Strong Net Income and Cash Position
Net income for full year 2025 was $1,830,000,000 versus $416,000,000 in 2024 (≈+340% YoY). Year-end cash position of $530,000,000 and total debt of $710,000,000, yielding a leverage ratio of 0.22x.
Dividend Policy and Payouts
Board approved a dividend of $0.9904 per share; total dividends declared over the past 12 months reached $1.0135 per ADS. Company plans to pay 40% of 2025 net income as dividends (above minimum 20% policy). Cerro Verde dividends attributable to the company: $98,000,000 received (post-quarter), and management expects ~$200,000,000 from Cerro Verde in 2026 (scheduling cited: $100M received in January, $50M in July, $50M in Q4).
San Gabriel Nears Completion and Early Production Milestone
San Gabriel overall progress at 99% completion; CapEx in 2025 for the project was $153,000,000. Produced first doré bar in December 2025 and received initial operating permit; water license expected imminently. Key plant mechanical works (primary crusher, SAG/ball, sealed tanks) reported at 100% and filtered tailings plant complete.
Operational Stability at Core Mines and Affiliate Performance
Management highlighted consistent copper and silver output supported by steady operations at El Brocal, Uchucchacua, and Yumpa. Coimolache operating at full capacity and Cerro Verde delivered dividends (supporting affiliate cash generation).
Guidance and Financial Outlook for 2026
Management provided revenue and EBITDA sensitivity guidance assuming prices of $4,500/oz gold, $70/oz silver, $12,000/t copper: revenue range $1.8B–$2.0B and EBITDA $800M–$1,000M for 2026. 2026 growth CapEx expected $185M–$195M (≈$160M allocated to San Gabriel) and sustaining CapEx $200M–$220M; total 2025 CapEx guidance reiterated at $385M–$415M.
Free Cash Flow Generation and Capital Discipline
Fourth quarter cash position increased driven by net cash inflows from operating activities. Company emphasized strong cash flow generation, solid balance sheet, and disciplined capital allocation enabling returns to shareholders.