Compañía de Minas Buenaventura (BVN) Q3 2025 earnings summary

Executive summary

• Q3 2025 copper production was 12,800 tons, down 24% year-on-year, mainly due to prior-year stockpile processing at El Brocal.

• Silver production reached 4.3 million ounces, 3% lower year-on-year, with declines at Uchucchacua and Yumpag, partially offset by El Brocal and Julcani.

• Gold production was 30,894 ounces, down 21% year-on-year, mainly due to planned mining sequence at Orcopampa and Tambomayo.

• EBITDA from direct operations rose 48% year-on-year to $202.1 million, with 3Q25 revenues up 30% to $431.0 million, driven by higher metal prices.

• Net income was $167.1 million, lower than last year due to a one-time gain from the Chaupiloma sale in Q3 2024.

Financial highlights

• Ended Q3 2025 with $486 million in cash and $711 million in total debt, leverage ratio at 0.41x.

• Free cash flow decreased due to net cash outflows from investing and financing activities; 3Q25 free cash flow was $62 million after $92 million CAPEX for San Gabriel.

• Redeemed remaining $149 million of 2026 notes at par, including interest.

• Board approved a dividend payment of $0.1446 per ADS.

• 3Q25 CAPEX was $133.1 million, with $92.3 million allocated to San Gabriel.

Outlook and guidance

• San Gabriel project is 96% complete, with first gold bar production expected in Q4 2025, pending final permits.

• San Gabriel expected to produce 70,000–90,000 ounces of gold in 2026, with ramp-up starting January and break-even anticipated by Q2 2026.

• Coimolache's new permit enables full capacity production, targeting over 8,000 ounces of gold next year and higher cash flow.

• Full-capacity production at Coimolache and Tantahuatay leach pad initiated in September 2025.