Compañía de Minas Buenaventura S.A.A. reported consolidated financial and operating results for the fourth quarter (4Q25) and full year (FY25) ended December 31, . The figures are presented in U.S. dollars and were prepared under IFRS, with certain metrics shown on a non-GAAP basis where noted. The update covers production variances, profitability measures, capital expenditure on the San Gabriel project, balance sheet position and subsequent events through January 29, .
The company recorded material growth in both top-line and bottom-line measures for the quarter and the year. Reported results highlight shifts across the metals production mix, a significant year‑over‑year increase in EBITDA from direct operations, an improved liquidity profile and a dividend proposal put forward by the board of directors.
Table of Contents:
Operational performance and production mix
The operational review details changes in metal outputs and unit costs that underpinned revenue performance. Management attributed the revenue gain to volume improvements and price realization across key products. Cost trends and capital allocation decisions, including spending on the San Gabriel project, also featured in the company’s narrative. Subsequent sections provide a breakdown of production by mine and metal, variances versus prior periods and the operational drivers behind margin expansion.
Buenaventura reported a mixed operational performance in 4Q25. Consolidated silver output rose 2% year on year, driven primarily by higher production at Tambomayo. Lead production increased 58% while zinc rose 43%, reflecting Uchucchacua’s focus on polymetallic stopes during the quarter. By contrast, gold production fell 11% year on year, mainly due to lower output at Tambomayo. Copper volumes were essentially flat versus 4Q24. These shifts illustrate the variability of a multi-metal portfolio and the differing operational priorities across the company’s mines.
Profitability and key financial metrics
Profitability and key financial metrics
Compañía de Minas Buenaventura S.A.A. reported a marked improvement in profitability for 4Q25 and fiscal year 2025. For 4Q25, EBITDA from direct operations rose to US$353.5 million, up from US$93.4 million in 4Q24. On a full-year basis, FY25 EBITDA from direct operations reached US$811.9 million, compared with US$431.2 million in FY24. The FY24 figure excludes the US$208.9 million sale of the Chaupiloma Royalty Company, as noted by the company.
Net income attributable to owners increased sharply. The company reported US$383.6 million in 4Q25, versus US$33.6 million a year earlier. For FY25, net income was US$782.1 million, up from US$402.7 million in FY24.
Earnings per share for the quarter were US$1.51, and US$3.08 for the year. These values are based on a weighted average of 253,986,867 shares outstanding as of December 31.
These results follow operational shifts across the portfolio and higher metal prices that supported margins. Analysts will monitor whether the company sustains direct-operations EBITDA growth amid variable input costs and differing mine priorities.
Revenue, operating income and affiliates
Compañía de Minas Buenaventura S.A.A. reported total revenues for 4Q25 of US$623.4 million, a 108% increase from US$299.6 million in 4Q24. Operating income rose to US$297.2 million for the quarter, a swing from US$45.8 million in 4Q24. Including affiliate contributions, the company recorded EBITDA including affiliates of US$555.3 million for 4Q25 and US$1,392.6 million for FY25.
These figures reflect a broader consolidation of group performance and stronger operational leverage versus the prior year. Analysts will continue to monitor whether the company sustains direct-operations EBITDA growth amid variable input costs and differing mine priorities.
Capital allocation, liquidity and balance sheet
The following section outlines the company’s approach to capital allocation, cash position and balance-sheet metrics, and how management intends to prioritize investment, dividends and debt management going forward.
Capital spending, liquidity and balance-sheet position
Buenaventura recorded US$153.4 million of capital expenditure in the quarter, largely for completion of the San Gabriel processing plant. As of year-end the company held US$529.8 million in cash, with net debt of US$179.8 million. The resulting leverage ratio was 0.22x, reflecting conservative balance-sheet management and sufficient funding capacity for near-term project completion and routine operations.
Subsequent event and shareholder returns
After the quarter closed, on January 29, , Buenaventura received US$97.9 million in dividends from its equity interest in Cerro Verde. The board has proposed a cash dividend of US$0.9904 per share/ADS, subject to shareholder approval and regulatory processes. This proposal would allocate a portion of recent affiliate proceeds to returns for shareholders while preserving liquidity for remaining construction and operating needs.
The metrics and the proposed distribution signal management’s intent to balance investment in San Gabriel with shareholder returns and debt discipline. For young or first-time investors, these figures indicate a low leverage profile and a near-term boost to cash flow from affiliate dividends. The company will disclose final approvals and payment timing according to its corporate and regulatory timetable.
Corporate profile, upcoming events and disclosures
The company is Peru’s largest publicly traded precious and base metals producer. It operates wholly owned mines across the country and holds a 19.58% interest in Sociedad Minera Cerro Verde. The company reiterated that it will disclose final approvals and payment timing according to its corporate and regulatory timetable.
The board scheduled a conference call to discuss the results on Friday, February 27, at 10:00 am Eastern Time / 10:00 a.m. Lima Time. Investors and analysts may participate by dial-in or via webcast. Contact details for investor relations were provided in the full release.
From an investor’s point of view, the call will clarify near-term execution risks and payment milestones. Analysts will likely focus on capital allocation, operational performance and the timeline for regulatory approvals.
Analysts will likely focus on capital allocation, operational performance and the timeline for regulatory approvals.
The press release contains forward-looking statements and customary cautionary language regarding risks. Those risks include commodity price fluctuations, operational performance and political, legal and economic developments in Peru.
For the complete financial statements, detailed operational breakdowns and the full earnings release, readers should consult the company’s investor relations page on the official Buenaventura website.
