SFR +1.55%: A good end to the year for SFR with both its Motheo and Matsa operations benefiting from higher copper and zinc grades, with 4Q production showing a solid beat in terms of production and costs:
- 4Q Copper production 29,228 tons, up +15% q/q
- FY25 Copper production 107,241 tons
- Unaudited sales revenue $1.18 billion, up +26% y/y
- Unaudited Ebitda $528 million, up +47% y/y
They guided to FY26 copper production 102,000 to 114,000 tons and will provide guidance around costs at the upcoming FY result, though they do expect some cost pressures at Motheo, while strength in the Euro vs the USD would be a headwind for MATSA if it were to persist. Net debt was significantly better than expected, at just US$123 million versus a consensus estimate of US$189 million on the back of higher sales volumes achieving good prices.
MM remains long & bullish SFR
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