Compania de Minas Buenaventura S.A.A. Q3 2026 Earnings Recap

Buenaventura’s shares fell 2.7% after earnings, a broadly neutral reaction. Revenue and earnings rose, but investors may have focused on gold production falling 60% year over year, alongside a 21% decline in silver output and ongoing processing constraints at San Gabriel.

Key Takeaways

• Revenue increased 27% year over year to $545 million; EBITDA from direct operations rose 34% to $261 million, with a 48% margin, and net income increased 50% to $268 million.
• Gold production fell 60% to approximately 29,000 ounces; silver output declined 21% to 3.4 million ounces, mainly due to lower planned grades at Yumpag. Copper production rose 7% to 13,600 tonnes.
• San Gabriel’s mining rate stabilized at 1,700 tons per day and the ore stockpile reached approximately 100,000 metric tons. Management cited temporary processing constraints; recovery is expected to reach approximately 70% in Q4 2026.
• Free cash flow was $242 million, including support from $126 million in dividends received. The company ended September with approximately $1 billion in cash and a net cash position of $307 million.
• The board approved an interim dividend of $0.5508 per share or ADS.