Hudbay Minerals (HBM) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $765.9M and adjusted EBITDA of $413.4M; adjusted EPS was $0.34.

• Q3 free cash flow was $201.9M; trailing-12-month free cash flow reached $631.0M and adjusted EBITDA $1,542.4M.

• Copper production was 30.2kt; 2026 production guidance was reaffirmed and consolidated cost guidance improved.

• Copper World received final investment decision and construction approval with Mitsubishi; first production is targeted for H2 2029.

Financial highlights

• Q3 revenue was $765.9M versus $346.8M in Q3 2025; attributable earnings to owners were $149.5M versus $222.4M, with the prior-year period including a $322.3M impairment reversal.

• Adjusted EBITDA was $413.4M, up 29% QoQ and 190% YoY; adjusted earnings attributable to owners were $149.5M, or $0.34/share.

• Operating cash flow before non-cash working capital changes was $313.9M; Q3 free cash flow was $201.9M.

• 9M revenue was $2,154.5M and net earnings attributable to owners were $477.3M; adjusted EBITDA was $1,156.5M and adjusted EPS was $1.07.

• Higher realized metal prices, lower treatment and refining charges and higher sales volumes supported Q3 revenue; gold contributed 34%.

Outlook and guidance

• Reaffirmed 2026 production guidance of 110,000–138,000 tonnes copper and 217,000–272,000 oz gold; Peru gold is expected above its guidance high end.

• Improved 2026 consolidated cash-cost guidance to $(0.55)–$(0.35)/lb copper and sustaining cash-cost guidance to $1.40–$1.80/lb; sustaining capex is expected $35M below guidance.

• Peru and Manitoba were on track for production and cost guidance; British Columbia full-year cash costs were expected near the high end of its $1.50–$2.50/lb range.

• 2027 consolidated copper production is expected to increase ~25%, with gains weighted to H2; Constancia is targeting 34Mtpa after mill upgrades.

• Copper World first production is targeted for H2 2029; Cactus and Mason PFS completion is expected in H2 2027, and New Ingerbelle first production in late 2028.