EarningsQ2 2026 Earnings Report
DE:OCKA Q2 2026 EPS Results
Actual EPS€0.24
Consensus EPS€0.22
Beat/MissBeat by +€0.02
One Year Ago EPS€0.16
DE:OCKA Q2 2026 Revenue Results
Actual Revenue€574.46M
Expected Revenue€541.11M
Beat/MissBeat by +€33.35M
YoY Revenue Growth+24.02%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:OCKA Upcoming Earnings
Hudbay Minerals's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:OCKA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive outlook: management reported record trailing-12-month adjusted EBITDA, strong liquidity, consistent free cash flow generation, and clear progress on throughput and major growth projects (Copper World, Cactus, New Ingerbelle). Operational headwinds (higher site-level cash costs in Q2 for some operations, temporary equipment failures, concentrate shipment delays, and labour constraints) were disclosed but portrayed as managed, with concrete remediation actions underway and expectations to meet full-year guidance. Growth projects will carry higher near-term capital estimates (Copper World DFS expected to show increased CapEx), but management emphasized robust project economics driven by higher copper prices and project optionality. Overall, the positive cash generation, balance sheet strength, advancing development pipeline, and operational improvements outweighed the set of manageable execution and cost pressures.Company Guidance
Record Adjusted EBITDA and Strong Revenues
Trailing 12-month adjusted EBITDA reached a record $1.3 billion. Second quarter revenues were $631 million with adjusted EBITDA of $321 million and adjusted net earnings attributable to owners of $114 million ($0.28 per share).
Robust Cash Generation and Liquidity
Operating cash flow before change in non-cash working capital was $210 million in Q2. The company generated over $100 million of free cash flow in the quarter (after sustaining capex, before growth capex) and more than $400 million of free cash flow over the last 12 months. Total liquidity exceeded $1.0 billion (cash $890 million plus $154 million available on revolver) and a net cash position of $80 million, yielding a net debt-to-EBITDA of -0.1x (lowest in over a decade).
Low Consolidated Cash Costs
Consolidated cash cost was negative $0.40 per pound of copper and sustaining cash cost was $1.39 per pound of copper for the quarter, reflecting strong by-product credits (gold accounted for 38% of gross revenues in Q2).
Strong Production Performance and Guidance Confidence
Consolidated Q2 production: 28,000 tonnes of copper and 51,000 ounces of gold. Company remains on track to achieve full year production guidance for all metals across operations.
Copper Mountain Throughput and Mining Records
Copper Mountain mill processed 3.6 million tonnes in Q2, a 17% increase versus Q1, and achieved record total material movement of 30 million tonnes with a record daily average mining rate of 331,000 tonnes per day (ahead of budget). Quarterly mill throughput averaged ~40,000 tpd, the highest since acquisition.
Permitting and Capacity Upside at Constancia (Peru)
Permit amendments increased annual milling capacity at Constancia to 34 million tonnes per annum from 31 million, enabling higher throughput. Mill throughput averaged ~86,000 tpd in the quarter and pebble crusher installation to further increase throughput is scheduled to start in Q3 2026.
Advancing Major Growth Pipeline
Copper World feasibility is ~95% engineered with FID on track for later in 2026 and first production targeted in H2 2029. Company projects consolidated copper production to increase ~24% to ~150,000 tonnes next year, Copper World to boost production by ~70% to ~250,000 tonnes by end of decade, and a line of sight to ~500,000 tonnes mid next decade.
Strategic M&A — Cactus Acquisition and US Footprint
Acquisition of Arizona Sonoran added the Cactus project (highest-grade undeveloped open pit copper oxide project globally). $52 million of long-term municipal bonds were placed for Copper World. Hudbay expects to spend ~$30 million on Cactus pre-feasibility and derisking in H2 2026 with PFS expected in H2 2027.
Operational Improvements and Workforce Actions in Manitoba
Manitoba initiatives included engaging a contractor to advance the 1901 deposit, hiring ~100 people and upskilling new employees; reported productivity improvements of ~10% over the last month and reaffirmed full year production guidance for Manitoba despite short-term constraints.
Leadership and Organizational Moves
Key leadership promotions: Eugene Lei appointed President & CFO and Rob Carter appointed Chief Operating Officer (effective after Andre Lauzon retires Sept.). Management highlights these changes as positioning Hudbay for transformational growth and execution of its development pipeline.
DE:OCKA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed