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ZCCM Investments Holdings Plc posted a net loss of K2.79 billion (US$110.7 million) for the year ended 31 December 2025, swinging from a record net profit of K39.85 billion (US$1.52 billion) in 2024, company authorities have revealed.
ZCCM-IH described 2025 as a year defined by the deliberate work of positioning the portfolio for long-term growth and the 2024 profit included a one-off gain of approximately K35 billion from the Mopani Strategic Equity Partner transaction.
The provisional, abridged, unaudited results were issued in Lusaka on Tuesday with Company Chief Executive Officer, Kakenenwa Muyangwa, stating that 2025 was a year focused on laying the foundations for the next decade of growth.
“We have carried that momentum into 2026. We strengthened our copper portfolio, advanced our energy platform, moved decisively to clear legacy obligations, and entered gold,” Muyangwa stated.
He said the 2025 figures reflected the absence of that exceptional investment gain and the planned recapitalisation of the Group’s major copper assets.
At company level, performance improved markedly, with the loss narrowing to K1.18 billion (US$46.77 million) from K4.4 billion (US$167.6 million) in 2024, representing a 73 percent reduction in the Company-level loss year-on-year, the report noted.
“The improvement was driven by higher royalty income from Kansanshi Mining Plc following the commissioning of its S3 expansion project, which resulted in Kansanshi’s highest copper output since 2021 at 170,929 tonnes, against a copper price up ∼41 pervent over the year,” Muyangwa said.
Investment income reportedly rose 40 percent to K3.38 billion, driven by higher Kansanshi royalties following the S3 Expansion, with Group assets standing at K48 billion compared with K57.29 billion in 2024.
Muyangwa said in US Dollar terms, total Group assets rose to US$2.17 billion from US$2.05 billion a year earlier and that the lower Kwacha net asset value reflected translation of dollar assets at a stronger year-end rate.
“The headline numbers reflect a year of investment. Beneath the numbers, our royalty income is rising on record output at Kansanshi following the S3 Expansion, our producing assets are performing, and the dollar value of what we own has grown,” he said.
Muyangwa noted that the Kwacha strengthened from K27.95 per US Dollar at the end of 2024 to K22.12 per US Dollar at the close of 2025.
At Group level, the share of associate earnings moved from a K3.33 billion profit in 2024 to a loss of K31.02 million in 2025 on account of losses from Mopani and Konkola.
“Importantly, the matter is not expected to result in any net cost to ZCCM-IH shareholders, as any sum payable is recoverable in full from Konkola Copper Mines Plc under a Tripartite Reimbursement Agreement in relation to the Trafigura arbitration,” he said.
Muyangwa said the company had recognised a provision of US$44 million for the settlement in progress and the US$150 million Glencore legacy loan was repaid in full in April 2026, clearing the Company’s last acquisition debt.
At Mopani, shareholders ZCCM-IH and International Resources Holding have advanced approximately US$640 million since 2024 to fund the Projects Development Programme.
Konkola’s turnaround under Vedanta continued, supported by approximately US$601 million of funding and a proposed CopperTech IPO expected to raise around US$670 million, the report said.
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