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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.
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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