Buenaventura reported third‑quarter 2025 results for the period ending September 30, 2025, showing total revenue of $431.0 million, a 30 % year‑over‑year increase from $331.5 million in Q3 2024. Operating income fell 46 % to $154.3 million, while EBITDA from direct operations rose 48 % to $202.1 million. Net income for the quarter was $179.0 million, up 8 % from $166.0 million in the same period last year, and earnings per share were $0.66, a 29 % decline from $0.97 in Q3 2024.
In the first nine months of 2025, revenue totaled $1,108.2 million, up 30 % from $860.0 million in 2024. Operating income for the nine‑month period declined 16 % to $336.1 million, while EBITDA from direct operations was $345.5 million, a 43 % increase from $200.0 million in 2024. Net income for the nine months was $424.2 million, up 10 % from $383.0 million in 2024, and earnings per share were $1.57, an 8 % rise from $1.45 in 2024.
Production data for the quarter showed a 21 % decline in gold output to 1,200 tons, largely due to lower production at Orcopampa and Tambomayo, and a 3 % drop in silver production to 1,800 tons, offset by gains at El Brocal and Julcani. Copper production fell 24 % to 2,500 tons, reflecting lower output at Uchucchacua and Yumpag.
Buenaventura invested $92.3 million in the San Gabriel project during Q3 2025, with commercial production expected to commence in Q4 2025. The company’s cash position as of September 30, 2025 was $485.7 million, and net debt stood at $224.9 million, giving a leverage ratio of 0.41x.
Management reiterated its focus on expanding the San Gabriel project and maintaining disciplined capital allocation. The company expects continued growth in EBITDA from direct operations in 2026, driven by higher commodity prices and improved operational efficiencies, while it plans to keep net debt below $250 million.
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