Buenaventura 1Q26 EBITDA Up 206% to $386.3M on Production Growth
Buenaventura's gold output rose 8% year-over-year in 1Q26, with silver up 6%, lead and zinc surging 20% and 27% while copper fell 11%. EBITDA from direct operations reached $386.3 million (206% increase) and net income hit $355.2 million, supported by a $759.9 million cash position and negative $51.9 million net debt.
1. Production Growth and Mine Ramp-up
Gold production climbed 8% YoY in 1Q26 thanks to the ramp-up at San Gabriel, while consolidated silver output rose 6%. Lead and zinc surged 20% and 27% respectively, driven by higher throughput at Uchucchacua, whereas copper output fell 11% due to a mine plan shift favoring lead-silver ore.
2. Revenue and Profitability
Total revenues more than doubled to $624.6 million from $307.7 million a year earlier, with operating income up 251% to $329.3 million. EBITDA from direct operations reached $386.3 million versus $126.3 million in 1Q25, and net income attributable to owners rose to $355.2 million from $147.0 million.
3. Strong Liquidity Position
The company ended March 31 with $759.9 million in cash and a net cash position of $51.9 million (leverage ratio of –0.05x), reinforcing its balance sheet strength and providing flexibility for operations and investments.
4. CAPEX Allocation and Dividend Receipts
Capital spending on San Gabriel totaled $49.2 million as the processing plant neared completion and entered ramp-up. Subsequent to quarter-end, Buenaventura received $58.7 million in dividends from its Cerro Verde stake, bringing year-to-date dividends to $156.6 million.