Compañía de Minas Buenaventura
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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.
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Q4 2025 earnings summary27 Feb, 2026

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.

San Gabriel: next commissioning steps
Key drivers for 4Q25/FY25 AISC changes
Impact of 2025 reserves on long-term outlook
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Next Compañía de Minas Buenaventura earnings date

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Q1 202630 Apr, 2026
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Frequently asked questions

Compañía de Minas Buenaventura S.A.A. is a major Peruvian mining company primarily engaged in the exploration, extraction, and processing of precious and base metals. The company operates several mining units in Peru, including the Orcopampa, Uchucchacua, Julcani, Tambomayo, El Brocal, La Zanja, and Coimolache mines. Buenaventura also holds significant equity stakes in other key mining operations, such as Minera Yanacocha, a leading gold producer, and Sociedad Minera Cerro Verde, a significant copper producer. The company is headquartered in Lima, Peru, and its shares are listed on the NYSE.

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