Net sales reached a record high of $13,420.0 million in 2025, an increase of 17.4% compared to $11,433.4 million in 2024. Net income attributable to SCC hit a record $4,334.9 million in 2025, representing a 28.4% increase from $3,376.8 million in 2024. Copper mine production decreased by 1.8% to 2,108.2 million pounds in 2025, primarily due to lower ore grades at Toquepala, Cuajone, and Buenavista. Molybdenum production increased by 7.4% to 68.7 million pounds in 2025. Silver production increased by 15.3% to 24.2 million ounces in 2025. Zinc production surged by 36.1% to 390.2 million pounds in 2025, mainly reflecting full-capacity operations at the Buenavista Zinc concentrator. Operating cash cost per pound of copper, net of by-product revenues, decreased by 34.0% from $0.89 in 2024 to $0.58 in 2025, largely due to higher by-product revenues. Capital investments totaled $1,325.3 million in 2025, a 29.0% increase from $1,027.3 million in 2024. The Board of Directors approved a capital investment program of $1,925.5 million for 2026. Minera Mexico issued $1.0 billion of fixed-rate senior unsecured notes in February 2025, due in 2032 with a 5.625% annual interest rate. The company repaid $500.0 million of 3.875% senior unsecured notes due 2025. Cash dividends paid to common stockholders were $2,485.1 million in 2025, up from $1,637.2 million in 2024. Stock dividends were approved quarterly since Q2 2024, with $3.50 per share in 2025. The Tia Maria project in Peru is 24% complete as of December 31, 2025, having generated 3,589 new jobs. The Los Chancas project is experiencing delays due to the presence of illegal miners. The Taxco mine has been on strike since July 2007, and the Santa Eulalia mine suspended operations in Q1 2020 due to flooding. The company achieved a 14% reduction in employee lost-time injuries in 2025. All four open-pit mines in Mexico and Peru earned The Copper Mark accreditation. Consumption of renewable electrical energy increased from 23% in 2023 to 36% in 2024, exceeding the 2027 target of 25%.