Volcan Compañía Minera (VOLCABC1) Q3 2026 earnings summary

Executive summary

• 3Q26 net sales rose 39.6% YoY to $408.3 MM and Adjusted EBITDA increased 52.0% to $176.7 MM, supported by higher metal prices and increased silver sales.

• YTD net sales reached $1,114.3 MM (+29.5% YoY) and Adjusted EBITDA $493.9 MM (+45.5%); production ramp-up at Romina and growth investments advanced.

Financial highlights

• 3Q26 sales after adjustments were $408.3 MM (+39.6% YoY); sales before adjustments were $439.9 MM, including -$31.6 MM from open-position adjustments and hedging results.

• 3Q26 gross profit was $178.9 MM (+63.7% YoY), with a 44% gross margin, up 6.5 pp; operating income was $131.2 MM (+71.0%), with a 32% margin.

• 3Q26 net income was $54.9 MM (+30.1% YoY); YTD net income was $173.6 MM (+51.3%).

• YTD 2026 gross profit was $483.6 MM (+55.6% YoY), operating income $360.9 MM (+66.3%) and Adjusted EBITDA $493.9 MM (+45.5%).

Outlook and guidance

• Updated 2026 production guidance: zinc 235–245k FMT, lead 60–65k FMT, copper 4.5–5.5k FMT, silver 13.5–14.5 MM oz and gold 11–13k oz.

• 2026 total capex guidance is $350–370 MM; sustaining and catch-up spending guidance is $270–285 MM, with YTD spend of $183.7 MM in those categories.

• 2026 production unit-cost guidance is $63–68/MT; Andaychagua plant expansion adds 280 tpd, expected in 4Q26, and San Expedito's 1,200-tpd restart is expected in 1Q27.

• Romina ramp-up is progressing toward design capacity; Romina began operating in June 2026 and is expected to begin SARC mining in November.