The Capstone Copper Corp (ASX: CSC) share price is moving lower on Tuesday.
The decline follows the release of the copper producer's fourth quarter results before market open.
In midday trade, Capstone shares are down 5.18% to $13.72. Despite today's pullback, the company's shares remain up more than 50% over the past 12 months.
Here is what the company reported.
Image source: Getty Images
Record production caps off strong year
Capstone delivered consolidated copper production of 58,273 tonnes in Q4 2025, up 8% from 53,942 tonnes in the prior corresponding period. The increase was driven by stronger sulphide production at Mantoverde and Mantos Blancos.
For the full year, consolidated copper production rose 22% to 224,764 tonnes, compared with 184,460 tonnes in 2024.
Realised copper prices also improved. Capstone achieved an average realised copper price of US$5.36 per pound in Q4, up from US$4.04 per pound a year earlier. For the full year, the realised price averaged US$4.65 per pound, compared with US$4.16 in 2024.
C1 cash costs declined significantly. Consolidated C1 cash costs in Q4 fell to US$2.31 per pound, down from US$2.52 per pound in Q4 2024. For the full year, C1 cash costs dropped 12% to US$2.44 per pound.
Earnings and cash flow expand
Revenue in Q4 totalled $685 million, up from $446.9 million in the prior corresponding period. Full-year revenue increased to $2.36 billion from $1.60 billion in 2024.
Net income attributable to shareholders came in at $50.6 million for the quarter, up from $45.9 million a year earlier. On an adjusted basis, net income attributable to shareholders was $78.7 million for Q4.
For the full year, net income attributable to shareholders surged to $315.9 million, compared with $82.9 million in 2024. Adjusted net income was $163.6 million for the year.
Adjusted EBITDA reached $308 million in Q4, up from $171.9 million in the prior corresponding period. For the full year, adjusted EBITDA rose to $952.7 million, almost double the $496.1 million recorded in 2024.
Operating cash flow before changes in working capital increased to $287.3 million in Q4. For the full year, operating cash flow before changes in working capital was $897 million.
Balance sheet and outlook
Net debt stood at $780.1 million as at 31 December 2025, compared with $742 million a year earlier. Total available liquidity was reported at just over $1 billion at year end.
Looking ahead, Capstone has reaffirmed 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs of US$2.45 to US$2.75 per pound. The company expects largely stable production in 2026, with growth anticipated from Mantoverde Optimised from 2027.
While the market has driven the stock lower today, 2025 was a record year for production and earnings. The result was supported by stronger copper prices and improved unit costs.
