Hudbay Minerals (HBM) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $757.3 million and adjusted EBITDA of $422 million in Q1 2026, driven by strong copper and gold exposure, cost control, and margin expansion.

• All operations are on track to meet 2026 production and cost guidance, with over $1 billion in cash and total liquidity of $1.4 billion at quarter-end, enhancing financial flexibility.

• Net debt decreased to nearly zero, with a net debt to adjusted EBITDA ratio of 0.0x, reflecting strong deleveraging.

• Closed a $600 million joint venture with Mitsubishi for Copper World and announced the acquisition of Arizona Sonoran Copper Company, strengthening the U.S. copper growth pipeline.

Financial highlights

• Record quarterly revenues of $757 million and adjusted EBITDA of $422 million in Q1 2026.

• Adjusted net earnings reached $159.1 million ($0.40 per share), reflecting higher realized metal prices and strong cost control.

• Net earnings attributable to owners were $190.4 million ($0.48/share), up from $128.0 million ($0.32/share) in Q4 2025.

• Generated $211 million in operating cash flow and $102.3 million in free cash flow after sustaining capital investments.

• Cash and cash equivalents stood at $1,004 million as of March 31, 2026.

Outlook and guidance

• Reaffirmed 2026 consolidated production guidance: 110,000–138,000 tonnes copper and 217,000–272,000 ounces gold.

• Projected consolidated copper production growth of 24% over the next three years, supported by ramp-ups in British Columbia and Peru.

• Pathway to increase annual copper production by over 70% to 250,000 tons by decade-end, with potential to reach 500,000 tons by mid-next decade.

• Key 2026 objectives include deleveraging, sanctioning Copper World, and increasing mill throughput at major sites.