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Hudbay Delivers Record Fourth Quarter and Full Year 2025 Results; Achieves 2025 Consolidated Copper and Gold Production and Cost Guidance

HBM
  • Hudbay Minerals reported record 2025 annual revenue of $2.2 billion and record adjusted EBITDA of $1.1 billion, achieving 11 consecutive years of consolidated copper production guidance and 5 consecutive years of gold production guidance.
  • Full-year 2025 consolidated production included 118,188 tonnes of copper and 267,934 ounces of gold, despite operational disruptions from wildfire evacuations in Manitoba and social unrest in Peru.
  • Consolidated cash costs for 2025 were $(0.22) per pound of copper, significantly outperforming the improved guidance range due to high metal prices and strong by-product credits.
  • Fourth quarter 2025 results included record quarterly revenue of $732.9 million and record quarterly adjusted EBITDA of $385.9 million.
  • The company achieved deleveraging targets ahead of schedule, reducing total debt to $1.0 billion and lowering the net debt to adjusted EBITDA ratio to 0.4x as of December 31, 2025.
  • Hudbay closed a $600 million joint venture transaction with Mitsubishi Corporation in January 2026 for the Copper World project, securing a 30% strategic partner and increasing post-closing adjusted liquidity to over $1.4 billion.
  • The Board approved the first-ever dividend increase in the company's history, transitioning to a quarterly dividend of C$0.01 per share (C$0.04 annually), representing a 100% increase from the prior semi-annual rate.
  • 2026 production guidance forecasts consolidated copper output of 124,000 tonnes and consolidated gold output of 244,500 ounces based on the midpoints of the respective ranges.
  • 2026 consolidated cash cost guidance is set between $(0.30) and $(0.10) per pound of copper, while sustaining cash cost is expected to be between $1.70 and $2.10 per pound.
  • Total capital expenditures for 2026 are guided at $575 million, comprising $435 million in sustaining capital and $140 million in growth capital at operations, excluding $135 million for Copper World development which is funded by the JV proceeds.
  • Peru operations achieved strong 2025 performance with 85,155 tonnes of copper and 74,480 ounces of gold, driven by high-grade Pampacancha ore despite temporary social unrest interruptions.
  • Manitoba operations produced 173,453 ounces of gold and 9,249 tonnes of copper in 2025, facing challenges from wildfires and power outages but achieving record mill throughput at New Britannia in December.
  • British Columbia operations produced 23,784 tonnes of copper and 20,001 ounces of gold in 2025, with copper production impacted by primary SAG mill maintenance but gold production meeting guidance.
  • Exploration activities in Snow Lake, Manitoba, expanded with six drill rigs deployed at the Talbot deposit, showing resource expansion potential.
  • Hudbay announced climate initiatives including a 100% renewable power agreement for Peru operations effective January 2026 and the expansion of electric vehicle fleets at its Canadian sites.
  • The company plans to sanction the Copper World project in 2026 following the completion of the definitive feasibility study expected in mid-2026.