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Hudbay Minerals (HBM) investor relations material

Hudbay Minerals Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Demonstrated operational resilience amid wildfires in Manitoba and temporary interruptions in Peru, maintaining the low end of consolidated copper and gold production guidance for 2025.

  • Achieved adjusted EBITDA of $143 million and adjusted EPS of $0.03 in Q3 2025, with $60 million in delayed copper concentrate shipments in Peru.

  • Secured a $600 million Mitsubishi JV for a 30% stake in Copper World, reducing future equity contributions and deferring first capital outlay to 2028.

  • Continued focus on cost control, debt reduction, and reinvestment in high-return growth initiatives.

  • Reaffirmed full-year 2025 copper and gold production guidance at the low end, with Peru gold production expected to exceed guidance.

Financial highlights

  • Q3 2025 revenue: $346.8 million; adjusted EBITDA: $143 million; net earnings: $222.4 million; adjusted EPS: $0.03.

  • Consolidated copper production: 24,000 tons; gold: 54,000 oz; silver: 730,000 oz; zinc: 548 tons in Q3.

  • Cash and cash equivalents: $611 million; total liquidity: $1.04 billion as of September 30, 2025.

  • Net debt reduced to $436 million; net debt to adjusted EBITDA ratio at 0.5x.

  • Free cash flow was negative $15.2 million due to delayed copper concentrate shipment in Peru.

Outlook and guidance

  • Full-year 2025 copper and gold production expected at the low end of guidance; Peru gold production to exceed guidance.

  • Improved full-year consolidated cash cost guidance to $0.15–$0.35/lb copper and sustaining cash cost to $1.85–$2.25/lb.

  • Total capital expenditures expected to be $35 million below original guidance, with deferrals to 2026.

  • Manitoba gold production now expected slightly below guidance due to post-quarter power outage; BC copper output below guidance due to lower grades.

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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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