Buenaventura Raises Earnings per Share 50% to $1.06 as Revenue Grows 27%
Key Facts
Buenaventura reported on October 29, 2026, that third-quarter revenue rose to $545.3 million, up 27% from $431.0 million in the year-earlier period. Net income climbed 50% to $268.4 million from $179.0 million, while earnings per share increased by the same percentage to $1.06 from $0.70. Operating income also rose 47% to $226.4 million, compared with $154.3 million a year earlier. The figures were part of results for the quarter and nine months ended September 30, according to the company announcement published via Stockwatch. The results combine revenue and earnings growth with improvement in some production measures, alongside an ongoing operating constraint at the San Gabriel mine.
Direct operations EBITDA was $261.2 million in the third quarter, versus $195.3 million a year earlier, an increase of 34%. EBITDA including subsidiaries was $509.5 million, compared with $338.1 million, up 51%. The company noted that it revised its EBITDA calculation methodology starting in the third quarter and recast comparative figures under the revised methodology. This means the published comparison is based on recalculated prior figures, a point relevant to assessing the metric's trajectory between the two periods. In the first nine months of 2026, revenue was $1,698.9 million, up 53% from the year-earlier period, while net income reached $825.4 million, an increase of 95%.
Operationally, copper production from direct operations rose 7% year over year, with the company attributing the increase mainly to higher ore processing at the El Brocal mine. By contrast, gold production from direct operations fell 6%, while attributable gold, including associated companies, rose 7%. The company said the full-quarter operation of the Coimolache mine at its nameplate capacity supported the increase in attributable gold, despite lower production at other mines. These differences highlight how direct production performance can diverge from shareholders' attributable share when associated companies are included. Copper output therefore increased alongside mixed gold production across direct operations and the broader shareholder measure.
For other metals, silver production from direct operations fell 21%, which the company attributed mainly to planned lower silver grades at the Yumpag mine. Lead production also declined 12% and zinc production 1% during the quarter year over year. At San Gabriel, ore processing remained constrained for most of the period as the first phase of reinforcement of the tailings leach system was completed. The company said processing resumed during the final week of September, without specifying the processing rate at quarter-end in its results announcement. Mining activities continued throughout the quarter, resulting in an ore stockpile of approximately 100,000 metric tons at the end of the period.
Buenaventura plans to carry out additional reinforcement work gradually over the following 6 months, according to its announcement, which did not specify a date for resolving the operating constraints at San Gabriel. This follows completion of the first phase and the resumption of processing in the final week of September, while the stockpile of approximately 100,000 metric tons indicates what had accumulated at the site by quarter-end. In a previous production update, the company lowered its 2026 direct gold production guidance to a range of 112,000–131,000 ounces, reflecting an updated San Gabriel production ramp-up schedule and temporary constraints related to the tailings leach system. The guidance update places the San Gabriel constraint among the factors the company considered in its annual gold production estimate. The financial results statement did not announce a new target date for resolving the constraint.
Cash stood at $1,000.6 million on September 30, 2026, and the company reported net cash of $307.3 million, with a negative leverage ratio of 0.25 times. The board also approved a distribution of $0.5508 per share or American Depositary Receipt. These figures show liquidity and the announced distributions alongside quarterly results, as well as the operating spending needed to continue reinforcement work at San Gabriel. In trading on October 29, the stock was at $27.59 in the final minutes, up 24% over 12 months but down about 1% year to date, according to The Associated Press via The Hour. The company scheduled an earnings discussion call for October 30 at 12:00 p.m. Eastern Time, or 11:00 a.m. Lima time.