MMG (01208) reported a net profit of US$509 million for 2025, an increase of 215% year-on-year, in line with its earnings forecast. For the second half of 2025, net profit was US$169 million, up 20% compared to the same period last year but down 50% from the first half, primarily due to impairment losses recorded during the period. Full-year EBITDA reached US$3.41 billion, a 67% rise year-on-year. EBITDA for the second half of 2025 was US$1.872 billion, representing a 47% increase from the prior year period and a 22% increase from the first half of the year.

Citi has maintained its "Buy" rating on the stock with a target price of HK$12.5. In the latter half of 2025, MMG recorded an impairment loss of US$290 million for its Kinsevere operation, attributed to unstable power supply, the suspension of cobalt production, and fiscal uncertainties. Net interest expenses for the period were US$133 million, down 34% year-on-year and 5% from the first half.

Capital expenditure for 2025 totaled US$1.081 billion, below the previously guided range of US$1.1 billion to US$1.25 billion. The forecast for capital expenditure in 2026 is set between US$1.6 billion and US$1.7 billion, which includes US$800 million to US$850 million allocated for Las Bambas and US$500 million to US$550 million for Khoemacau.