Compañía de Minas Buenaventura (BVN) Q2 2026 earnings summary

Executive summary

• Gold production rose 12% year-over-year to 30,500 ounces, driven by San Gabriel's ramp-up and first commercial sales in 2Q26; silver and copper production also increased, with Yumpag and El Brocal contributing.

• San Gabriel began reporting sales volumes and targets 25,000–30,000 gold ounces for 2026, with ongoing ramp-up and tailings management improvements.

• Approval received to increase Yumpag's mining throughput by 20% to 1,200 tpd, unlocking additional capacity and supporting growth strategy.

• Focus remains on operational stability, execution of growth strategy, and long-term value creation, with continued exploration and evaluation of asset sales.

• Net income for 2Q26 reached $260.6M, up from $98.2M in 2Q25; cash position at June 30, 2026 was $758.9M, with net debt at negative $66.6M.

Financial highlights

• Total revenues for 2Q26 increased 43% year-over-year to $529 million; 6M26 revenues reached $1,153.6M, up 70% YoY.

• EBITDA from direct operations reached $277 million, up 113% year-over-year, with an EBITDA margin of 52%.

• Net income for 2Q26 was $260.6M, up from $98.2M in 2Q25; 2Q26 EPS was $0.93, up 160% YoY.

• Ended the quarter with $759 million in cash and $692 million in total debt, resulting in a net cash position of $67 million.

• Free cash flow for 2Q26 was $68M; dividends from Cerro Verde totaled $274M YTD, with $118M received in July.

Outlook and guidance

• San Gabriel ramp-up expected to reach steady state by mid-2027, with ore recovery targeted at 70% by end-2026 and up to 85% by end-2027 after flotation circuit installation.

• Yumpag throughput increase expected to boost silver production by 10% and reduce costs by 15%-17% in H2 2026.

• Cerro Verde copper production guidance unchanged at 370,000-380,000 tons for 2026.

• Expected total dividends from Cerro Verde for 2026 are $350-$380 million, with a similar but slightly lower range for 2027 depending on prices.

• Plant stabilization and metallurgical recovery improvements at San Gabriel expected in 2H26, with tailings expansion to support future throughput.