Highlights

  • Hudbay delivered record annual revenue of USD 2.2B with adjusted EBITDA of USD 1.1B in 2025.
  • Consolidated copper and gold production met full-year guidance, achieving 118,188 tonnes and 267,934 ounces, respectively.
  • Fourth quarter net earnings reached USD 128M, with EPS of 0.32 and adjusted EPS of 0.22.

Hudbay Minerals Inc. (TSE:HBM) reported its fourth quarter and full-year 2025 results, achieving record revenue of USD 2.2B and adjusted EBITDA of USD 1.1B. The company met its consolidated copper and gold production guidance with 118,188 tonnes of copper and 267,934 ounces of gold, marking the 11th consecutive year of hitting copper targets and the fifth consecutive year for gold targets.

Despite challenges such as wildfire-related evacuations in Manitoba and temporary operational interruptions in Peru, Hudbay produced strong results across its diversified operations. Cash costs improved significantly, with consolidated cash cost and sustaining cash cost per pound of copper, net of by-product credits, at -0.22 USD and 1.30 USD, respectively, showing notable gains from 2024.

Regional Production Overview

Peru: Achieved 85,155 tonnes of copper and 74,480 ounces of gold in 2025. Gold production exceeded guidance, supported by Pampacancha high-grade ore and optimized mine planning. Full-year cash cost per pound of copper was 1.08 USD.

Manitoba: Produced 173,453 ounces of gold, 9,249 tonnes of copper, 17,646 tonnes of zinc, and 800,198 ounces of silver. Gold and zinc production fell slightly below guidance due to wildfire-related disruptions and prioritization of gold output. Gold cash cost per ounce was 549 USD, outperforming guidance.

British Columbia: Produced 23,784 tonnes of copper, 20,001 ounces of gold, and 252,811 ounces of silver. Copper production was below guidance due to primary SAG mill constraints, while gold and silver production met guidance. Copper cash cost per pound was 3.06 USD.

Fourth Quarter Financial Performance
Hudbay recorded record quarterly revenue of USD 732.9M and adjusted EBITDA of USD 385.9M. Consolidated copper production reached 33,069 tonnes and gold production 84,298 ounces.

  • Peru operations led with 25,038 tonnes of copper and 32,865 ounces of gold in Q4.
  • Manitoba produced 47,423 ounces of gold, 3,326 tonnes of copper, 5,703 tonnes of zinc, and 214,493 ounces of silver.
  • British Columbia produced 4,705 tonnes of copper and 4,010 ounces of gold, impacted by SAG mill maintenance.

Fourth quarter net earnings attributable to owners were USD 128M, with EPS of 0.32 and adjusted EPS of 0.22. Free cash flow for the quarter was USD 228.2M, contributing to annual free cash flow of USD 387.9M.

Balance Sheet and Liquidity Update
Hudbay reduced long-term debt by USD 185.1M during 2025, lowering net debt to USD 439.7M and achieving a net debt-to-adjusted EBITDA ratio of 0.4x. Post-Copper World joint venture closing, adjusted cash and cash equivalents were approximately USD 992M, with total liquidity over USD 1.4B.

Share Performance
HBM closed at 33.86 CAD on February 19, 2026, down 0.33 CAD or 0.97% for the day

Hudbay Minerals’ 2025 performance reflects consistent production execution and disciplined cost control. With copper and gold production aligned with guidance and strong free cash flow, the company is positioned to support future strategic investments and shareholder returns.

FAQs

Q1. What were Hudbay’s full-year 2025 copper and gold production levels?
Hudbay produced 118,188 tonnes of copper and 267,934 ounces of gold in 2025, meeting guidance.

Q2. What were Hudbay’s adjusted EBITDA and free cash flow for 2025?
Adjusted EBITDA reached USD 1.1B and free cash flow totaled USD 387.9M for 2025.

Q3. How did Hudbay perform in Q4 2025?
Q4 revenue was USD 732.9M, adjusted EBITDA USD 385.9M, net earnings USD 128M, and EPS 0.32.