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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hudbay Minerals
Hudbay Minerals (HBM) investor relations material
Hudbay Minerals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Record Q3 revenue of $765.9M and adjusted EBITDA of $413.4M; adjusted EPS was $0.34.
Q3 free cash flow was $201.9M; trailing-12-month free cash flow reached $631.0M and adjusted EBITDA $1,542.4M.
Copper production was 30.2kt; 2026 production guidance was reaffirmed and consolidated cost guidance improved.
Copper World received final investment decision and construction approval with Mitsubishi; first production is targeted for H2 2029.
Financial highlights
Q3 revenue was $765.9M versus $346.8M in Q3 2025; attributable earnings to owners were $149.5M versus $222.4M, with the prior-year period including a $322.3M impairment reversal.
Adjusted EBITDA was $413.4M, up 29% QoQ and 190% YoY; adjusted earnings attributable to owners were $149.5M, or $0.34/share.
Operating cash flow before non-cash working capital changes was $313.9M; Q3 free cash flow was $201.9M.
9M revenue was $2,154.5M and net earnings attributable to owners were $477.3M; adjusted EBITDA was $1,156.5M and adjusted EPS was $1.07.
Higher realized metal prices, lower treatment and refining charges and higher sales volumes supported Q3 revenue; gold contributed 34%.
Outlook and guidance
Reaffirmed 2026 production guidance of 110,000–138,000 tonnes copper and 217,000–272,000 oz gold; Peru gold is expected above its guidance high end.
Improved 2026 consolidated cash-cost guidance to $(0.55)–$(0.35)/lb copper and sustaining cash-cost guidance to $1.40–$1.80/lb; sustaining capex is expected $35M below guidance.
Peru and Manitoba were on track for production and cost guidance; British Columbia full-year cash costs were expected near the high end of its $1.50–$2.50/lb range.
2027 consolidated copper production is expected to increase ~25%, with gains weighted to H2; Constancia is targeting 34Mtpa after mill upgrades.
Copper World first production is targeted for H2 2029; Cactus and Mason PFS completion is expected in H2 2027, and New Ingerbelle first production in late 2028.
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Latest events from Hudbay Minerals
- Copper growth and U.S. projects build on strong cash generation and disciplined funding.HBM
Investor presentation - Gold and copper growth, project milestones, and strong cash flow drive expansion and returns.HBMMining Forum Americas 2026
- Poised for major copper growth with industry-leading margins, robust U.S. projects, and strong cash flow.HBMInvestor presentation
- Poised for major copper growth, industry-leading margins, and robust U.S. project expansion.HBMInvestor presentation
- Strong Q2 2026 results with record margins, robust cash flow, and major growth projects advancing.HBMQ2 2026
- Copper-focused miner seeks flexible capital access via multi-security shelf offering amid sector risks.HBMRegistration filing
- Record results, low costs, and U.S. growth projects drive a 70% copper production increase.HBMInvestor presentation
- Acquisition forms a top-three US copper hub, unlocking synergies and long-term growth.HBMM&A announcement
- Record gold output, strong copper production, and lower costs drove higher cash flow and debt reduction.HBMQ3 2024
Next Hudbay Minerals earnings date
Q4 202619 Feb, 2027
Hudbay Minerals
Next Hudbay Minerals earnings date
Q4 202619 Feb, 2027
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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.