Hudbay Minerals Q3 2026 earnings review

Q3 revenue was a record $765.9M, and adjusted EBITDA rose to $413.4M from $142.6M.

Hudbay Minerals · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

Hudbay Minerals Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Hudbay Minerals (HBM) Q3 2026 earnings review

Q3 revenue was a record $765.9M, and adjusted EBITDA rose to $413.4M from $142.6M

  1. 1.Net income attributable to owners was $149.5M, or $0.34 a share
  2. 2.Adjusted EPS of $0.34 missed the $0.35 Zacks consensus by one cent
  3. 3.Copper production rose to 30,152 tonnes, and gold production rose to 69,513 ounces
  4. 4.Free cash flow was $201.9M, and net debt was negative $0.1M at Sep 30, 2026
  5. 5.The 2026 consolidated cash cost guidance improved to ($0.55)–($0.35) per pound of copper
  6. 6.Shares were up 2.4% in pre-market at $22.47 as of 7:53 AM EST, not a close

Note: All amounts are in U.S. dollars. Revenue and adjusted EBITDA are records, as stated. Q3 2025 net income included a $322.3 million Copper World impairment reversal. Pre-market is not a close.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; Zacks via AP on Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 7:53 AM EST

2

2 · Executive summary

Q3 adjusted EPS of $0.34 missed the $0.35 Zacks consensus by one cent

Q3 2026 earnings vs. Zacks consensus (via AP, Nov 12, 2026)

MetricActualConsensusVarianceResult
Q3 adjusted EPS$0.34$0.35-0.01 / -2.9%Miss

Share price (NYSE), Nov 11 regular close to Nov 12 pre-market last

Hudbay Minerals Inc. (NYSE)Nov 11 closeNov 12 pre-market, 7:53 AM ESTChange ($)Change (%)
HBM$21.94$22.47+$0.53+2.4%

Both prices are from the CNBC quote page in U.S. dollars. The Nov 12 figure is the pre-market last at 7:53 AM EST, not a close. The percentage change is a DeepCell calculation. CNBC does not state a reason for the move.

Note: The Zacks average of 5 analysts is from the AP earnings snapshot on Yahoo Finance. GAAP and adjusted EPS attributable to owners were both $0.34. No Q3 revenue consensus is shown because none was opened from a dated source.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; Zacks via AP on Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 7:53 AM EST

3

3 · Q3 results vs. consensus

Hudbay improved its 2026 cash cost guidance to ($0.55)–($0.35) per pound and reaffirmed production guidance

Full-year 2026 consolidated guidance, as stated in the Nov 12, 2026 release

MetricPrior guidanceCurrent guidanceStatus
Copper production (tonnes)110,000–138,000110,000–138,000Reaffirmed
Gold production (ounces)217,000–272,000217,000–272,000Reaffirmed
Cash cost per lb of copper ($)($0.45)–($0.25)($0.55)–($0.35)Improved
Sustaining cash cost per lb ($)$1.70–$2.10$1.40–$1.80Improved

Note: Cash costs are net of by-product credits; negative values mean by-product credits exceed costs. The prior cash cost range is the previously updated range; the prior sustaining cash cost range is the original 2026 guidance.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

4

4 · 2026 guidance update

Revenue rose to $765.9M from $346.8M, while EPS fell to $0.34 from $0.56

  1. Revenue was a recordRevenue was $765.9M, up from $631.3M in Q2 2026.
  2. Gross profit roseGross profit rose to $346.2M from $65.3M.
  3. EPS fell on a prior-year gainQ3 2025 EPS of $0.56 included a $322.3M impairment reversal. Adjusted EPS rose to $0.34.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$346.8M$765.9M120.8%
Gross profit$65.3M$346.2Mn.m.
Adjusted EBITDA$142.6M$413.4M189.9%
Net income to owners$222.4M$149.5M-32.8%
EPS to owners ($)$0.56$0.34-39.3%
Adjusted EPS to owners ($)$0.03$0.34n.m.

Note: YoY rates are DeepCell calculations from the statements; the release compares mainly with Q2 2026. n.m. means not meaningful. EPS is basic and diluted, attributable to owners.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Revenue was a record $765.9M, up from $346.8M a year earlier

Revenue

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $346.8Mv · Q3 2026: $765.9MQ3 2025Q3 2026$0M$250M$500M$750M$900M$346.8M$765.9M
Payable copper sold rose to 30,223 tonnes from 18,280 tonnes.“Hudbay delivered record performance this quarter, with revenue of $766 million achieving a new record.” Peter Kukielski, CEO

Note: The company attributes higher revenue to higher realized copper prices and higher sales volumes of all metals. Q3 2025 production was affected by temporary shutdowns in Manitoba and Peru.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Manitoba revenue rose to $296.5M, and Peru revenue rose to $344.7M

  1. Peru was the largest segmentPeru revenue was $344.7M. Peru gross profit was $130.4M.
  2. Manitoba had the most gross profitManitoba revenue was $296.5M. Manitoba gross profit was $180.9M.
  3. British Columbia turned profitableBritish Columbia revenue was $124.7M. Its gross profit was $34.9M.

Segment revenue and gross profit

$MQ3 2025Q3 2026YoY
Peru revenue$164.6M$344.7M109.4%
Manitoba revenue$104.7M$296.5M183.2%
British Columbia revenue$77.5M$124.7M60.9%
Peru gross profit$29.5M$130.4Mn.m.
Manitoba gross profit$38.7M$180.9Mn.m.
British Columbia gross profit-$2.9M$34.9Mn.m.

Note: Segment figures are from the segment note of the interim financial statements. YoY rates are DeepCell calculations. Copper World and Cactus had no revenue.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

7

7 · Segment results

Copper production rose to 30,152 tonnes, and gold production rose to 69,513 ounces

Copper produced

Tonnes, Q3 2025 vs Q3 2026

v · Q3 2025: 24,205v · Q3 2026: 30,152Q3 2025Q3 2026010,00020,00030,00035,00024,20530,152
Copper production rose 7% and gold production rose 36% from Q2 2026, as stated.

Note: Production is contained metal in concentrate and doré. Constancia mill throughput was a record of about 91,000 tonnes per day, as stated.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

8

8 · Copper and gold output

Adjusted EBITDA rose to $413.4M, and cash cost was ($0.19) per pound of copper

Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $142.6Mv · Q3 2026: $413.4MQ3 2025Q3 2026$0M$100M$200M$300M$400M$500M$142.6M$413.4M
Adjusted EBITDA rose 29% from Q2 2026, as stated. Sustaining cash cost was $1.61 per pound.

Note: Adjusted EBITDA, cash cost and sustaining cash cost are non-GAAP measures defined in the release. Cash costs are net of by-product credits. Trailing twelve-month adjusted EBITDA was a record $1,542.4 million.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

9

9 · Adjusted EBITDA and costs

Free cash flow was $201.9M, and net debt was negative $0.1M

  1. Operating cash flow roseCash generated from operations was $214.9M. Before working capital it was $313.9M.
  2. Debt was repaidHudbay repaid $22.0M of revolver borrowings. Total long-term debt was $838.7M.
  3. Liquidity was highTotal liquidity was $964.3M. Pro forma liquidity is about $1,200M.

Cash flow and balance sheet

$MPriorCurrent
Cash generated from operations$113.5M$214.9M
Free cash flow($16.1M)$201.9M
Cash and cash equivalents$568.9M$788.7M
Total long-term debt$1,008.6M$838.7M
Net debt, as stated$439.7M($0.1M)

Note: Net debt is long-term debt less cash and restricted municipal bond cash, as defined by the company. Cash includes $290.1 million held by Copper World LLC for that project. Pro forma liquidity reflects the $250 million facility upsize in November.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

10

10 · Cash flow and financing

Regional costs, Copper World spending and metal prices are the main watch items

Indicator
What to watch
Implication
Latest reading
Peru and British Columbia unit costs
Both regions ran above their 2026 cash cost ranges in Q3
British Columbia is expected near the top of its range
Peru $2.23 and British Columbia $3.09 per pound
Copper World construction spending
2026 growth spend for Copper World is now $245 million
First production is targeted for the second half of 2029
Liquidity $964.3M
Copper and gold prices
Higher realized prices drove the record quarter
Lower by-product prices would raise cash costs
Cash cost ($0.19) per pound

Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

11

11 · Key risks to the outlook

12 · Appendix: Income detail

13 · Appendix: Non-GAAP items

14 · Appendix: 2026 guidance

15 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$346.8M$765.9M120.8%
Cost of sales$281.5M$419.7M49.1%
Gross profit$65.3M$346.2M430.2%
Results from operations$335.2M$285.3M-14.9%

Earnings and cash

$M unless notedQ3 2025Q3 2026YoY
Net income$222.4M$151.0M-32.1%
Adjusted EBITDA$142.6M$413.4M189.9%
OCF before working capital$70.3M$313.9M346.5%
Cash from operations$113.5M$214.9M89.3%

Note: YoY rates in this appendix are DeepCell calculations from the statements.Source: Hudbay official Q3 2026 news release (IR PDF), Nov 12, 2026; analysis of company data

16

16 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Hudbay news release 2026 No. 29, Nov 12, 2026) — https://s23.q4cdn.com/405985100/files/content_files/NRQ326.pdf
  • Interim financial statements, three and nine months ended Sep 30, 2026 — https://www.hudbayminerals.com/FS1126
  • Investor relations press releases — https://hudbayminerals.com/investors/press-releases/2026/default.aspx
  • Consensus: Zacks Investment Research average in the AP “HudBay Minerals: Q3 Earnings Snapshot”, Yahoo Finance, Nov 12, 2026 6:58 AM EST — https://finance.yahoo.com/markets/stocks/articles/hudbay-minerals-q3-earnings-snapshot-115813972.html
  • Share price: CNBC HBM quote (NYSE), Nov 11, 2026 regular close $21.94 and Nov 12 pre-market last $22.47 at 7:53 AM EST — https://www.cnbc.com/quotes/HBM
  • A Form 6-K for these results had not appeared on EDGAR when the page was built. All amounts are in U.S. dollars, the company’s presentation currency. The quarterly dividend of C$0.01 a share is in Canadian dollars. Non-GAAP figures follow the company’s reconciliations.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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17

17 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Hudbay Minerals Inc.’s Q3 2026 news release and interim financial statements dated November 12, 2026, as posted on the company’s investor-relations site. A Form 6-K had not appeared on EDGAR at the time of writing. Consensus estimates (Zacks, via AP on Yahoo Finance) and share prices (CNBC) are third-party data. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled non-GAAP, in U.S. dollars, for the three months ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC NYSE regular-session close on November 11, 2026, and the pre-market last at 7:53 AM EST on November 12, 2026. The pre-market last is not a close.

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18

18 · Disclosures

Sources

Not investment advice; no rating or price target.

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