Peru · Delayed Price · Currency is PEN Compañía de Minas Buenaventura Earnings Call Transcripts
Fiscal Year 2026
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Gold and silver production rose sharply year-over-year, driving revenues and net income to more than double, while strong permitting progress and robust cash flow further strengthened the balance sheet. San Gabriel ramp-up and Cerro Verde dividends underpin a positive outlook.
Fiscal Year 2025
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Copper and silver output remained stable, while gold production declined due to operational constraints. San Gabriel reached 99% completion and began ramp-up, with lower 2026 gold guidance due to ventilation and permitting delays. Dividend payout increased to 40% of net income.
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Targets top 50 market cap and major production increases in gold, silver, and copper over 15 years, with a balanced metal mix and strong cost controls. Major projects like San Gabriel and Trapiche drive growth, while ESG, local engagement, and a resumed dividend policy support long-term value.
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Q3 2025 saw lower copper, silver, and gold production year-on-year, but EBITDA rose 48%. San Gabriel project is 96% complete and on track for first gold bar in Q4 2025, with break-even expected by Q2 2026. Dividend payment of $0.1446 per ADS approved.
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Q2 2025 saw higher EBITDA and net income year-over-year, driven by strong copper output and ongoing San Gabriel project progress. San Gabriel is on track for first gold in Q4 2025, with full ramp-up by H2 2026, while copper concentrate sales and dividends support financial stability.
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Q1 2025 saw EBITDA rise to $126M and net income to $140M, with strong silver output and lower AISC. San Gabriel project is 79% complete, facing cost overruns but remains on track for first gold in Q4 2025, pending permits.
Fiscal Year 2024
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EBITDA and net income surged in 2024, driven by higher silver output and asset sales. San Gabriel project is on track for Q4 2025 gold production, with stable cost guidance and resumed dividends. Key risks include permitting and reserve adjustments.
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Operational excellence, cost reduction, and mine life extension drive the strategy, with major growth from Yumpag, San Gabriel, and Trapiche. Financial guidance targets $400M annual EBITDA and strong cash flow, with dividends resuming post-San Gabriel.
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Q3 2024 saw a sharp turnaround to $237M net income, boosted by asset sales and strong silver output. San Gabriel project is 65% complete, with ramp-up and profitability improvements expected in 2025. Net debt/EBITDA hit a record low of 0.5x.
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Second quarter 2024 delivered strong EBITDA and net income growth, driven by higher silver output from Yumpag and Uchucchacua, while copper and gold production declined. San Gabriel project reached 57% completion, with total CAPEX now $650 million and first gold bar targeted for late 2025.