Hochschild Mining (HOC) investor relations material

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.