Hudbay Minerals (HBM) Q3 2025 earnings summary

Executive summary

• Demonstrated operational resilience amid wildfires in Manitoba and temporary interruptions in Peru, maintaining the low end of consolidated copper and gold production guidance for 2025.

• Achieved adjusted EBITDA of $143 million and adjusted EPS of $0.03 in Q3 2025, with $60 million in delayed copper concentrate shipments in Peru.

• Secured a $600 million Mitsubishi JV for a 30% stake in Copper World, reducing future equity contributions and deferring first capital outlay to 2028.

• Continued focus on cost control, debt reduction, and reinvestment in high-return growth initiatives.

• Reaffirmed full-year 2025 copper and gold production guidance at the low end, with Peru gold production expected to exceed guidance.

Financial highlights

• Q3 2025 revenue: $346.8 million; adjusted EBITDA: $143 million; net earnings: $222.4 million; adjusted EPS: $0.03.

• Consolidated copper production: 24,000 tons; gold: 54,000 oz; silver: 730,000 oz; zinc: 548 tons in Q3.

• Cash and cash equivalents: $611 million; total liquidity: $1.04 billion as of September 30, 2025.

• Net debt reduced to $436 million; net debt to adjusted EBITDA ratio at 0.5x.

• Free cash flow was negative $15.2 million due to delayed copper concentrate shipment in Peru.

Outlook and guidance

• Full-year 2025 copper and gold production expected at the low end of guidance; Peru gold production to exceed guidance.

• Improved full-year consolidated cash cost guidance to $0.15–$0.35/lb copper and sustaining cash cost to $1.85–$2.25/lb.

• Total capital expenditures expected to be $35 million below original guidance, with deferrals to 2026.

• Manitoba gold production now expected slightly below guidance due to post-quarter power outage; BC copper output below guidance due to lower grades.