Compañía de Minas Buenaventura (BVN) Q1 2026 earnings summary

Executive summary

• Gold production rose 80% year-over-year to 30,000 oz, driven by San Gabriel ramp-up, with sales expected to begin in Q2 2026.

• Silver output increased 6% year-over-year to 3.9 million oz, mainly from El Brocal, Uchucchacua, and Tambomayo.

• Copper production declined 11% year-over-year to 10,900 tons due to a focus on silver ore at El Brocal.

• Lead and zinc production grew 20% and 27% year-over-year, respectively, mainly due to Uchucchacua throughput.

• Major permitting milestones achieved at San Gabriel, Yumpag, El Brocal, and Trapiche, supporting operational growth.

Financial highlights

• Total revenues reached $625 million, more than doubling year-over-year, reflecting stronger operations and favorable markets.

• EBITDA from direct operations was $386.3 million, over three times higher year-over-year, with margins improving from 41% to 62%.

• Net income surged 142% year-over-year to $355.2 million.

• Free cash flow generation remained strong, with a quarter-end cash position of $760 million and net cash positive after accounting for $708 million in total debt.

• EPS increased to $1.32 from $0.55 year-over-year.

Outlook and guidance

• San Gabriel expected to reach 2,000 tons per day by December 2026 and full capacity of 3,000 tons per day by end of 2027.

• San Gabriel expected to begin recording sales in 2Q26 as ramp-up continues.

• Cerro Verde expected to generate over $2.5 billion in EBITDA for 2026, with $1.2–$1.3 billion in free cash flow and $200 million in dividends to be distributed.

• Production volumes for gold and silver projected to remain strong, with continued focus on operational efficiency.

• No major supply chain disruptions anticipated, but diesel costs have increased by 50%, impacting OpEx by 2–2.5%.