Southern Copper Corporation reported a strong fourth quarter and full year 2025, driven by record sales, adjusted EBITDA, and net income, fueled by higher sales volumes and favorable metal prices across its key products. The company also highlighted significant progress on its major capital projects, particularly the Tia Maria project in Peru, and maintained a disciplined investment strategy for future growth.
Fourth quarter net sales reached a new record of $3,869.8 million, a 39.0% increase year-over-year, driven by higher sales volumes and better prices for copper, molybdenum, zinc, and silver.
positiveFull year 2025 net sales hit a record $13,420.0 million, up 17.4% from 2024, driven by increased volumes and prices for key products.
positiveFourth quarter net income increased by 64.7% to $1,307.9 million, with net income margin improving to 33.8% from 28.5% in 4Q24.
positiveFull year 2025 net income reached a record $4,334.9 million, a 28.4% increase over 2024, with net income margin improving to 32.3% from 29.5%.
positiveFourth quarter adjusted EBITDA was a record $2,310.5 million, up 53.3% year-over-year, with adjusted EBITDA margin expanding to 59.7% from 54.1%.
positiveFull year 2025 adjusted EBITDA was a record $7,822.4 million, up 22.1% from 2024, with adjusted EBITDA margin improving to 58.3% from 56.0%.
positiveOperating cash cost per pound of copper, net of by-product credits, decreased significantly to $0.52 in 4Q25 from $0.96 in 4Q24, and to $0.58 for full year 2025 from $0.89 in 2024.
positiveThe Tia Maria project in Peru is 24% complete, with $0.8 billion committed as of end of 2025, and is expected to generate significant exports and tax revenues.
positiveCopper production for the full year 2025 decreased by 1.8% to 954,270 tons compared to 2024, primarily due to a decrease in production at the Buenavista mine.
negativeRefined and rod copper production decreased by 2.6% for the full year 2025, and smelted copper production decreased by 5.6%.
negativeZinc refined production decreased by 11.9% for the full year 2025, although mined and sales volumes increased.
attentionThe Los Chancas project in Peru is facing challenges due to the presence of illegal miners, preventing project advancement.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
The Company had an outstanding year, achieving new record results for sales, adjusted EBITDA and net income, as well as registering significantly lower cash costs.
These results reflect strong momentum for copper and other minerals that we mine and attest to the effectiveness of our strategic direction.
Our Tía María project represents a landmark investment for Peru and the Arequipa region.
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