulated losses.
-
Q1 2025 saw copper production surge 76% year-over-year, led by Las Bambas and supported by operational stability and improved community relations. Cost optimization and expansion projects remain on track, with financial costs stable and guidance reaffirmed for all major assets.
-
The acquisition of a major Brazilian ferronickel business for up to $500 million diversifies operations, strengthens presence in Latin America, and positions the company for long-term growth in the nickel market, leveraging low-cost, sustainable assets and significant expansion potential.
Fiscal Year 2024
-
2024 saw robust financial and operational gains, with EBITDA up 40% and net profit up 200% year-on-year. Strategic acquisitions, improved community relations, and a strengthened balance sheet position the company for continued growth and diversification.
-
Fourth quarter and full-year 2024 saw robust copper and zinc production growth, record safety, and operational milestones. Las Bambas and Australian mines exceeded targets, while expansion and feasibility projects at Kinsevere and Khoemacau support future growth.
-
Copper production rose 22% year-over-year, led by Las Bambas' record output and strong ramp-ups at Kinsevere and Khoemacau. C1 costs are trending to the low end of guidance, and a major debt restructuring will save $30–$40M in annual interest.
-
Focused on sustainable growth, safety, and ESG leadership, the company advanced social investment, updated its sustainability framework, and deepened community engagement. Progress includes reduced injury rates, new biodiversity initiatives, and a robust human rights approach.
-
EBITDA rose to $779M in H1 2024, driven by stable production and higher metal prices. Major milestones include the Khoemacau acquisition, a $1.163B rights issue, and progress on key expansion projects. Pro forma gearing ratio dropped to 45%, with strong outlook for copper growth.
-
Q2 saw improved safety, a $1.2B rights issue, and strong operational ramp-ups, with Las Bambas and Kinsevere on track for higher 2024–2025 output. Gearing reduced to 44%, and a favorable $557M tax ruling was secured.
-
A $1.16 billion rights issue will repay debt and fund the Khoemacau acquisition, reducing gearing to 44% and saving $80 million in annual interest. Production targets for 2024 remain on track, with strong shareholder support and a diversified, low-cost growth pipeline.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
-
H1 results weakened as COVID-19, lower prices and Las Bambas disruptions reduced revenue 14% and EBITDA 41%, resulting in a $158m attributable loss. Liquidity actions and hedging supported resilience, while Las Bambas guidance was withdrawn and other-site guidance maintained.