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Compañía de Minas Buenaventura (BVN) investor relations material
Compañía de Minas Buenaventura Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY25 EBITDA from direct operations was $812 million, up 88% YoY, and net income was $830 million, including $157.3 million from the Chaupiloma sale; FY25 revenues reached $1,731.6 million, up 50% YoY.
Copper production for 2025 was 52.4 thousand tons, down 8% YoY; silver production reached 15.6 million ounces, up 1% YoY; gold production was 121,000 ounces, down 18% due to lower output at Orcopampa and Tambomayo.
San Gabriel project reached 99% completion, with first gold bar produced in December 2025 and initial operating permit received; ramp-up to steady-state throughput expected by Q3 2026.
Year-end cash position was $530 million, with total debt at $710 million and a leverage ratio of 0.22x.
Board approved a dividend of $0.9904 per share, totaling $1.135 per share over the past 12 months.
Financial highlights
4Q25 EBITDA from direct operations was $353.5 million, up from $93.4 million YoY; FY25 EBITDA including affiliates was $1,392.6 million, up 64% YoY.
Free cash flow for 4Q25 was $44 million after $153 million CAPEX related to San Gabriel.
Cerro Verde contributed $98 million in dividends, with $97.9 million received in January 2026.
FY25 CAPEX was $489 million, with major investments in San Gabriel and sustaining projects.
Ended FY25 with $529.8 million in cash and net debt of $179.8 million.
Outlook and guidance
San Gabriel expected to become the main gold-producing asset, with 2026 gold production guidance of 48,000–55,000 ounces.
2025 CapEx guidance is $385–415 million, with $200–220 million for sustaining CapEx and $185–195 million for growth CapEx in 2026.
Revenue for 2026 projected at $1.8–2 billion, with EBITDA expected at $800 million–$1 billion, assuming current commodity prices.
Dividend payout increased to 40% of net income for 2025, with future payouts to be evaluated based on prices and CapEx needs.
Sustaining investments focus on mine development, tailings dams, and ventilation upgrades at key mines.
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