Compañía de Minas Buenaventura (BVN) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 27% YoY to $545.3M and net income increased 50% to $268.4M; 9M26 net income reached $825.4M, up 95%.

• Direct-operations EBITDA increased 34% YoY to $261.2M; EBITDA including associates was $509.5M.

• Cash was $1,000.6M at September 30, with net cash of $307.3M and reported leverage of -0.25x; an interim dividend of $0.5508 per share or ADS was approved.

Financial highlights

• 3Q26 operating income was $226.4M, up 47% YoY; gross profit was $261.9M versus $195.4M in 3Q25.

• 9M26 direct-operations EBITDA was $882.0M versus $434.1M; EBITDA including associates was $1,534.7M.

• Q3 free cash flow was $242M, including $126M in dividends received; reconciliation included $59M working capital, $44M income taxes and $122M CAPEX and mine-closure payments.

• 9M26 operating cash flow was $1,137.2M versus $341.6M; cash rose to $1,000.6M from $529.8M at year-end 2025.

Outlook and guidance

• San Gabriel mining stabilized at 1.7 ktpd by quarter-end; tailings facilities are expected to support 1.5 ktpd throughput in 4Q26, with additional drying areas expected by 2Q27.

• San Gabriel recovery is targeted at ~70% by December; the 85% project target is expected in 2028 after additional flowsheet circuits are tested and implemented.

• 2027 San Gabriel throughput is expected to average 600,000 tons, rising to 800,000 tons/year in 2028 and nameplate by year-end 2028; nameplate capacity is ~1M tons/year and 110,000–120,000 oz of gold annually.

• El Brocal is advancing a throughput expansion from 13,000 to 17,000 tpd; long-term fine copper output is expected to remain nearly unchanged.

• Beginning in 4Q26, AISC will be reported by mine and C1 Cash Cost will replace Cost Applicable to Sales; the measures are not directly comparable.