Compania de Minas Buenaventura S.A.A. Q2 2026 Earnings Recap

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.