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Hudbay Minerals (HBM) investor relations material

Hudbay Minerals Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary13 Aug, 2025

Executive summary

  • Achieved strong Q2 2025 financial performance with $245M adjusted EBITDA, $88M free cash flow, and industry-leading margins, supported by strong copper and gold production and cost control.

  • Net earnings attributable to owners were $117.7M ($0.30/share), with adjusted EPS at $0.19, reflecting significant year-over-year growth.

  • Announced a $600M minority joint venture with Mitsubishi at Copper World, reducing funding needs, derisking the project, and deferring Hudbay's equity contribution to 2028.

  • Maintained a robust balance sheet with $626M cash, net debt reduced to $434M, and leverage ratio at 0.4x, the lowest in over a decade.

  • Declared a semi-annual dividend of C$0.01 per share, payable September 19, 2025.

Financial highlights

  • Adjusted EBITDA for Q2 2025 was $245M, with trailing twelve-month adjusted EBITDA at a record $996M.

  • Free cash flow for Q2 2025 was $88M, totaling over $400M in the last twelve months.

  • Cash and cash equivalents stood at $626M as of June 30, 2025, with total liquidity exceeding $1B pro forma for JV proceeds.

  • Net debt reduced to $434M, with $295M in total debt repayments and gold prepay liability reductions since early 2024.

  • Adjusted attributable EPS was $0.19, up from $0.00 in Q2 2024.

Outlook and guidance

  • Reaffirmed full-year 2025 consolidated production guidance for all metals and improved cost guidance to $0.65–$0.85/lb copper.

  • Expectation to achieve annual guidance for all metals in Manitoba and British Columbia despite wildfire disruptions.

  • Copper World feasibility study on track for mid-2026 completion; project sanctioning targeted for 2026.

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Frequently asked questions

Hudbay Minerals Inc. is a Canada-based mining company engaged in the exploration, development, and production of base and precious metals. The company focuses primarily on copper, with additional production of gold, silver, and zinc. Hudbay operates mining projects and processing facilities in North and South America, including both open-pit and underground mines. It is involved in all stages of the mining lifecycle, from mineral exploration to production and reclamation. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX and NYSE.

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