Hudbay Minerals (HBM) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 financial performance with $245.2 million adjusted EBITDA, $87.8 million free cash flow, and $536.4 million revenue, driven by cost control and diversified copper and gold production.

• Secured a $600 million strategic investment from Mitsubishi for a 30% JV interest in Copper World, reducing funding needs, de-risking the project, and enhancing financial flexibility.

• Maintained a robust balance sheet with $626 million cash, net debt reduced to $434 million, and a leverage ratio of 0.4x, the lowest in over a decade.

• Declared a semi-annual dividend of C$0.01 per share, payable September 19, 2025.

Financial highlights

• Adjusted EBITDA for Q2 2025 was $245.2 million, with trailing twelve-month adjusted EBITDA at a record $996 million.

• Free cash flow for Q2 2025 was $87.8 million, totaling over $400 million in the last twelve months.

• Cash and cash equivalents stood at $626 million as of June 30, 2025, with total liquidity of $1,050.2 million.

• Net debt reduced to $434 million, with $295 million in total debt repayments since early 2024.

• Adjusted EPS for Q2 2025 was $0.19, and net earnings per share were $0.30.

Outlook and guidance

• Reaffirmed full-year 2025 consolidated production guidance for all metals and regions.

• Improved full-year 2025 consolidated cash cost guidance to $0.65–$0.85/lb copper, down from $0.80–$1.00/lb.

• Feasibility study for Copper World underway, with definitive study completion expected by mid-2026 and project sanctioning targeted for 2026.

• Expect higher production in British Columbia in H2 as mill improvements ramp up.

• Expectation to achieve annual guidance for all metals in Manitoba and British Columbia despite wildfire disruptions.