Hochschild Mining
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Hochschild Mining (HOC) investor relations material

Hochschild Mining H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary11 Mar, 2026

Executive summary

  • Achieved record financial results in 2025, with revenue up 28% to $1,209 million and adjusted EBITDA up 39% to $584 million, driven by strong metal prices and operational improvements.

  • Net profit rose 50% year-over-year to $200.7 million, with EPS at $0.31.

  • Produced 311,000 ounces, ended the year with $317 million in cash and net debt of $23 million, and declared total dividends of $31 million.

  • Successfully executed the Mara Rosa turnaround, maintained strong performance at Inmaculada, and advanced key growth projects Royropata and Monte do Carmo.

  • Strong ESG performance, including a Lost Time Injury Frequency Rate of 0.97, 100% renewable energy at key sites, and FTSE4Good Index inclusion.

Financial highlights

  • Revenue exceeded $1.2 billion, attributable net profit reached $159.6 million, and EPS was $0.31, all up year-over-year.

  • Adjusted EBITDA rose to $583.7 million, up from $421.4 million in 2024.

  • All-in sustaining cost averaged $2,138 per gold equivalent ounce, higher than 2024 as guided.

  • Cash increased from $97 million to $317 million, mainly from strong cash generation at Inmaculada and San José.

  • Cost of sales rose 12% year-over-year due to higher production volumes and fixed costs during stoppages.

Outlook and guidance

  • 2026 production guidance: 300,000–328,000 gold equivalent ounces at AISC of $2,157–2,320/oz.

  • Royropata and Monte do Carmo projects targeted for production ramp-up by 2028, with CapEx estimates of $200 million and $300 million, respectively.

  • Mara Rosa expected to reach full production in H1 2026, with plant throughput targeted at 7,000–8,000 tons per day.

  • Dividend policy to distribute 20–30% of attributable cash flow, with a minimum annual dividend of $10 million.

  • Capex for 2026 projected at $210–225 million.

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H1 202626 Aug, 2026
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Frequently asked questions

Hochschild Mining plc, a precious metals company, engages in the exploration, mining, processing, and sale of gold and silver in the Americas. The company operates through its Peru operations segment. It holds interests in six exploration projects covering an area of approximately 80 square km; two mining companies; two mining concessions; two tailing disposal facilities; and one exploration research center in Peru. Hochschild Mining plc was founded in 1911 and is based in London, the United Kingdom.

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