Hudbay Logs $757.3M Q1 Revenue and $421.9M Adjusted EBITDA
Hudbay reported record first quarter revenue of $757.3 million and adjusted EBITDA of $421.9 million, driven by stable copper and gold production. The company ended March with over $1 billion in cash, net debt of $5.6 million and reaffirmed 2026 guidance of 110,000–138,000 tonnes of copper and 217,000–272,000 ounces of gold.
1. Record Q1 Financial Performance
Hudbay generated a first quarter revenue of $757.3 million and adjusted EBITDA of $421.9 million, marking all-time highs. Net earnings attributable to owners reached $190.4 million (EPS $0.48) with adjusted earnings of $159.1 million and adjusted EPS of $0.40, delivering free cash flow of $102.3 million.
2. 2026 Guidance Reaffirmation
The company reaffirmed its full-year 2026 consolidated production guidance of 110,000–138,000 tonnes of copper and 217,000–272,000 ounces of gold. Cost guidance remains at cash costs of $(0.30)–$(0.10) per pound of copper and sustaining costs of $1.70–$2.10 per pound.
3. Regional Operating Highlights
Peru operations produced 20,573 tonnes of copper and 8,770 ounces of gold at a net cash cost of $0.70 per pound. Manitoba delivered 2,535 tonnes of copper, 47,743 ounces of gold at $408 per ounce cash cost, while British Columbia yielded 4,821 tonnes of copper and 5,187 ounces of gold at $2.41 per pound cash cost.
4. Strengthened Balance Sheet
Hudbay closed the quarter with $1,003.8 million in cash and cash equivalents and total liquidity of $1,429.0 million, bolstered by a $420 million cash contribution from Mitsubishi. Net debt declined by $434.1 million to $5.6 million, enhancing financial flexibility for growth projects.