Compania de Minas Buenaventura SAA

Latest Results (25.02.2026):

Compañía de Minas Buenaventura S.A.A. — third quarter 2025 (3Q25): Buenaventura reported consolidated 3Q25 revenues of US$431.0 million (+30% YoY) and 3Q25 EBITDA from direct operations of US$202.1 million. The company reported net income for 3Q25 of roughly US$179.0 million (comparisons affected by the 3Q24 sale of Chaupiloma Royalty Company). Cash at quarter end was US$485.7 million and net debt was US$224.9 million (leverage 0.41x).

Revenues and operating income

Total revenues for 3Q25 were US$431.0 million (+30% YoY); 9M25 revenues were US$1,108.2 million (+30% YoY). Operating income for 3Q25 was US$154.3 million (down 46% YoY) and 9M25 operating income was US$336.1 million (down 16% YoY).

EBITDA

EBITDA from direct operations in 3Q25 was US$202.1 million (up 48% YoY vs. 3Q24 that excluded the Chaupiloma sale). EBITDA including affiliates was US$345.5 million in 3Q25 (up 43% YoY). 9M25 EBITDA from direct operations was US$458.5 million and EBITDA including affiliates was US$837.3 million.

Net income and EPS

The company reported net income of ~US$179.0 million for 3Q25 (note 3Q24 comparatives included the Chaupiloma sale); for 9M25 net income was US$424.2 million (vs. US$385.9m in 9M24, which included the Chaupiloma sale). Reported basic EPS for 3Q25 was US$0.66 (vs. US$0.93 in 3Q24) and 9M25 EPS was US$1.57 (up 8% YoY).

Production trends

Consolidated production in 3Q25 showed declines in key metals: gold down ~21% YoY (30,894 oz), silver down ~3% YoY (4.28 million oz) and copper down ~24% YoY (12,770 MT). Drivers included lower output at Orcopampa, Tambomayo, Uchucchacua and El Brocal (stockpile processing differences), while Coimolache and Julcani showed strong increases (Coimolache gold +79% YoY).

Cash, debt and leverage

Cash and cash equivalents at September 30, 2025 were US$485.7 million. Net debt stood at US$224.9 million, producing a reported leverage ratio of 0.41x.

CAPEX and San Gabriel progress

3Q25 total CAPEX was US$133.1 million; US$92.3 million of that related to the San Gabriel project to complete the processing plant. San Gabriel construction was ~95% complete and commissioning ~65% (overall project progress ~96%), with targeted commencement of commercial production in 4Q25 (subject to final permits).

Dividend and shareholder actions

The Board approved a dividend of US$0.1446 per share/ADS.

Operational milestone — Coimolache

On September 5, 2025 Coimolache received a new operating permit authorizing fresh ore placement on a new leach level and adjacent areas, enabling full‑capacity production at the mine and leach pad. Coimolache reported strong 3Q25 results (3Q25 net income ~US$20.5 million) and higher gold/silver output in the quarter.

Associates impact (Cerro Verde & others)

Buenaventura’s share in associates contributed US$63.5 million in 3Q25 (Cerro Verde) and US$8.0 million (Coimolache), for total share in associates of US$71.1 million in 3Q25. Cerro Verde reported robust results in the quarter (net income US$323.9 million), supporting Buenaventura’s affiliate income.