Compañía de Minas Buenaventura (BVN) Q2 2025 earnings summary

Executive summary

• Q2 2025 EBITDA from direct operations reached $130M, up 21% YoY, reflecting strong operational performance.

• Net income for Q2 2025 was $91M, up from $71M in Q2 2024; some reports cite $98.2M, up 32% YoY.

• San Gabriel project achieved 88% completion, with first gold bar expected in Q4 2025, pending permit approvals.

• Cerro Verde announced a $59M dividend for the quarter, totaling $108M for the year.

• Ongoing optimization and exploration efforts aim to extend Life of Mine and support future growth.

Financial highlights

• Q2 2025 revenues grew 33% YoY to $369.5M, driven by higher copper volumes and favorable gold/silver prices.

• Silver production in Q2 2025 was 3.6M oz, down 11% YoY; gold production was 27,345 oz, down from 33,119 oz in Q2 2024.

• Copper production increased 28% YoY, driven by resumed operations at El Brocal.

• Cash position at quarter-end was $589M, with total debt of $860M and a leverage ratio of 0.56x.

• Total CapEx for the quarter was $107M, with $82M allocated to San Gabriel.

Outlook and guidance

• San Gabriel ramp-up to begin in Q3 2025, with commercial production targeted for Q4 2025, subject to timely permit approval.

• Full ramp-up to steady-state production at San Gabriel expected by H2 2026, with initial constraints due to tailings facility.

• Coimolache expects full capacity resumption in late Q3 2025, pending permit.

• Uchucchacua mine throughput targeted to reach 2,000 tpd by year-end, with further ramp-up in 2026.

• Ongoing optimization and exploration to support future growth and stability.