Hudbay Minerals (HBM) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $631.3 million, adjusted EBITDA of $321.2 million, and free cash flow of $101.8 million, reflecting strong operating performance and industry-leading margins driven by copper and gold diversification and cost control.

• Record trailing twelve-month adjusted EBITDA of $1.3 billion, with robust free cash flow supporting reinvestment in growth projects and a strong balance sheet.

• Leadership transitions include Eugene Lei as President & CFO and Rob Carter as COO, positioning for transformational growth.

• Maintained industry-leading margins with consolidated cash costs of $(0.40)/lb copper and reaffirmed full-year production guidance for all metals.

• Net cash position of $80.5 million and net debt to adjusted EBITDA ratio of -0.1x, the lowest in over a decade.

Financial highlights

• Q2 2026 revenue: $631.3 million; adjusted EBITDA: $321.2 million; net earnings attributable to owners: $137.4 million ($0.34/share); adjusted net earnings: $113.5 million ($0.28/share).

• Cash and cash equivalents stood at $890.9 million as of June 30, 2026; total liquidity exceeded $1 billion.

• Free cash flow exceeded $100 million in Q2 and over $400 million in the past 12 months.

• Consolidated cash costs were $(0.40)/lb copper and sustaining cash costs $1.39/lb copper, with improved 2026 cost guidance to $(0.45)–$(0.25)/lb.

• Dividend declared: C$0.01 per share, payable September 8, 2026.

Outlook and guidance

• Reaffirmed and improved 2026 consolidated production and cost guidance for all metals and operating regions.

• On track to deliver 2026 copper production guidance in Peru (75,000–90,000 tonnes) and Manitoba gold production (180,000–220,000 ounces).

• Brownfield investments expected to increase consolidated copper production by 24% to 150,000 tons in 2027; long-term copper production projected to rise 70% to 250,000 tons by decade end, with a line of sight to 500,000 tons by mid-next decade.

• Copper World project sanctioning on track for late 2026; Cactus project PFS expected in H2 2027.

• British Columbia operations expected to ramp up mill throughput to 50,000 tpd in H2 2026, with cash cost improvements anticipated.