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Hudbay Minerals
Hudbay Minerals (HBM) investor relations material
Hudbay Minerals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record annual revenue of $2.2 billion and adjusted EBITDA of $1.1 billion in 2025, marking the third consecutive year of record financial performance.
Generated $388 million in free cash flow for 2025, with strong operational performance and higher metal prices.
Maintained copper and gold production guidance for 11 and 5 consecutive years, respectively, despite operational challenges from wildfires and social unrest.
Closed a $600 million joint venture with Mitsubishi for Copper World, enhancing financial flexibility, reducing future equity contributions, and increasing project IRR to 90%.
Announced first-ever dividend increase, doubling annual payout to C$0.04 per share and reflecting a holistic capital allocation framework.
Financial highlights
2025 revenue grew 9% year-over-year to $2.2 billion; adjusted EBITDA rose 29% to $1.1 billion.
Q4 2025 revenue reached $733 million, with adjusted EBITDA of $386 million and net earnings of $128 million ($0.32/share); adjusted EPS was $0.22.
Consolidated cash cost per pound of copper was $(0.22) in 2025, a significant improvement from $0.46 in 2024.
Sustaining cash cost per pound of copper was $1.30 in 2025, down from $1.62 in 2024.
Net debt to EBITDA improved to 0.4x at year-end, dropping to 0x post-JV, with liquidity exceeding $1.4 billion.
Outlook and guidance
2026 copper production expected to rise 5% to 124,000 tonnes, with gold production forecast at 244,500 ounces, down 9% due to Pampacancha depletion.
2026 consolidated cash cost guidance is $(0.30) to $(0.10) per pound of copper; sustaining cash costs at $1.70–$2.10/lb.
Capital expenditures in 2026: $435 million sustaining, $140 million growth (excluding Copper World), and $135 million for Copper World JV.
Exploration spending to increase to $60 million, focusing on Snow Lake, New Ingerbelle, and Peru satellite properties.
Key 2026 objectives include sanctioning Copper World, increasing mill throughput at Constancia and Copper Mountain, and advancing Snow Lake exploration.
Copper World JV's impact on project IRR?
How will Hudbay maintain low cash costs in 2026?
BC mill throughput ramp-up challenges?
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Next Hudbay Minerals earnings date
Q1 202611 May, 2026
Hudbay Minerals
Next Hudbay Minerals earnings date
Q1 202611 May, 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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