Buenaventura’s fourth‑quarter 2025 results show a dramatic turnaround, with revenue climbing to $623.4 million, an 108% year‑over‑year increase, and net income surging to $383.6 million, up 1,041% from the same period last year. Earnings per share rose to $1.51 from $0.13, a $0.38 increase that exceeded analyst expectations by $0.92. Operating income reached $297.2 million, a 549% jump from $45.8 million in Q4 2024, while EBITDA from direct operations climbed to $353.5 million, up 279% from $93.4 million. The company’s strong performance was driven by higher commodity prices and disciplined cost management across its gold, silver, and copper operations.
Full‑year 2025 figures reinforce the quarterly momentum. Net income for the year totaled $830 million, up from $460 million in 2024, and EBITDA from direct operations reached $811.9 million, an 88% increase over $431.5 million in 2024. Production volumes reflected a mixed picture: copper output fell 8% to 52.4 thousand tons, largely due to processing stockpiles with higher precious‑metal content at El Brocal, while gold production dropped 18% to 121,000 ounces because of lower output at Orcopampa and Tambomayo. Silver production remained stable, supporting the company’s overall profitability.
The company’s flagship San Gabriel gold project is 99% complete, with the first doré bar already produced and the initial operating permit secured. Management highlighted the project’s near‑completion as a key driver of future growth, while noting that a water license is pending. In line with its new dividend policy, Buenaventura will return 40% of net income to shareholders, and the board approved a dividend of $0.9904 per share. The CFO also confirmed that dividends from the company’s stake in Sociedad Minera Cerro Verde will be paid in April, with additional tranches expected later in 2026.
Looking ahead, the company maintained a cautious outlook for 2026. Management projected general and administrative expenses of $60 million to $70 million, reflecting higher worker profit participation and a stronger Peruvian currency. An exploration budget of $90 million to $100 million was also outlined. The company’s balance sheet remains robust, with a leverage ratio of 0.22x, positioning it to fund the San Gabriel ramp‑up and other capital initiatives while preserving cash‑flow generation.
Analysts welcomed the results, noting that Buenaventura’s earnings beat consensus estimates by $0.92 per share and revenue beat by $171.8 million. The market reaction reflected confidence in the company’s execution and the near‑completion of San Gabriel, though some investors remain cautious about the headwinds from declining gold and copper volumes and the capital intensity of the ramp‑up.
Overall, Buenaventura’s Q4 2025 performance underscores its ability to generate cash flow and return value to shareholders, while the near‑completion of San Gabriel positions the company for sustained growth in the coming years.
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