Atalaya Mining (LSE:ATYM) said on Thursday that copper production in the fourth quarter of 2025 came in ahead of expectations, with output exceeding analyst forecasts by around 3%, rounding off a strong performance for the year as a whole.
The company is now expected to deliver full-year 2025 EBITDA of approximately €183 million, representing a 175% increase compared with the prior year and around 8% above earlier estimates. The improved outcome reflects stronger-than-anticipated production volumes alongside favourable provisional pricing effects.
Atalaya also closed the fourth quarter with a solid financial position, reporting net cash of €122 million, underpinned by robust cash flow generation throughout 2025.
For 2026, the group has guided to copper production of between 50,000 and 54,000 tonnes, with volumes weighted towards the second half of the year. While this outlook was lighter than some expectations, prompting analysts to trim their 2026 volume assumptions to around 52,000 tonnes from 54,000 tonnes previously, sentiment remains constructive.
Despite the softer production guidance for 2026, analysts have lifted their average EBITDA and earnings per share forecasts for the 2025–2027 period by 2% and 3% respectively, pointing to the strong fourth-quarter delivery and improved cash flow profile as key drivers.
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