Q3 and YTD 2025 Financial Results

Summary by AI ^BETAClose X

Atalaya Mining Copper, S.A. reported strong third quarter and year-to-date 2025 financial results, with revenues reaching €106.8 million in Q3 and €361.5 million year-to-date, driven by higher copper concentrate sales and prices. EBITDA for the quarter was €30.7 million, and €138.3 million year-to-date, despite a €4.4 million provision for a potential land tax reassessment. The company maintained a healthy net cash position of €89.7 million, supporting its growth pipeline, and is on track to meet its full-year production guidance of 49,000-52,000 tonnes. Cash costs improved to US$2.55/lb in Q3 and US$2.33/lb year-to-date, with All-In Sustaining Costs at US$2.98/lb and US$2.84/lb respectively.

Disclaimer*

Name	Role	Maximum number of shares awarded	Grant date	Vesting schedule
Alberto Lavandeira	Chief Executive Officer	218,000	23/04/2025	Vesting of 3 years, subject to performance
César Sánchez	Chief Financial Officer (PDMR)	113,091	23/04/2025	Same as above
Enrique Delgado	GM Riotinto (PDMR)	112,431	23/04/2025	Same as above
		443,522

Companies

Atalaya Mining (ATYM)

UK 100

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Period ended 30 September	Unit	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Revenues from operations	€k	106,753	86,799	361,503	248,945
Operating costs	€k	(76,036)	(69,801)	(223,194)	(195,269)
EBITDA	€k	30,717	16,998	138,309	53,676
Profit for the period	€k	10,848	1,491	70,912	17,638
Basic earnings per share	€ cents/share	7.8	1.7	50.5	13.9
Cash flows from operating activities	€k	41,729	13,913	120,006	42,302
Cash flows used in investing activities	€k	(17,992)	(14,564)	(59,765)	(49,495)
Cash flows from financing activities	€k	(12,863)	(2,422)	2,026	(38,093)
Net cash position ⁽¹⁾	€k	89,748	40,586	89,748	40,586
Working capital surplus	€k	93,125	54,456	93,125	54,456
Average realised copper price (excluding QPs)	US$/lb	4.41	4.13	4.31	4.22
Copper concentrate produced	tonnes	74,448	69,307	231,706	182,615
Copper production	tonnes	12,123	11,901	39,589	34,149
Cash Costs	US$/lb payable	2.55	3.01	2.33	2.96
All-In Sustaining Costs ("AISC")	US$/lb payable	2.98	3.39	2.84	3.26

	Unit	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Ore mined	tonnes	3,726,262	4,169,054	10,949,563	11,668,806
Waste mined ⁽¹⁾	tonnes	9,803,768	9,577,022	33,763,057	22,624,077
Ore processed	tonnes	4,271,614	4,329,523	12,490,078	12,156,024
Copper grade	%	0.38	0.33	0.41	0.33
Copper concentrate grade	%	16.28	17.17	17.09	18.70
Copper recovery	%	74.45	84.35	77.48	84.96
Copper concentrate produced	tonnes	74,448	69,307	231,706	182,615
Copper production	tonnes	12,123	11,901	39,589	34,149
Payable copper production	tonnes	11,378	11,207	37,272	32,323
Cash Costs	US$/lb payable	2.55	3.01	2.33	2.96
All-in Sustaining Costs	US$/lb payable	2.98	3.39	2.84	3.26

US$/lb Cu payable	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Mining	1.07	1.18	0.92	1.07
Processing	0.94	0.99	0.83	0.91
Other site operating costs	0.74	0.62	0.64	0.64
Total site operating costs	2.75	2.80	2.40	2.63
By-product credits	(0.43)	(0.37)	(0.35)	(0.25)
Freight, treatment charges and other offsite costs	0.23	0.58	0.29	0.58
Total offsite costs	(0.20)	0.21	(0.07)	0.33
Cash Costs	2.55	3.01	2.33	2.96

Cash Cost	2.55	3.01	2.33	2.96
Corporate costs	0.10	0.08	0.09	0.10
Sustaining capital (excluding tailings expansion)	0.02	0.10	0.03	0.06
Capitalised stripping costs ⁽¹⁾	0.18	0.11	0.28	0.06
Other costs	0.14	0.10	0.10	0.09
AISC	2.98	3.39	2.84	3.26

SEC Newgate UK	Clotilde Gros / George Esmond / Gwen Samuel	+44 20 3757 6882
Atalaya Mining	Michael Rechsteiner	+34 959 59 28 50

	Unit	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Ore mined	tonnes	3,726,262	4,169,054	10,949,563	11,668,806
Waste mined ⁽¹⁾	tonnes	9,803,768	9,577,022	33,763,057	22,624,077
Ore processed	tonnes	4,271,614	4,329,523	12,490,078	12,156,024
Copper grade	%	0.38	0.33	0.41	0.33
Copper concentrate grade	%	16.28	17.17	17.09	18.70
Copper recovery	%	74.45	84.35	77.48	84.96
Copper concentrate produced	tonnes	74,448	69,307	231,706	182,615
Copper production	tonnes	12,123	11,901	39,589	34,149
Payable copper production	tonnes	11,378	11,207	37,272	32,323
Cash Costs *	US$/lb payable	2.55	3.01	2.33	2.96
All-in Sustaining Cost ("AISC") *	US$/lb payable	2.98	3.39	2.84	3.26

	Unit	Guidance 2025
Ore mined	million tonnes	15 - 16
Waste mined ⁽¹⁾	million tonnes	40 - 43
Ore processed	million tonnes	15.8 - 16.0
Copper grade	%	0.39 - 0.41
Copper recovery	%	78 - 80
Copper production	tonnes	49,000 - 52,000
Cash Costs	US$/lb payable	US$2.60 - 2.80⁽²⁾
All-in sustaining cost	US$/lb payable	US$3.10 - 3.30⁽²⁾

(Euro 000's)	Three month period ended 30 Sep 2025	Three month period ended 30 Sep 2024	Nine month period ended 30 Sep 2025	Nine month period ended 30 Sep 2024

Revenues	106,753	86,799	361,503	248,945
Costs of sales	(72,242)	(65,601)	(212,474)	(182,565)
Corporate expenses	(2,639)	(1,091)	(6,694)	(6,094)
Exploration expenses	(1,542)	(1,367)	(4,972)	(3,313)
Care and maintenance expenditures	(39)	(2,012)	(46)	(4,053)
Other income	426	270	992	756
EBITDA	30,717	16,998	138,309	53,676
Depreciation/amortisation	(13,985)	(12,350)	(39,780)	(32,940)
Net foreign exchange (loss)/gain	77	(1,685)	(5,879)	558
Net finance (cost)/income	(2,880)	(564)	(2,961)	(655)
Tax	(3,081)	(908)	(18,777)	(3,001)
Profit for the period	10,848	1,491	70,912	17,638

(Euro 000's)	30 Sep 2025	31 Dec 2024

Unrestricted cash and cash equivalents at Group level	79,380	43,184
Unrestricted cash and cash equivalents at Operation level	34,430	9,694
Consolidated cash and cash equivalents	113,810	52,878
Net cash position ⁽¹⁾	89,748	35,091
Working capital surplus	93,125	44,728

(Euro 000's)	Note	Three month period ended 30 Sep 2025	Three month period ended 30 Sep 2024	Nine month period ended 30 Sep 2025	Nine month period ended 30 Sep 2024
		(Unaudited and unreviewed)	(Unaudited and unreviewed)	(Unaudited)	(Unaudited)
Revenue	4	106,753	86,799	361,503	248,945
Operating costs and mine site administrative expenses		(71,122)	(65,185)	(210,817)	(181,847)
Mine site depreciation and amortisation		(13,985)	(12,350)	(39,780)	(32,940)
Gross profit		21,646	9,264	110,906	34,158
Administration and other expenses		(2,639)	(1,091)	(6,694)	(6,094)
Share-based benefits	16	(1,120)	(416)	(1,657)	(718)
Exploration expenses		(1,542)	(1,367)	(4,972)	(3,313)
Care and maintenance expenditure		(39)	(2,012)	(46)	(4,053)
Other income		426	270	992	756
Operating profit		16,732	4,648	98,529	20,736
Net foreign exchange (loss)/gain		77	(1,685)	(5,879)	558
Net finance income/(costs)	5	(2,880)	(564)	(2,961)	(655)
Profit before tax		13,929	2,399	89,689	20,639
Tax	6	(3,081)	(908)	(18,777)	(3,001)
Profit for the period		10,848	1,491	70,912	17,638

Profit for the period attributable to:
- Owners of the parent	7	10,925	2,423	71,073	19,553
- Non-controlling interests		(77)	(932)	(161)	(1,915)
		10,848	1,491	70,912	17,638

Earnings per share from operations attributable to equity holders of the parent during the period:
Basic earnings per share (EUR cents per share)	7	7.8	1.7	50.5	13.9
Fully diluted earnings per share (EUR cents per share)	7	7.4	1.8	48.5	13.6

Profit for the period		10,848	1,491	70,912	17,638
Other comprehensive income:		-	-	-	-
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax):
Change in fair value of financial assets through other comprehensive income 'OCI'		29	(1)	29	(1)
Total comprehensive income for the period		10,877	1,490	70,941	17,637

Total comprehensive income for the period attributable to:
- Owners of the parent	7	10,954	2,422	71,102	19,552
- Non-controlling interests		(77)	(932)	(161)	(1,915)
		10,877	1,490	70,941	17,637

(Euro 000's)	Note	Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
(Unaudited)		Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
At 1 January 2025		12,668	321,856	88,774	93,085	516,383	2,154	518,537
Profit for the period		-	-	-	71.073	71,073	(161)	70,912
Change in fair value of financial assets through OCI		-	-	29	-	29		29
Total comprehensive income		-	-	29	71,073	71,102	(161)	70,941
Recognition of share-based payments	16	-	-	1,657	-	1,657	-	1,657
Recognition of non-distributable reserve	16	-	-	685	-	685	-	685
Recognition of distributable reserve	16	-	-	(670)	-	(670)	-	(670)
Dividends	11	-	-	-	(10,064)	(10,064)	-	(10,064)
At 30 September 2025		12,668	321,856	90,341	154,216	579,081	1,993	581,074


(Euro 000's)	Note	Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
(Audited)		Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
At 1 January 2024		13,596	319,411	70,463	98,026	501,496	(9,104)	492,392
Profit for the period		-	-	-	19,553	19,553	(1,915)	17,638
Change in fair value of financial assets through OCI		-	-	(1)	-	(1)	-	(1)
Total comprehensive income		-	-	(1)	19,553	19,552	(1,915)	17,637
Issuance of share capital	15	74	2,448	-	-	2,522	-	2,522
Recognition of depletion factor	16	-	-	8,949	(8,949)	-	-	-
Recognition of share-based payments	16	-	-	718	-	718	-	718
Recognition of non-distributable reserve	16	-	-	142	(142)	-	-	-
Recognition of distributable reserve	16	-	-	7,848	(7,848)	-	-	-
Dividends	11	-	-	-	(10,306)	(10,306)	-	(10,306)
At 30 September 2024		13,670	321,859	88,119	90,334	513,982	(11,019)	502,963

Financial assets or liabilities (Euro 000's)	Level 1	Level 2	Level 3	Total
30 Sep 2025
Other financial assets
Financial assets at FV through OCI	52	-	1,101	1,153
Trade and other receivables
Receivables (subject to provisional pricing)	-	23,737	-	23,737
Total	52	23,737	1,101	24,890

31 Dec 2024
Other financial assets
Financial assets at FV through OCI	23	-	1,101	1,124
Trade and other receivables
Receivables (subject to provisional pricing)	-	10,769	-	10,769
Total	23	10,769	1,101	11,893

Revenue - from external customers	Three month period ended 30 Sep 2025	Three month period ended 30 Sep 2024	Nine month period ended 30 Sep 2025	Nine month period ended 30 Sep 2024
	€'000	€'000	€'000	€'000
Switzerland	40,662	65,258	225,497	192,300
Singapore	66,013	21,541	135,669	56,645
Spain	78	-	337	-
	106,753	86,799	361,503	248,945

Non-current assets	30 Sep 2025	31 Dec 2024
	€'000	€'000
Spain	508,558	479,241
	508,558	479,241

(Euro 000's)	Three months ended 30 Sep 2025	Three months ended 30 Sep 2024	Nine months ended 30 Sep 2025	Nine months ended 30 Sep 2024
Profit attributable to equity holders of the parent	10,925	2,423	71,073	19,553

Weighted number of ordinary shares for the purposes of basic earnings per share (000's)	140,759	140,759	140,759	140,285
Basic profit per share (EUR cents/share)	7.8	1.7	50.5	13.9

Weighted number of ordinary shares for the purposes of fully diluted earnings per share (000's)	147,850	146,033	146,418	143,467
Fully diluted profit per share (EUR cents/share)	7.4	1.7	48.5	13.6

(Euro 000's)	Land and buildings	Right-of-use assets	Plant and machinery	Assets under construction ⁽¹⁾	Deferred mining costs ⁽²⁾	Other assets ⁽³⁾	Total
Cost
At 1 January 2024	83,517	7,076	319,129	70,601	64,072	951	545,346
Adjustments	-	-	5	-	-	-	5
Opening adjusted	83,517	7,076	319,134	70,601	64,072	951	545,351
Additions	151	-	-	46,196	3,666	-	34,410
Reclassifications	-	-	5,351	(5,380)	-	29	-
Increase in rehab. Provision	532	-	-	-	-	-	741
Write-off	-	(148)	(151)	-	-	-	(587)
At 30 September 2024	84,200	6,928	324,334	111,417	67,738	980	595,597
Additions	82	-	332	6,605	6,236	-	13,255
Increase in rehab. Provision	2,533	-	-	-	-	-	2,533
Reclassifications	-	-	15,699	(16,589)	-	-	(890)
Other transfers	(363)	-	-	(2,586)⁽⁶⁾	-	-	(2,949)
Write-off	-	-	151	-	-	-	151
Advances	-	-	-	1,601⁽⁴⁾	-	-	1,601
At 31 December 2024	86,452	6,928	340,516	100,448	73,974	980	609,298
Additions ⁽⁸⁾	459	-	-	37,412	21,031	-	58,902
Increase in rehab. Provision	116	-	-	-	-	-	116
Reclassifications	-	-	4,907⁽⁷⁾	(2,230)	-	19	2,696
Disposals	-	-	-	(15)	-	-	(15)
30 September 2025	87,027	6,928	345,423	135,615	95,005	999	670,997

Depreciation
At 1 January 2024	24,702	2,531	113,547	-	19,063	764	160,607
Adjustments	-	-	1	-	-	-	1
Opening adjusted	24,702	2,531	113,548	-	19,063	764	160,608
Charge for the period⁽⁵⁾	4,888	380	20,891	-	4,129	30	30,318
Write-off	-	(57)	-	-	-	-	(57)
At 30 September 2024	29,590	2,854	134,439	-	23,192	794	190,869
Charge for the period	1,304	117	6,437	-	1,526	13	9,397
At 31 December 2024	30,894	2,971	140,876	-	24,718	807	200,266
Charge for the period	4,582	390	24,386	-	6,271	43	35,672
30 September 2025	35,476	3,361	165,262	-	30,989	850	235,938

Net book value
30 September 2025	51,551	3,567	180,161	135,615	64,016	149	435,059
At 31 December 2024	55,558	3,957	199,640	100,448	49,256	173	409,032

(Euro 000's)	Three month period ended 30 Sep 2025	Three month period ended 30 Sep 2024	Nine month period ended 30 Sep 2025	Nine month period ended 30 Sep 2024
Interest expense
Other interest ⁽¹⁾	(546)	(558)	(1,487)	(1,514)
Interest on lease liabilities	(9)	(7)	(28)	(22)
Unwinding of discount on mine rehabilitation provision (Note 17)	(141)	(444)	(616)	(551)
Interest income
Financial interest	518	445	1,872	1,432
Impairment and gains/(losses) on disposal of financial instruments	(2,702)	-	(2,702)	-
Total	(2,880)	(564)	(2,961)	(655)
Interest expense capitalised ⁽²⁾	105	240	429	430

Description	Caption	Note	Amount (€k)
Pilot plant	Non-current receivables	13	-
Industrial Plant	Non-current Receivables (prepayments)	12	21,307
Industrial Plant	PPE	8	22,023
Convertible Loan	Current receivables	13	9,631
			52,961

(Euro 000's)	Permits ⁽¹⁾	Licences, R&D and software	Other intangible assets	Total
Cost
At 1 January 2024	81,199	8,758	-	89,957
Additions	919	-	-	919
At 30 September 2024	82,118	8,758	-	90,876
Additions	(919)	-	17,771 ⁽²⁾	16,852
Reclassifications	(3,128)	(6,948)	10,076	-
At 31 December 2024	78,071	1,810	27,847	107,728
Additions	400	-	6,969	7,369
Reclassification	52	28	(50)	30
30 September 2025	78,523	1,838	34,766	115,127
Amortisation
At 1 January 2024	32,080	8,480	-	40,560
Charge for the period	2,657	22	-	2,679
At 30 September 2024	34,737	8,502	-	43,239
Charge for the period	1,221	7	-	1,228
Reversal of impairment losses	-	(6,948)⁽³⁾	-	(6,948)
At 31 December 2024	35,958	1,561	-	37,519
Charge for the period	4,084	25	-	4,109
At 30 September 2025	40,042	1,586	-	41,628
Net book value
At 30 September 2025	38,481	252	34,766	73,499
At 31 December 2024	42,113	249	27,847	70,209

(Euro 000's)	30 Sep 2025	31 Dec 2024
Finished products	8,489	19,732
Materials and supplies	23,943	25,540
Work in progress	1,712	3,890
Total inventories	34,144	49,162

(Euro 000's)	30 Sep 2025	30 Sep 2024	31 Dec 2024
Dividend payable	6,203	-	-

(Euro 000's)	30 Sep 2025	30 Jun 2025	31 Dec 2024	30 Sep 2024	30 Jun 2024
Unrestricted cash and cash equivalents at Group level	79,380	83,747	43,184	72,058	76,253
Unrestricted cash and cash equivalents at Operation level	34,430	19,266	9,694	4,221	4,784
Consolidated cash and cash equivalents	113,810	103,013	52,878	76,279	81,037

(Euro 000's)	30 Sep 2025	30 June 2025	31 Dec 2024	30 Sep 2024	30 June 2024
Euro - functional and presentation currency	50,840	55,821	37,299	51,859	57,782
Great Britain Pound	568	60	70	51	139
United States Dollar	62,402	47,132	15,509	24,369	23,116
Consolidated cash and cash equivalents	113,810	103,013	52,878	76,279	81,037

Issued and fully paid			Shares	Share Capital	Share premium	Total
Issue Date	Price (£)	Details	000's	€'000	€'000	€'000
31 December 2023/1 January 2024			139,880	13,596	319,411	333,007


9-Feb-24	3.090	Exercised share options ^(a)	20	3	71	74
7-May-24	2.015	Exercised share options ^(b)	67	6	151	157
22-May-24	2.015	Exercised share options ^(c)	600	53	1,368	1,421
27-Jun-24	4.160	Exercised share options ^(d)	120	11	570	581
27-Jun-24	3.575	Exercised share options ^(d)	36	3	149	152
27-Jun-24	3.270	Exercised share options ^(d)	36	3	136	139
26-Dec-24		Capital increase**	-	272	-	272
26-Dec-24		Capital decrease**	-	(1,279)	-	(1,279)
31-Dec-24			140,759	12,668	321,856	334,524
At 30-Sep-25			140,759	12,668	321,856	334,524

Grant date		Expiry date		Exercise price £		Share options
30 June 2020		29 June 2030		1.475		448,000
24 June 2021		23 June 2031		3.090		886,000
22 June 2022		30 June 2027		3.575		980,000
22 May 2023		21 May 2028		3.270		1,080,000
11 June 2024		10 June 2029		4.135		1,130,000
22 Dec 2024		21 Dec 2029		3.335		150,000
9 July 2025		9 July 2030		4.604		1,600,000
Total						6,274,000

			Weighted average exercise price £		Share options
	At 1 January 2025		3.343		5,423,666
	Options exercised during the year		3.314		(668,000)
Expired during the year			3.533		(81,666)
	Granted during the year		4.604		1,600,000
	30 September 2025		3.665		6,274,000

(Euro 000's)	Share-based benefit	Bonus share	Depletion factor ⁽¹⁾	FV reserve of financial assets at FVOCI ⁽²⁾	Non-Distributable reserve ⁽³⁾	Distributable reserve ⁽⁴⁾	Total
At 1 January 2024	11,026	208	37,778	(1,156)	8,316	14,291	70,463
Recognition of share- based payments	718	-	-	-	-	-	718
Recognition of non-distributable reserve	-	-	-	-	142	-	142
Recognition of distributable reserve	-	-	-	-	-	7,848	7,848
Recognition of depletion factor	-	-	8,949	-	-	-	8,949
Change in fair value of financial assets at fair value through OCI	-	-	-	(1)	-	-	(1)
At 30 September 2024	11,744	208	46,727	(1,157)	8,458	22,139	88,119
Recognition of depletion factor	-	-	-	-	-	-	-
Recognition of distributable reserve	-	-	-	-	-	-	-
Recognition of share-based payments	661	-	-	-	-	-	661
Change in fair value of financial assets at fair value through OCI	-	-	-	(6)	-	-	(6)
Other changes in reserves	464	-	-	-	-	(464)	-
At 31 December 2024	12,869	208	46,727	(1,163)	8,458	21,675	88,774
Recognition of share-based payments	1,657	-	-	-	-	-	1,657
Recognition of non-distributable reserve	-	-	-	-	685	-	685
Recognition of distributable reserve	-	-	-	-	-	(670)	(670)
Change in fair value of financial assets at fair value through OCI	-	-	-	29	-	-	29
Other changes in reserves	(134)	-	-	-	-	-	(134)
30 September 2025	14,392	208	46,727	(1,134)	9,143	21,005	90,341

(Euro 000's)	Other provisions	Legal costs	Rehabilitation costs	Total costs
At 1 January 2024	750	227	26,691	27,668
Use of provision	-	(51)	(297)	(348)
Increase in provision	-	-	740	740
Finance cost	-	-	107	107
Transfer to other non-current payables	(750)	-	-	(750)
At 30 September 2024	-	176	27,241	27,417
Additions	-	230	-	230
Increase in provision	-	-	2,534	2,534
Use of provision	-	(11)	(647)	(658)
Finance cost	-	-	721	721
At 31 December 2024	-	395	29,849	30,244
Additions	4,692	-	-	4,692
Use of provision	-	(150)	(434)	(584)
Increase in provision	-	-	116	116
Finance cost	-	-	616	616
30 September 2025	4,692	245	30,147	35,084
(Euro 000's)			30 Sep 2025	31 Dec 2024
Non-current			30,003	29,328
Current			5,081	916
Total			35,084	30,244

Net cash (€'000)	30 Sep 2025	31 Dec 2024

Cash and cash equivalents	113,810	52,878
Borrowings - repayable within one year	(17,051)	(6,921)
Borrowings - repayable after one year	(7,011)	(10,866)
Lease - as per IAS 7	(3,441)	(3,801)
Net cash	86,307	31,290

€'000	Cash	Borrowings	Lease	Total
Net cash / (debt) as at 1 Jan 2024	121,007	(66,687)	(4,378)	49,942
Financing cash flows	(44,434)	-	-	(44,434)
Proceeds from borrowings	-	(9,477)	-	(9,477)
Repayment of borrowings	-	40,471	389	40,860
Foreign exchanges adjustments	(458)	-	-	(458)
Other changes
Interest paid	-	1,514	-	1,514
Interest expense	-	(1,514)	(22)	(1,536)
Other changes	-	-	88	88
Net cash / (debt) as at 30 Sep 2024	76,115	(35,693)	(3,923)	36,499
Financing cash flows	(25,497)	-	-	(25,497)
Proceeds from borrowings	-	6,477	-	6,477
Repayment of borrowings	-	11,429	130	11,559
Foreign exchanges adjustments	2,260	-	-	2,260
Other changes
Interest paid	-	(383)	30	(353)
Interest expense	-	383	(8)	375
Other changes	-	-	(30)	(30)
Net cash / (debt) as at 31 December 2024	52,878	(17,787)	(3,801)	31,290
Financing cash flows	62,267	-	-	62,267
Proceeds from borrowings	-	(25,069)	-	(25,069)
Repayment of borrowings	-	18,794	389	19,183
Foreign exchanges adjustments	(1,335)	-	-	(1,335)
Other changes
Interest paid	-	1,487	28	1,515
Interest expense	-	(1,487)	(28)	(1,515)
Other changes	-	-	(29)	(29)
Net cash / (debt) as at 30 Sep 2025	113,810	(24,062)	(3,441)	86,307

Q3 and YTD 2025 Financial Results

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