Q2 FY2026
Filed Jul 31, 2026Buenaventura reported sharply higher second-quarter revenue, operating income and direct-operations EBITDA, supported by higher gold and silver production and San Gabriel’s ramp-up.
Total revenues increased 43%, operating income increased 153%, EBITDA from direct operations increased 113%, and net income attributable to owners of the parent increased 160% year-over-year. Gold production increased by 12% and consolidated silver production increased by 2%, while the Company reported a net cash position.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenuesother | 529.0 | – | 43 % |
| Operating Incomeother | 222.2 | – | 153 % |
| EBITDA Direct Operationsother | 277.1 | – | 113 % |
| EBITDA Including Affiliatesother | 492.8 | – | 105 % |
| Net Income attributable to owners of the parentother | 237.4 | – | 160 % |
| EPSother | 0.93 | – | 160 % |
| Total Revenuesother | 1,153.6 | – | 70 % |
| Operating Incomeother | 551.5 | – | 203 % |
| EBITDA Direct Operationsother | 663.4 | – | 159 % |
| EBITDA Including Affiliatesother | 1,071.6 | – | 118 % |
| Net Income attributable to owners of the parentother | 514.0 | – | 122 % |
| EPSother | 2.02 | – | 122 % |
| Net incomeother | US$ 260.6 million | – | – |
| Net incomeother | US$ 557.0 million | – | – |
| Gold productionother | increased by 12% | – | 12% |
| Consolidated silver productionother | increased by 2% | – | 2% |
| Lead productionother | decreased by 19% | – | 19% |
| Zinc productionother | decreased by 5% | – | 5% |
| Copper productionother | increased by 2% | – | 2% |
What drove it
- Gold production increased by 12% year-over-year primarily driven by the ramp-up at San Gabriel.
- Consolidated silver production increased by 2% year-over-year, primarily reflecting higher production at Yumpag.
- Copper production increased by 2% year-over-year, reflecting stable production at El Brocal.
- San Gabriel continued to ramp-up during 2Q26.
- The Company began reporting sales volumes from San Gabriel in 2Q26.
- On July 10, 2026, the Company received approval to increase the mining rate at Yumpag to 1,200 from 1,000 tonnes per day.
Concerns
- Processed tonnage at San Gabriel was constrained by tailings-management challenges, particularly at the tailings filtration plant.
- Lead and zinc production decreased by 19% and 5% year-over-year, respectively, primarily due to lower grades at Tambomayo.
- The release reports 2Q26 net income of US$ 260.6 million in the highlights but reports Net Income attributable to owners of the parent of 237.4 in the financial table.
What to watch
- Progress in resolving tailings-management challenges at San Gabriel’s tailings filtration plant.
- San Gabriel sales volumes following their initial reporting in 2Q26.
- Execution of the approved increase in Yumpag’s mining rate to 1,200 from 1,000 tonnes per day.
- Lead and zinc grades at Tambomayo.
- Future dividends from the Company’s ownership interest in Cerro Verde.
Balance sheet and cash flow
- Buenaventura's cash position totaled US$ 758.9 million as of June 30, 2026.
- The Company reported net debt of negative US$ 66.6 million, representing a net cash position and a leverage ratio of -0.05x.
- The Company reduced the outstanding balance of the financial lease held by Huanza from US$63.0 million to US$50.0 million, with the remaining balance to be amortized through 2031.
- On July 24, 2026, Buenaventura received US$ 117.5 million in dividends from its ownership interest in Cerro Verde.
- Total dividends received year-to-date in 2026 were US$274.1 million.
Analysis
Buenaventura reported a materially stronger second quarter under IFRS, with all figures stated in U.S. dollars. Total Revenues were 529.0 versus 369.5 in 2Q25, while Operating Income was 222.2 versus 87.9. EBITDA Direct Operations increased to 277.1 from 130.1, and EBITDA Including Affiliates increased to 492.8 from 240.7. The corresponding six-month figures also accelerated, with Total Revenues of 1,153.6 and EBITDA Direct Operations of 663.4.
Production trends indicate that the improvement was led by precious metals. Gold production increased by 12% year-over-year, primarily driven by San Gabriel’s ramp-up, and consolidated silver production increased by 2%, primarily reflecting higher production at Yumpag. Copper production increased by 2% on stable El Brocal production. These gains were partly offset by lower grades at Tambomayo, where lead production decreased by 19% and zinc production decreased by 5%.
San Gabriel is both a source of growth and the principal operating issue identified in the release. The Company began reporting sales volumes from San Gabriel in 2Q26, but processed tonnage during the quarter was constrained by tailings-management challenges, particularly at the tailings filtration plant. Yumpag received approval after quarter-end to increase its mining rate to 1,200 from 1,000 tonnes per day, making implementation of that increase another important production item.
Profitability rose substantially. The financial table reports Net Income attributable to owners of the parent of 237.4, compared with 91.3 in 2Q25, and EPS of 0.93, compared with 0.36. Separately, the highlights report 2Q26 net income of US$ 260.6 million, compared with US$ 98.2 million reported in 2025. The release distinguishes neither the components nor the reconciliation between those two net-income presentations beyond labeling the table figure as attributable to owners of the parent.
Liquidity strengthened the reported result. Cash totaled US$ 758.9 million at June 30, 2026, and net debt was negative US$ 66.6 million, representing a net cash position with a leverage ratio of -0.05x. The Huanza financial lease balance was reduced from US$63.0 million to US$50.0 million. Subsequent to quarter-end, the Company received US$ 117.5 million in Cerro Verde dividends, bringing year-to-date dividends received in 2026 to US$274.1 million. The release provided no forward financial or production guidance.
Not in the filing
stated, not guessed- Revenue units for the financial-highlight table were not explicitly stated on each row beyond the table heading "in millions of US$, excluding EPS".
- Gross profit and gross margin.
- Operating expenses.
- Income-tax expense and tax rate.
- GAAP financial measures or a GAAP-to-non-GAAP reconciliation. The release states that figures were prepared in accordance with IFRS "on a non-GAAP basis."
- Cash flow from operations.
- Free cash flow.
- Capital expenditures.
- Share repurchases.
- Shareholder dividends paid or declared.
- Total debt.
- Detailed segment revenue.
- Mine-level production volumes and sales volumes.
- Sequential-quarter comparisons.
- Forward guidance.
- Prior outlook for comparison.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.