Ero Copper Reports Q4 Record 19,706-Tonne Output, Adjusted EBITDA Up 90%
Ero Copper produced record 19,706 tonnes of copper in Q4, lifting full-year output to 64,307 tonnes at $2.06/lb C1 cash cost, with adjusted EBITDA rising 90% to $409.7 million. Year-end liquidity was $150.4 million and net debt leverage improved to 1.2x from 2.6x; 2026 production guidance is confirmed, skewed to H2.
1. Record Production and Cost Efficiency
Ero Copper achieved a quarterly record by producing 19,706 tonnes of copper in Q4, bringing full-year 2025 output to 64,307 tonnes. The company maintained a low C1 cash cost of $2.06 per pound, underpinning operational efficiency across its portfolio.
2. Strong Financial Performance
Adjusted EBITDA rose 90% year-on-year to $409.7 million, while cash flow from operations surged 171.7% to $395.1 million. Net income attributable to owners reached $263.7 million, or $2.53 per diluted share, reflecting robust profitability.
3. Improved Balance Sheet
At year-end, Ero Copper held $150.4 million in available liquidity and reduced net debt leverage to 1.2x from 2.6x a year earlier. This deleveraging was driven by a $193.5 million improvement in adjusted EBITDA.
4. Reaffirmed 2026 Guidance
The company confirmed its 2026 copper production outlook, with output expected to be weighted toward the second half due to mine sequencing and increased throughput at the Caraíba and Tucumã operations.