Buenaventura Reports 88% EBITDA Surge and Guides $385–415M Capex for 2026
Buenaventura ended 2025 with $530 million cash, $710 million debt (0.22x leverage), EBITDA from direct operations of $112 million (up 88% y/y) and net income of $830 million (vs. $460 million). The company guided 2026 capex of $385–415 million, including $160 million for San Gabriel’s ramp-up and 48k–55k gold ounces.
1. Financial Results and Balance Sheet
Buenaventura reported EBITDA from direct operations of $112 million for 2025, an 88% increase year over year, and net income of $830 million compared with $460 million in 2024. The company finished the year with $530 million in cash against $710 million in debt, implying a 0.22x leverage ratio.
2. Production Performance and Guidance
Silver production reached 15.6 million ounces (up 1%), gold output totaled 121,000 ounces (down 18%) and copper production was 52,400 tonnes (down 8%) due to planned sequencing and stockpile processing. Management guided 2026 gold production at San Gabriel between 48,000 and 55,000 ounces.
3. Capital Expenditure Outlook
Total capex for 2026 is projected at $385–415 million, with $160 million earmarked for completing San Gabriel’s remaining work and ramp-up activities. Sustaining capital of $200–220 million will support mine development and ventilation upgrades, while $185–195 million in growth spend targets Trapiche and Algarrobo advances.
4. San Gabriel Operational Update
San Gabriel project is 99% complete with the first gold bar produced and key operating permits granted, though an underground incident necessitates a ventilation redesign limiting access to three levels. Management expects full throughput of 2,000 t/d by Q3 2026 after ventilation and tailings area expansions.