TORONTO, Ontario — February 20, 2026 — Leads & Copy — Hudbay Minerals Inc. (TSX, NYSE: HBM) has announced its financial results for the fourth quarter and full year of 2025, along with its production and cost guidance for 2026.
The company reported record annual revenue of $2.2 billion and adjusted EBITDA exceeding $1 billion in 2025. This was supported by meeting its consolidated copper production guidance for the 11th consecutive year. Peter Kukielski, President and Chief Executive Officer, credited the company’s diversified operating platform for its resilience in overcoming challenges in Manitoba and Peru, generating over $380 million in free cash flow.
Highlights from 2025 include strong cost control, higher metal prices, and significant exposure to gold by-product credits, resulting in improved consolidated cash costs. Peru operations produced 85,155 tonnes of copper and 74,480 ounces of gold, exceeding gold production guidance due to prioritizing Pampacancha mining activities. Manitoba operations produced 173,453 ounces of gold, 9,249 tonnes of copper, 17,646 tonnes of zinc, and 800,198 ounces of silver, with cash costs outperforming guidance. British Columbia operations produced 23,784 tonnes of copper, 20,001 ounces of gold, and 252,811 ounces of silver, achieving full-year production guidance for gold and silver.
The fourth quarter of 2025 saw record quarterly revenue of $732.9 million and adjusted EBITDA of $385.9 million. Operations normalized after earlier production interruptions, with consolidated copper production of 33,069 tonnes and consolidated gold production of 84,298 ounces. Peru operations had a strong quarter with 25,038 tonnes of copper and 32,865 ounces of gold. Manitoba operations produced 47,423 ounces of gold, while British Columbia operations produced 4,705 tonnes of copper. Fourth quarter net earnings attributable to owners were $128.0 million, or $0.32 per share.
Hudbay achieved its deleveraging targets ahead of schedule due to its copper and gold diversification and cost control. Revenue from gold production accounted for 38% of total revenue in 2025. The company generated $228.2 million in free cash flow during the fourth quarter and $387.9 million in 2025. It repurchased $39.3 million of senior unsecured notes, reducing total debt to $1.0 billion as of December 31, 2025. The net debt to adjusted EBITDA ratio was 0.4x at the end of the fourth quarter.
Following the closing of the Copper World joint venture transaction in January 2026, Hudbay’s adjusted cash and cash equivalents were approximately $992 million as of December 31, 2025, with total adjusted liquidity exceeding $1.4 billion.
Hudbay is implementing a holistic capital allocation framework, including a new quarterly dividend of C$0.01 per share. The company closed a $600 million joint venture transaction with Mitsubishi Corporation for the Copper World project in January 2026. Optimization efforts are ongoing at Copper Mountain, and higher mill throughput rates are expected at Constancia in the second half of 2026. Exploration programs continue in Snow Lake, and engineering work advances on the Flin Flon tailings reprocessing opportunity. A pre-feasibility study for the Mason copper project in Nevada is also progressing.
Guidance for 2026 anticipates consolidated copper production of 124,000 tonnes and consolidated gold production of 244,500 ounces. Consolidated cash costs are expected to be within ($0.30) to ($0.10) per pound of copper. Total sustaining capital expenditures are projected at $435 million, with growth capital expenditures at $140 million, excluding growth capital related to the Copper World joint venture. Growth capital expenditures at Copper World are expected to be $135 million.
In January 2026, Hudbay appointed Audra Walsh as Vice President, South America Business Unit. The company is focused on operational excellence, organic growth opportunities, and capital allocation. Key objectives for 2026 include increasing mill throughput at Constancia, completing the DFS at Copper World, and progressing New Ingerbelle permitting and development activities.
Hudbay is implementing initiatives to reduce its greenhouse gas footprint, including a power purchase agreement with ENGIE Energía Perú for renewable energy supply to Constancia, expanding its fleet of electric equipment in Manitoba, and utilizing renewable diesel at the Copper Mountain mine.
The company held a conference call and webcast on February 20, 2026, to discuss the results.
Source: Hudbay Minerals Inc.
