南方铜业 2024年度报告

Investor Relations:Raul JacobVictor PedraglioBertin Galarreta+(602) 264-1375southerncopper@southernperu.com.pewww.southerncoppercorp.com •3Q25net saleswere $3,377.3million. Thisfigurerepresented a15.2%increaseover3Q24’sprintand a new quarterly record,impacted bygrowthin the sales volumes ofsilver (+21.9%),molybdenum (+7.9%) andzinc (+7.3%). The upswingin sales forthese products was offset bya drop in copper salesover theperiod(-3.6%).The Companyalso benefitted from higher metalprices forcopper(COMEX, +14.2%;+6.5%, LME),molybdenum(+12.1%),silver(+34.4%)andzinc (+1.6%). •On ayear-to-date basis,net salesrose10.4%versus the print in2024,reflectingan increase inthesales volume formolybdenum (+6.7%),silver(+16.6%),zinc(+18.7%)andbetter prices forcopper (LME,+4.6%), silver (+29.2%),molybdenum (+3.3%)andzinc (+3.3%).These variances were partially offset bya reduction in thesales volume forcopper(-1.0%). •3Q25 net incomewas $1,107.6million, which represented a23.5%increaseover the$896.7million registered in3Q24and a new quarterly record.The net income margin in 3Q25stood at32.8%, versus30.6% in3Q24.Theseimprovements weremainlydriven by an increase in salesandmeasuresto contain operating costs. On a YTD basis, net income was 17.2%higher than in 2024 due togrowth innet sales.The net income margin in 9M25stood at31.7%, versus29.9% in 9M24. •3Q25adjusted EBITDAwas $1,975.4million,representinganincrease of17.3% with regard to the $1,684.6millionregistered in 3Q24andsetting yet anotherquarterly record.The adjusted EBITDA margin in 3Q25stood at58.5%,versus57.5% in3Q24. Adjusted EBITDA in 9M24was $5,511.9million,12.5% higher than in 9M24. The adjusted EBITDA margin in 9M25stood at 57.7%versus56.6% in 9M24. •Operating cash costper pound of copper,net ofby-product revenuecredits, was $0.42 in 3Q25, which representeda decrease of 44.7% compared to the $0.76 reported in 3Q24.This result was mainlydriven byan increase inby-productrevenue, which rose on the back ofbetter salesvolumes and prices.Quarter-over-quarter, theoperating cashcostnet of by-product revenuedropped33.4%. In9M25, the operating cash cost per pound of copper, net of by-product revenue credits, was $0.61. This representsa decrease of29.4% compared to the $0.86reported in9M24. The9M25cash cost decrease was driven bya decreaseintreatment and refining charges, which droppeddue tocurrentmarket conditions,andbyan increase inby-productcredits for molybdenum, zinc and silver. •Cash flow from operating activities in3Q25was$1,559.6million, 8.4%above the figure in3Q24.In9M24,cashflow from operatingactivitiesstood at$3,257.8million, which represented an increase of6.4%over the $3,061.2millionposted in 9M24. THIRDQUARTERAND NINE MONTHS 2025RESULTS •In 3Q25, we spent $349.2 million on capital investments,up41.7%overthe figure reported in 3Q24andrepresenting31.5% of net income this quarter. In 9M25, we spent $902.7 million on capital investments, whichrepresents29.8% of net income and reflects the impact of a 14.0% increase in capital expenses YoY. •Copper productionwas down6.9%in 3Q25 in quarter-on-quarter termsand stoodat 234,892tonnes. Our quarterlyresult reflects a7.3% drop in production inPeru, which was triggered by a decrease in productionatourToquepala (-8.4%) and Cuajone (-5.6%) mines.Production in our Mexican operationsfell6.5%quarter-on-quarter,driven byadecrease inproduction in ourBuenavista mine(-10.7%)due to lower ore gradesandby the fact thatthe newBuenavistaconcentratorwas fully dedicated tomaximizingzincand silverproductiontoleverage the favorable ore grades identifiedinan important segment of the mine. On a YTDbasis, copper productionfell2.8% in 2025to stand at714,098tonnes, mainly driven by a decrease inproduction at ourMexicanand Peruvianoperationsdue to lower ore grades. By-product production:Mined zinc productionstood at45,482 tonnes in 3Q25, which represents a 46.3%increaseover the print in 3Q24. This result was mainly driven by higher productionattheBuenavista zinc concentrator(+108.2%).Total mined silver production registeredan increase of 16.4%in 3Q25compared to 3Q24.Molybdenumproduction registered an increase of 8.3% in 3Q25 compared to 3Q24, reflectinghigher production at ourLa Caridad(+24.2%) and Toquepala (+10.0%) mines,which waspartially offset by lower production at ourBuenavista (-8.7%) andCuajone (-2.4%) mines. On a YTDbasis,production grew forzinc(+50.5%), silver(+15.3%)and molybdenum(+6.7%). •Dividends:OnOctober23, 2025, the Board of Directorsauthorized a quarterlycash dividendof$0.90per share ofcommon stock and astock dividendof0.0085 sharesof common stock per share of common stock,payable onNovember 28, 2025, to shareholders of record at the close of business on November12, 2025. Mr. German Larrea, Chairman of the Board,commenting on the Company´s progress and current circumstances, said:“We are very pleased with our third-quarter results,whereour performance delivered newCompanyrecords for net sales,adjusted EBITDA and ne