Compania de Minas Buenaventura S.A.A. Earnings Recaps
Q2 2026
Aug 2, 2026
Buenaventura’s shares fell 5% after earnings as investors reacted negatively to ongoing operational challenges and constrained throughput at the San Gabriel ramp-up, which weighed on near-term margin expansion and costs. Despite solid production gains, uncertainty around operational stabilization dampened confidence.
Key takeaways
- Consolidated gold production rose 12% YoY to 30.1k ounces, driven by San Gabriel’s initial contribution.
- Silver and copper output increased modestly by 2% each, reflecting steady performance at Jumpak and El Brocal.
- Financials showed strong revenue growth (+43% YoY to $529 million) and EBITDA from operations jumped 113% to $277 million, with EBITDA margin expanding to 52%.
- San Gabriel’s ramp-up faced tailings management and filtration issues limiting throughput and causing elevated unit costs unrepresentative of future operations.
- CapEx totaled ~$98 million, focusing on growth projects including San Gabriel, while free cash flow remained strong supported by $118 million in post-quarter dividends from Cerro Verde.
Q1 2026
May 2, 2026
Shares of Compañía de Minas Buenaventura S.A.A. advanced 8.1% following first quarter earnings, as investors responded positively to a step-change in profitability and substantial operational improvements—driven by gold production ramp-up at San Gabriel and expanded silver output.
Key takeaways
- Gold production surged 80% year over year to 30 thousand ounces, propelled by the ramp-up at San Gabriel, with sales set to begin in Q2.
- Silver output rose 6% to 3.9 million ounces, benefiting from processing higher-grade ore at several sites.
- Copper production declined 11% year over year, due to a strategic shift at El Brocal to favor silver over copper processing this quarter.
- Total revenues exceeded $625 million, more than doubling year over year; EBITDA from direct operations soared to $386 million (margin up from 41% to 62%), supporting a 142% increase in net income to $355 million.
- Permitting milestones were secured across multiple projects, boosting growth visibility; quarter-end net cash position stood at $760 million following robust operating cash flow and strong dividend receipts from affiliates.