Hudbay Minerals(DE:OCKA)
€20.06+0.00 (+1.70%)
DE:OCKA
Hudbay Minerals earnings date
€20.06
At close:+0.00 (+1.70%)
Hudbay Minerals (OCKA) Q3 2026 Earnings Report
10 Followers
DE:OCKA Q3 2026 EPS Results
- Actual EPS
- EUR 0.31
- Consensus EPS
- EUR 0.31
- Beat/Miss
- Beat by +EUR 0.00
- One Year Ago EPS
- EUR 0.03
DE:OCKA Q3 2026 Revenue Results
- Actual Revenue
- EUR 685.03M
- Expected Revenue
- EUR 660.04M
- Beat/Miss
- Beat by +EUR 24.99M
- YoY Revenue Growth
- +132.07%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
DE:OCKA Upcoming Earnings
Hudbay Minerals's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:OCKA Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record financial results, higher free cash flow, improved consolidated cost guidance, strong operating execution, a positive Copper Mountain turnaround, promising exploration results, and the final investment decision for Copper World. The company also reported some operational and permitting challenges, including elevated Peru and British Columbia costs, Copper Mountain mill stabilization work, a judicial review related to a permit amendment, and pending permits for Peru satellite deposits, but management reaffirmed production guidance and described the overall growth and financial outlook favorably.
Company Guidance
Hudbay reaffirmed full year 2026 consolidated production guidance for all metals, tracking toward the midpoint of both copper and gold production, and improved full year 2026 consolidated cash cost guidance to a range of negative $0.55 to negative $0.35 per pound of copper and full year 2026 consolidated sustaining cash cost guidance to a range of $1.40 to $1.80 per pound of copper; full year consolidated sustaining capital expenditures are expected to be $35 million lower than 2026 guidance. Peru is on track to achieve 2026 production guidance for all metals, with gold expected to exceed the top end of the guidance range, including guidance of 15,000 to 20,000 ounces, while Manitoba and British Columbia are on track to achieve 2026 production guidance for all metals. For 2027, consolidated copper production is expected to increase by about a 25% increase, gold production to be around the same levels, Peru throughput to reach approximately 93,000 tonnes per day and recovery to be roughly 84% to 85%, Copper Mountain throughput to remain at 50,000 tonnes per day through all of 2027, with higher grades of 0.4% and 0.5% in H2 2027, cash costs in the low $2 type of cash cost really per pound range, sustaining cash cost around that $3 per pound level, and total CapEx around $100 million level.
- Record Quarterly Financial ResultsHudbay delivered record third-quarter revenue of $766 million and adjusted EBITDA of $413 million, resulting in record trailing 12-month adjusted EBITDA of over $1.5 billion. Adjusted net earnings were $150 million, or $0.34 per share.
- Strong Copper and Gold ProductionConsolidated third-quarter production increased to 30,000 tonnes of copper and 70,000 ounces of gold, reflecting operating efficiencies throughout the business. The company reaffirmed full-year 2026 consolidated production guidance for all metals and is tracking toward the midpoint of its copper and gold guidance ranges.
- Improved Cost Guidance and Industry-Leading MarginsThird-quarter consolidated cash costs were negative $0.19 per pound of copper and sustaining cash costs were $1.61 per pound. Hudbay improved full-year 2026 consolidated cash cost guidance for the second time to negative $0.55 to negative $0.35 per pound, an additional $0.10 improvement from the prior range. Sustaining cash cost guidance was improved to $1.40 to $1.80 per pound, a $0.30 improvement from the original range.
- Higher Free Cash Flow and Strong LiquidityQuarterly free cash flow was $202 million, approximately $100 million higher than in the second quarter. Hudbay generated more than $400 million of free cash flow in the first nine months after investing over $325 million in sustaining capital, producing record trailing 12-month free cash flow of $631 million. Liquidity was $964 million at September 30, including $789 million of cash and $175 million of undrawn revolver availability.
- Net Cash Balance and Expanded Credit FacilitiesHudbay ended the quarter with a net cash position of $0.1 million and a net debt-to-EBITDA ratio of 0.0x. It repaid $22 million of its revolving credit facility and subsequently increased total revolving capacity to $700 million from $450 million, extended maturity by two years to November 2030, and improved pro forma liquidity to approximately $1.2 billion.
- Peru Throughput and Production ProgressConstancia achieved record third-quarter mill throughput of approximately 91,000 tonnes per day, a 7% increase from the second quarter, driven primarily by higher plant availability, lower ore hardness, and increased mill processing capacity. Peru produced 21,000 tonnes of copper, 5,000 ounces of gold, 577,000 ounces of silver, and 301 tonnes of molybdenum, and remains on track to achieve 2026 production guidance for all metals.
- Peru Processing EnhancementsHudbay completed installation of a third rougher line at Constancia in September, immediately increasing recoveries by approximately 2% versus the recovery model. Two pebble crushers are expected to be commissioned in November without associated downtime, supporting approximately 93,000 tonnes per day of throughput and 34 million tonnes per annum in 2027. Copper recovery is expected to be approximately 84% to 85%.
- Peru Mining ProductivityTotal material moved in Peru reached 25 million tonnes in the third quarter, including a new monthly record in July. Total ore mined increased 16% quarter-over-quarter to 12.7 million tonnes, supported by active mining across three exposed ore phases, positive reconciliation, shorter hauling distances, haul-route optimization, and high truck fleet utilization.
- Manitoba Production and Operational ImprovementManitoba produced 57,000 ounces of gold, 3,000 tonnes of copper, 3,700 tonnes of zinc, and 268,000 ounces of silver in the third quarter. Production increased from the second quarter due to higher mill throughput and improved gold feed grades, and the operation remains on track to achieve 2026 production guidance for all metals.
- Lalor Workforce and Development ProgressImproved equipment utilization at Lalor increased underground development efficiency and mine production. Hudbay embedded an experienced mining contractor to address prior labor availability constraints and accelerate development at the 1901 deposit, while onboarding more than 150 new employees during the year. Late 2027 remains the targeted timeline for full production at 1901.
- New Britannia and Stall Recovery RecordsNew Britannia achieved record quarterly throughput of 2,250 tonnes per day and record gold recoveries of approximately 92%. The Stall mill achieved record gold recoveries of 74% following recovery-focused initiatives. Hudbay also began early works on the Stall Hot Tails Leaching Project and evaluation of processing legacy tailings and mineralized piles.
- Lower Manitoba Gold Cash CostsManitoba gold cash costs declined 48% from the second quarter to $403 per ounce, driven by higher gold production and higher by-product credits. The company stated that Manitoba remains well positioned to achieve its 2026 cash cost guidance range.
- Copper Mountain Turnaround and Positive Free Cash FlowCopper Mountain generated positive free cash flow for the first time since its acquisition. Third-quarter production increased to 6,600 tonnes of copper, 7,000 ounces of gold, and 52,000 ounces of silver, as higher head grades and improved recoveries more than offset primary SAG mill maintenance downtime.
- Copper Mountain Productivity GainsQuarterly material movement at Copper Mountain has more than doubled, increasing 108% from pre-acquisition levels. Total ore mined increased 56% quarter-over-quarter to 2.5 million tonnes, and September mill throughput reached approximately 43,500 tonnes per day. Hudbay remains on track to reach 50,000 tonnes per day by year-end, representing a 44% increase from throughput prior to ownership.
- Copper Mountain Production and Cost OutlookHudbay expects Copper Mountain to double its metal production in 2027, with cash costs expected in the low $2 type of cash cost per pound range and sustaining cash costs around $3 per pound. Site capital expenditure is expected to decline from well over $150 million to around the $100 million level as the stripping program ends.
- Copper Mountain Certifications and Environmental ManagementCopper Mountain received ISO 14001 and ISO 45001 certifications, reflecting the company's stated focus on environmental and safety management.
- Promising Constancia Exploration ResultsTwo deep diamond drill holes at Constancia intersected over 200 meters grading 0.43% copper and 0.03% molybdenum, including mineralized breccia extending beyond the current resource limits at grades higher than current reserve grades. Hudbay described the results as its most promising exploration outcome at Constancia in the past decade, with follow-up drilling underway.
- Longer-Life and Higher-Production Snow Lake PlanThe updated Snow Lake mine plan increases gold production by 37% over the next five years and by 60% over the life of mine compared with the prior technical report. It maintains average production of 185,000 ounces of gold over the next five years, extends reserve mine life to 2043, and includes approximately 27 million tonnes of current mineral reserves containing roughly 2 million ounces of gold.
- New Ingerbelle Development ProgressInfrastructure development at New Ingerbelle is progressing on schedule toward first production in late 2028. The West Access road was completed and a temporary construction bridge was established. The project is expected to support continuous operations beyond 2040 and provide access to higher-grade ore at approximately one-third of the strip ratio seen in recent historical mining areas.
- Canadian Exploration PipelineHudbay is advancing an exploration program across more than 400,000 hectares in Manitoba, including plans to convert 1.5 million ounces of inferred gold resources to reserves through infill drilling. The company cited a historical conversion rate of approximately 90% at Lalor over the past five years and is also advancing exploration at Lalor, 1901, Britannia Gold, and other regional targets.
- Copper World Final Investment DecisionHudbay and Mitsubishi announced the final investment decision to construct and develop Copper World, with first production targeted for the second half of 2029. The base case contemplates a 15-year mine life, average annual production of 102,000 tonnes of copper over the first 10 years, cash costs of $1.65 per pound, after-tax NPV of $1.2 billion, and IRR of 17% at a long-term copper price of $5 per pound.
- Copper World Expansion EconomicsThe Copper World base case includes expansion of concentrator capacity from 60,000 tonnes per day to 90,000 tonnes per day in year five, increasing average annual copper production to 120,000 tonnes in years six through ten, a 43% increase versus the first five years. At a $6 copper price, base-case NPV increases to $2.3 billion and IRR to 22%.
- Copper World Low-Leverage Funding StructureCopper World's initial growth capital is $2 billion, including approximately $200 million of scope changes. Funding sources include Mitsubishi's $600 million initial investment, Wheaton's $230 million stream deposit, and planned project-level debt of up to $650 million, representing less than 30% leverage. Hudbay's first capital contribution is deferred to 2028 and is expected to be roughly $500 million, or less than 25% of initial growth capital.
- Copper World Funding and Community BenefitsThe funding structure increases Hudbay's levered IRR to 32% in the base case at a $5 copper price and 44% in the extension case at a $6 copper price. Copper World is expected to create more than 1,000 construction jobs, over 500 permanent operating roles, and up to 3,000 indirect employment opportunities, while contributing more than $1.1 billion in U.S. taxes over the 15-year base-case mine life.
- Copper Production Growth PipelineHudbay expects brownfield investments to increase consolidated copper production by more than 25% starting in 2027. With Copper World, annual copper production is expected to double to approximately 250,000 tonnes, and staged development of Cactus and Mason provides a pathway to more than 500,000 tonnes of copper per year in the next decade.
- Cactus and Mason AdvancementHudbay expects to issue a Cactus pre-feasibility study in the third quarter of 2027 and target a potential final investment decision by the end of 2028. Mason's pre-feasibility study is approximately 47% complete, and the company is building a U.S. regional team to support Cactus, Mason, and Copper World.
- Capital Allocation and Shareholder ReturnsManagement stated that it will continue allocating capital to the highest risk-adjusted return opportunities while targeting net debt-to-EBITDA below 1x through the development cycle. Hudbay increased its dividend earlier in 2026 for the first time in company history and said it expects to become a sustainable dividend payer while continuing to fund its growth projects.
DE:OCKA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 0.36- | 0.2 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | 0.310.31 | 0.03 | 1033.33% (+0.28) | |
| Jul 29, 2026 | 2026 (Q2) | 0.230.25 | 0.17 | 47.37% (+0.08) | |
| May 01, 2026 | 2026 (Q1) | 0.300.36 | 0.22 | 66.67% (+0.14) | |
| Feb 20, 2026 | 2025 (Q4) | 0.350.20 | 0.16 | 22.22% (+0.04) | |
| Nov 12, 2025 | 2025 (Q3) | 0.060.03 | 0.12 | -76.92% (-0.09) | |
| Aug 13, 2025 | 2025 (Q2) | 0.090.17 | 0 | ― | |
| May 12, 2025 | 2025 (Q1) | 0.100.22 | 0.14 | 50.00% (+0.07) | |
| Feb 19, 2025 | 2024 (Q4) | 0.180.16 | 0.18 | -10.00% (-0.02) | |
| Nov 13, 2024 | 2024 (Q3) | 0.040.12 | 0.06 | 85.71% (+0.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
