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Ero Copper (ERO) investor relations material
Ero Copper Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record consolidated copper production of 15,513 tonnes and gold production of 7,743 ounces in Q2 2025, driven by operational improvements and commercial production at Tucumã.
Significant progress in operational excellence, predictive maintenance, and leadership integration across the portfolio.
Cash flow from operations was $90.3M, with available liquidity of $113.3M at quarter-end.
Commercial production at Tucumã was declared July 1, 2025, and Phase 1 drilling at Furnas was completed ahead of schedule.
Initiatives to return capital to shareholders have been initiated, with a focus on deleveraging and balance sheet strengthening.
Financial highlights
Adjusted EBITDA reached $82.7M in Q2 2025, up from $59M in Q1 2025.
Adjusted net income attributable to owners was $48.1M ($0.46/share) in Q2 2025.
Cash flow from operations increased to $90.3M, and available liquidity at quarter-end was $113.3M.
Net debt to EBITDA ratio improved to 2.1x from 2.4x sequentially.
Q2 2025 revenue was $163.5M, up from $125.1M in Q1 2025.
Outlook and guidance
Q3 2025 expected to outperform Q2, Q4 to outperform Q3, and 2026 to surpass 2025.
Consolidated 2025 copper production guidance updated to 67,500–80,000 tonnes due to slower ramp-up at Tucumã.
Caraíba guidance reaffirmed at 37,500–42,500 tonnes, with C1 cash costs in the lower half of $2.15–$2.35/lb.
Tucumã guidance revised to 30,000–37,500 tonnes at $1.10–$1.30/lb C1 cash cost.
Xavantina gold production guidance lowered to 40,000–50,000 oz, with C1 cash cost $850–$1,000/oz and AISC $1,800–$2,000/oz.
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