Financial Data and Key Metrics Changes - The fixed service revenue declined by 6.2% year over year, with 3% attributed to lower connection revenue, equating to approximately €20 million decline in the quarter [13][15] - EBITDA decrease is primarily due to a direct impact from revenue decline, with close to 100% of the €100 million decline being a direct drop from service revenue [10] Business Line Data and Key Metrics Changes - The B2C mobile market saw a competitive environment with aggressive pricing, where offers for 30 GB were priced at €5 in May, now reduced to 20 GB for €7 [6][7] - The B2B segment experienced a revenue decline of 2%, with high competition and many small players entering the market [8][9] Market Data and Key Metrics Changes - The volume of net adds in the French market was low compared to previous years, with Q2 net adds comparable to last year, totaling around 80,000 for all players [6][21] - The market share of the incumbent remains high, indicating potential growth opportunities despite declining prices [9] Company Strategy and Development Direction - The company is focusing on reducing CapEx, which has declined by 24% this year, driven by lower network investment and a decrease in collection fees as FTTH is rolled out [20][22] - The company is well advanced in 5G rollout, covering approximately 85% of the population, and has 41 million home passes for FTTH [22][24] Management Comments on Operating Environment and Future Outlook - Management noted that the competitive environment has softened slightly in July and August after a peak in May, indicating a potential stabilization in pricing [6][7] - The company believes that the direction of CapEx reduction is sustainable due to lower data consumption growth expectations and reduced network investment needs [24] Other Important Information - The expected gross proceeds from the tower transaction are €480 million, with net proceeds estimated around €460 million after costs [14][18] Q&A Session Summary Question: Competitive environment in France - Management acknowledged high competition in the mobile market, particularly on the budget end, and noted that the market has softened slightly in recent months [6][8] Question: Barriers to growth in B2B business - Management indicated that the B2B market is competitive with declining prices and many small players, impacting growth [8] Question: Fixed service revenue decline details - Management confirmed a 6.2% decline in fixed service revenue, with connection fees being a significant driver [15] Question: Net proceeds from tower transaction - Management clarified that net proceeds from the tower transaction would be around €460 million [18] Question: Impact of mobile network outage on net adds - Management stated that net adds in Q2 were comparable to last year, with improvements noted in the competitive landscape [21] Question: Sustainability of CapEx reduction - Management explained that the CapEx reduction is driven by lower network investment needs and a decrease in collection fees, indicating sustainability [24]

Financial Data and Key Metrics Changes - For Q2 2025, total revenue was €2.29 billion, a decline of 9.1% year over year on a reported basis [3] - Q2 EBITDA was €801 million, and operating free cash flow was €423 million [3] - EBITDA decreased by 10.8% in the second quarter, primarily due to a decline in residential revenue [14] - CapEx expenditure for the quarter totaled €378 million, reflecting a notable reduction compared to Q2 2024 [14] - Free cash flow for Q2 2025 amounted to an outflow of €137 million [16] Business Line Data and Key Metrics Changes - Residential service revenue declined by 9.1% year over year, with fixed residential service revenue down 6.2% [12] - Mobile residential service revenue declined by 11.3%, impacted by customer base erosion and competitive pricing pressure [13] - Business Services, excluding construction, declined by 2%, with the majority of the decline driven by construction [13] - Total net losses in fixed services were minimal in 2025 compared to 2024, indicating improved commercial trends [9] Market Data and Key Metrics Changes - The competitive environment in France remains intense, particularly in the budget mobile segment, with aggressive pricing from competitors [35] - The volume of net adds in the French market was low compared to previous years, with a total of approximately 80,000 net adds across all players [48] Company Strategy and Development Direction - The company aims to reduce leverage to four times and has entered into agreements with creditors to extend debt maturities and reduce interest expenses [20] - The focus remains on CapEx discipline, particularly in areas like FTTH and 5G, where prior investment levels will not need to be sustained [14] - The company is actively reviewing its portfolio for potential transactions that make strategic sense [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve trends in the coming quarters despite current revenue declines [9] - The restructuring plan aims to reduce the absolute debt of Altice France without impacting operations or employees [28] - Management believes the current political situation in France does not impact business operations or transaction capabilities [30] Other Important Information - The company has started implementing a safeguard plan and expects to close the process by early October 2025 [4] - A technical incident in June affected mobile network service, but the issue was resolved quickly, and impacted customers were compensated with additional mobile data [10][11] Q&A Session Summary Question: Guidance for full year operating cash flow - Management confirmed guidance for growth in EBITDA minus CapEx for 2025, primarily driven by CapEx reduction [25][26] Question: Update on safeguard process and appeals - One appeal has been made by employee representatives, but management remains confident in the October timeline for restructuring [27][28] Question: Competitive environment in mobile and B2B business - The competitive environment remains intense, with pricing pressures affecting both mobile and B2B segments [35][36] Question: Fixed service revenue decline and connection revenue base - Fixed service revenue declined by 6.2% year over year, with connection fees contributing to the decline [42] Question: Net proceeds from the tower transaction - Expected net proceeds from the tower transaction are around €460 million [45] Question: Trends in net adds and churn issues - Management noted that net adds in Q2 were comparable to last year, with improvements in customer retention [48] Question: Sustainability of CapEx reduction - Management indicated that the reduction in CapEx is sustainable due to lower network investment needs and changing data consumption patterns [50][51]

Financial Performance - Revenue for Q2 2025 was €2,288 million, a decrease of 9.1% year-over-year (YoY) on a reported basis[7] - Excluding construction, revenue decreased by 7.4% YoY to €2,204 million[7, 15] - EBITDA for Q2 2025 was €801 million[7] - Operating Free Cash Flow (OpFCF) for Q2 2025 was €423 million, an increase of 5.1% YoY[7, 15] - Accrued Capex was €378 million, a decrease of 23.8% YoY[15] Debt and Liquidity - Pro forma net leverage at the end of Q2 2025 was 5.0x on an LTM (Last Twelve Months) basis[8] - Pro forma liquidity was €860 million[8] - Total net debt was €15,813 million with a weighted average life of 5.7 years[22] - Altice France S.A.'s weighted average cost of debt is 7.125%, and Altice France Holding S.A.'s is 9.125%[22] Commercial Performance - Residential mobile postpaid net adds were +17,000 in Q2 2025[11] - Residential fixed net adds were -17,000 in Q2 2025[11]

Financial Data and Key Metrics Changes - The company reported a record sales revenue of $1,180,000,000 and a 46% increase in underlying EBITDA to $528,000,000 for a margin of 45% [4] - Underlying profit reached $111,000,000 and statutory profit was $90,000,000, marking a return to profitability [5] - The company achieved a significant reduction in net debt by $273,000,000 or 69% to $123,000,000 at the end of FY 2025 [8] Business Line Data and Key Metrics Changes - At Matteo, underlying operations EBITDA increased by 78% to $318,000,000 at a 60% margin, driven by strong operating performance and healthy commodity prices [6] - At Matza, underlying operations EBITDA increased by 20% to $292,000,000 at a 45% margin, primarily due to higher commodity prices and lower TCRCs [6] Market Data and Key Metrics Changes - The company reported a 12% increase in group copper equivalent production to 152,000 tonnes, finishing the year within 1% of annual guidance [3] - The expectation for FY 2026 is a further 2% increase in production to 157,000 tonnes [10] Company Strategy and Development Direction - The company aims to maintain copper equivalent production of approximately 60,000 tonnes out to FY30, optimizing pit shell development plans and increasing processing capacity [10] - The capital management framework prioritizes a strong balance sheet and a net cash position, with no dividend declared for FY 2025 as the focus remains on de-gearing [8][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, highlighting the importance of maintaining financial discipline and the potential for growth in a tightening copper market [34] - The company is focused on disciplined exploration spending to ensure a minimum of fifteen years of life from strategically positioned processing hubs [44] Other Important Information - The company expects capital expenditure in FY 2026 to increase to $230,000,000, including investments in a new tailing storage facility and underground development [8] - Exploration evaluation expenses are expected to rise by $6,000,000 to $46,000,000 in FY 2026 as activity ramps up in key regions [12] Q&A Session Summary Question: Update on Matteo resource and reserve - The A1 resource update is nearing completion, with a maiden reserve anticipated in late Q4 of the financial year [19][24] Question: Dividend policy moving forward - The capital management framework aims to maximize total shareholder return, with dividends considered only when excess cash is available [30][32] Question: Impact of bushfires in Spain - There was a very short outage at Magdalena due to precautionary measures, but no major impacts were reported [37] Question: Current exploration spend adequacy - Management believes the current exploration spend is appropriate, with plans to increase spending as success is achieved [44] Question: Longer-term production profile at Matteo - The company expects a step-up in deferred stripping costs and strategic investments in FY 2026 [55][56] Question: Black Butte project considerations - The company is evaluating options for Black Butte, with an updated PFS expected to provide insights into the project's economics and potential longevity [62][66]

Financial Data and Key Metrics Changes - The company reported a record sales revenue of $1,180,000,000 and a 46% increase in underlying EBITDA to $528,000,000 for a margin of 45% [4][5] - Underlying profit reached $111,000,000, with a statutory profit of $90,000,000 [5] - The company achieved a significant reduction in net debt by $273,000,000 or 69%, bringing it down to $123,000,000 at the end of FY 2025 [8] Business Line Data and Key Metrics Changes - At Matteo, underlying operations EBITDA increased by 78% to $318,000,000 at a 60% margin, driven by strong operating performance and healthy commodity prices [5] - At Matza, underlying operations EBITDA increased by 20% to $292,000,000 at a 45% margin, primarily due to higher commodity prices and lower TCRCs [5] Market Data and Key Metrics Changes - The company experienced a 12% increase in group copper equivalent production to 152,000 tonnes, finishing the year within 1% of annual guidance [3] - The expected production for FY 2026 is projected to increase by a further 2% to 157,000 tonnes [12] Company Strategy and Development Direction - The company aims to maintain copper equivalent production of approximately 60,000 tonnes out to FY30, optimizing pit shell development plans and increasing processing capacity [12] - Capital expenditure for FY 2026 is expected to increase to $230,000,000, focusing on strategic investments such as a new tailing storage facility and underground development [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, emphasizing the importance of financial discipline and the company's ability to navigate the current environment [8][16] - The company is focused on maximizing total shareholder return while maintaining a strong balance sheet and moving towards a net cash position [33] Other Important Information - The company has not declared a dividend for FY 2025 as it prioritizes de-gearing the balance sheet [8] - Exploration evaluation expenses are expected to increase to $46,000,000 in FY 2026 as the company ramps up activity in the Iberian Pyrite Belt and Kalahari Copper Belt [14] Q&A Session Summary Question: Update on Matteo resource and reserve - The A1 resource update is nearing completion, with a maiden reserve expected in late Q4 of the financial year [20][22] Question: Dividend policy moving forward - The company is formalizing its capital management framework, prioritizing a strong balance sheet and net cash position before considering dividends [31][33] Question: Impact of bushfires in Spain - There was a very short outage at Magdalena due to precautionary measures, but no major impacts were reported [41][43] Question: Current exploration spend adequacy - Management believes the current exploration spend is appropriate, with a focus on disciplined spending to confirm resources and reserves [48] Question: Update on Black Butte project - The updated PFS is expected to be completed by the end of the calendar year, with a focus on maximizing the value of the company's interest [66][70]

Access the live webcast commencing at 10.00am (AWST) / 12.00pm (AEST) here. 28 August 2025 We mine copper sustainably to energise the future. For personal use only FY25 Financial Results Presentation Important information and disclaimer This presentation has been prepared by Sandfire Resources Limited (ABN 55 105 154 185) (Sandfire or the Company) and contains information about Sandfire current at the date of this presentation. The presentation is in summary form, has not been independently verified and doe ...

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1.2 billion for FY 2025, with underlying EBITDA of $528 million and a reduction in net debt of $273 million throughout the year, including $120 million in Q4 alone [10] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [3][4] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [4][5] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [5] - Preliminary estimates for unit costs at Matza and Matteo were $78 per ton and $40 per ton respectively for FY 2025, which were in line with previous guidance [7][8] Company Strategy and Development Direction - The company is focused on maintaining production levels and improving operational resilience, particularly in light of past challenges such as extreme weather events [9][66] - There is an emphasis on building a strong customer base and enhancing the brand of Matteo concentrate while navigating current market dynamics [81][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in FY 2025, including record rainfall and power outages, but expressed pride in the team's ability to deliver results [3][10] - The company is optimistic about FY 2026, expecting continued growth in production and maintaining a strong balance sheet [10][66] Other Important Information - The company has implemented measures to enhance safety and operational efficiency, including a focus on diversity and inclusion within the workplace [3] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [9] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management confirmed strong cash flow performance, aided by significant sales and the sale of the Old Highway project [12][13] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [20][22] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was 4.3%, with expectations of a decrease to 3.5% in FY 2026 [29][30] Question: Resilience planning for weather and power issues - Management detailed extensive planning and improvements made to drainage and water storage to mitigate future weather-related risks [62][64] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits amidst current market dynamics [78][82]

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1,200 million for FY 2025, with an underlying EBITDA of $528 million and a reduction in net debt of $273 million, including $120 million in Q4 alone [9] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [2][3] - Unit costs at Matza and Matteo were estimated at $78 per ton and $40 per ton respectively for FY 2025, which compared well with previous guidance [5][6] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [3][4] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [3][4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [4] - The strength in the euro to U.S. dollar exchange rate has started to impact costs at Matza, with expectations of further upward pressure if the exchange rate remains strong [5] Company Strategy and Development Direction - The company is focused on building resilience in operations and generating cash while navigating challenges such as record rainfall and power outages [2][8] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [8] - The company is also enhancing its exploration efforts in the Iberian pyrite and Kalahari copper belt to leverage its operational presence [8] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's ability to deliver results despite significant challenges, emphasizing a commitment to safety and operational excellence [2][9] - The company is optimistic about achieving a robust year in FY 2026, with production guidance reflecting a focus on controllable factors and lower inflation rates compared to the industry [4][5] Other Important Information - The company has implemented a flood recovery program and increased low-grade material feed, which contributed to a $1 per ton increase in unit costs at Matteo [6] - The management highlighted the importance of maintaining a clean concentrate shed and maximizing cash flow through effective inventory management [17][18] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management noted strong cash flow performance, with significant tonnages sold into favorable markets contributing to cash flow [12][14] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [19][20] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was reported at 4.3%, with expectations of a decrease to 3.5% in FY 2026 [26][28] Question: Resilience planning for weather and power issues - Management discussed extensive planning and improvements made to drainage and water storage to mitigate risks from potential future weather events [60][61] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits from current industry dynamics [73][78]

Core Insights - Sandfire Resources America Inc. has completed its 2024-2025 drilling program, focusing on the Johnny Lee Lower Copper Zone, which has shown promising results in resource definition and mineralization extension [1][2]. Drilling Program Results - The Johnny Lee Lower Copper Zone currently has a measured and indicated resource of 1.2 million tonnes grading 6.8% Cu and an inferred resource of 0.5 million tonnes grading 5.9% Cu [1]. - Approximately 28,000 meters have been drilled since December 2023, with results expected to contribute to an updated mineral resource estimate by late 2025 [1][2]. - Significant drill results include: - 8.11 meters of 4.66% Cu in hole SC24-311 - 14.99 meters of 7.99% Cu in hole SC24-312 - 10.58 meters of 4.69% Cu in hole SC25-316 - 11.73 meters of 8.80% Cu in hole SC25-325 - 4.91 meters of 9.74% Cu in hole SC25-328 [5]. Project Advancements - A technical report update for the Johnny Lee deposit is underway at the Pre-Feasibility Study level, with several key factors needing re-evaluation since the last report in October 2020 [2][6]. - The global transition to clean energy and increasing demand for copper are highlighted as significant market drivers, alongside challenges such as declining reserve grades and geopolitical risks [2]. Board Changes - Mr. Stef Weber has been appointed to the Board of Directors, bringing over 25 years of experience in the mining industry, particularly in finance and project development [3][4]. - The company expressed gratitude to Ms. Gemma Tually for her contributions to the Board [3]. Financial Updates - The company has entered into a fifth variation agreement to its bridge loan, increasing the borrowing capacity from up to US$50 million to US$59.5 million, with an extended maturity date to June 30, 2026 [7][8].

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were €2,380,000,000, a decline of 6.2% year over year [2] - Q1 EBITDA was €678,000,000, and operating free cash flow was €271,000,000 [2] - EBITDA declined by 11.8% year over year, primarily due to customer losses and increased operational costs [10][12] Business Line Data and Key Metrics Changes - Fixed Residential Services revenue declined by 3%, with subscriber losses contributing to this decline [9] - Mobile Residential Services revenue decreased by approximately 9%, driven by volume decline and competitive pricing pressure [10] - B2C net subscriber losses for mobile decreased, with positive net additions in Q1 2025 despite a challenging pricing environment [7] Market Data and Key Metrics Changes - The competitive environment has led to significant price pressure, with mobile service revenue declining by approximately 9% year over year [26] - The market has seen aggressive pricing strategies, with competitors offering lower prices for mobile packages [27][28] Company Strategy and Development Direction - The company is focused on reducing its debt burden and lowering interest expenses through an agreement with creditors [3] - There is a commitment to optimizing CapEx in 2025, with reduced investments in FTTH and 5G infrastructure [12] - The objective is to reduce leverage to four times or below through the sale of non-core assets [16] Management Comments on Operating Environment and Future Outlook - Management noted that improved commercial trends are leading indicators for future financial performance, despite current revenue declines [7] - The company expects EBITDA minus CapEx to grow in 2025 compared to 2024, despite a decline in EBITDA in Q1 2025 [39] Other Important Information - Pro forma net leverage was reported at 4.8x, with pro forma liquidity at €1,200,000,000 [4][16] - The company is actively working on further disposal processes to realize additional proceeds [16] Q&A Session Summary Question: Is there any debt associated with the Bouygues Tower JV? - Management confirmed that there is no debt on the tower JV with Bouygues Telecom [22] Question: Can you clarify the €28,000,000 Laposte pro forma adjustment? - The adjustment relates to wholesale revenues still being received as Bouygues Telecom transitions from the SFR network, expected to complete by early 2027 [22] Question: What is the outlook for working capital? - Management indicated that there will be further unwinding of working capital in Q2, but not to the full extent of 2024 [24] Question: Is the lower ARPU due to price-driven dynamics? - Management acknowledged that mobile service revenue declined by approximately 9%, with half attributed to customer base losses and the remainder to ARPU pressure from competition [26] Question: What is the impact of the IFRIC taxes in Q1? - The amount of IFRIC tax paid was around €110,000,000, which was booked in OpEx in Q1 [42]