Financial Data and Key Metrics Changes - Hudbay achieved record annual revenues exceeding $2 billion, record adjusted EBITDA over $1 billion, and record free cash flow generation of more than $380 million in 2025 [4] - Fourth quarter revenues reached $733 million, with adjusted EBITDA of $386 million, and net earnings of $128 million, or 32 cents per share [6][8] - Consolidated cash costs were -63 cents per pound, and sustaining cash costs were 94 cents per pound, showing significant improvement compared to the previous quarter [8][10] Business Line Data and Key Metrics Changes - Copper production guidance was met for the eleventh consecutive year, while gold production guidance was achieved for the fifth consecutive year [4][31] - In the fourth quarter, Hudbay produced 33,000 tons of copper and 84,000 ounces of gold, with Peru operations showing strong performance [6][12] - Manitoba operations produced 47,000 ounces of gold, 3,000 tons of copper, and 6,000 tons of zinc in the fourth quarter, despite challenges [17] Market Data and Key Metrics Changes - Revenue from gold represented 41% of total revenues in the fourth quarter, indicating a growing contribution from gold sales [9] - The company reported a total liquidity of $994 million at the end of the quarter, including $569 million in cash and cash equivalents [10] Company Strategy and Development Direction - The company secured a joint venture with Mitsubishi for the Copper World project, enhancing financial strength and reducing future equity contributions [5] - Hudbay plans to invest in high-return brownfield and greenfield projects, with a focus on operational excellence and capital allocation [29][30] - The introduction of a quarterly dividend of $0.01 per share marks the first dividend increase in the company's history [27] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified operating platform, achieving strong financial performance despite challenges like wildfires and social unrest [4][5] - The company expects copper production to increase by 5% in 2026, while gold production is anticipated to decrease by 9% due to the depletion of Pampacancha [31][32] - Management expressed confidence in maintaining industry-leading cost performance and generating substantial free cash flow [29][34] Other Important Information - The company has reduced long-term debt by $185 million since the end of 2024, achieving a net debt to EBITDA ratio of 0.4 times [10] - Hudbay's capital expenditures for 2026 are expected to include $435 million in sustaining capital and $140 million in growth capital [36][37] Q&A Session Summary Question: How will the capital allocation framework adapt to current market conditions? - Management emphasized the importance of a holistic approach to capital allocation, balancing growth opportunities with shareholder returns [52][54] Question: What is the expected downtime for SAG rehabilitation work in British Columbia? - Management indicated that planned replacement work is expected to take about a month, with operations stabilizing progressively during that period [56][58] Question: Will the updated three-year production guide for Manitoba include new drilling? - Management clarified that a new technical report for Manitoba has not been decided yet, but ongoing drilling is expected to yield positive results [63][70] Question: What is the status of the Maria Reina and Caballito permits in Peru? - Management noted that the permitting process is likely delayed due to the current political environment in Peru, with confidence in obtaining the permits post-elections [79]

Core Viewpoint - Hudbay Minerals Inc. has received key permit amendments for the New Ingerbelle expansion project at its Copper Mountain mine, enhancing copper and gold production, securing jobs, and providing economic benefits [1][2]. Project Development and Economic Impact - The New Ingerbelle expansion is designed to access higher-grade gold mineralization and improve operational efficiency, with a stripping ratio approximately three times lower than current mining areas [5]. - The project is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold, and 5.5 million ounces of silver over its lifespan, positioning Copper Mountain as a critical supplier for the global energy transition [5]. - The expansion is expected to generate over C$11.5 billion in provincial Gross Domestic Product, preserving more than 800 direct jobs and ensuring long-term financial stability for the region [5]. Community Engagement and Partnerships - Throughout the permitting process, the company engaged proactively with local communities and Indigenous bands to ensure transparency and collaborative oversight [3]. - Hudbay finalized refreshed Participation Agreements with the Upper Similkameen Indian Band and Lower Similkameen Indian Band, reinforcing its commitment to strong Indigenous partnerships and responsible mining practices [4]. Commitment to Sustainable Development - The company emphasizes its commitment to responsible resource development and the expansion of copper production, which is vital for electrification and the global energy transition [4]. - Hudbay's mission is to create sustainable value and strong returns by leveraging its strengths in community relations, focused exploration, mine development, and efficient operations [14].

Q4 2025 Results Presentation February 20, 2026 Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "for ...

Core Insights - HudBay Minerals reported revenue of $732.9 million for the quarter ended December 2025, marking a year-over-year increase of 25.3% but falling short of the Zacks Consensus Estimate of $763.81 million by 4.05% [1] - The company's EPS for the same period was $0.22, compared to $0.18 a year ago, but this also represented a significant miss of 44.4% against the consensus estimate of $0.40 [1] Financial Performance - Payable metal in concentrate and dore sold for Molybdenum was 190.00 tons, below the average estimate of 290.65 tons [4] - Gold production was 84,298.00 ounces, slightly above the average estimate of 83,565.30 ounces [4] - Payable metal sold for Copper in British Columbia was 3,747.00 tons, compared to the estimated 4,555.19 tons [4] - Payable metal sold for Silver in British Columbia was 45,298.00 ounces, below the average estimate of 52,037.99 ounces [4] Revenue Breakdown - Revenue from external customers in Peru was $447.3 million, slightly below the estimate of $451.74 million, with a year-over-year change of +28.9% [4] - Revenue from British Columbia was $59.4 million, compared to the estimated $67.2 million, representing a +5.6% change year-over-year [4] - Revenue from Manitoba was $226.2 million, below the estimate of $245.57 million, with a year-over-year increase of +24.5% [4] - Revenue from contracts totaled $707.7 million, compared to the average estimate of $766.32 million, reflecting a +19.8% year-over-year change [4] Contract Revenue Specifics - Revenue from contracts for Zinc was $12.5 million, significantly lower than the estimate of $41.17 million, representing a year-over-year decline of -23.8% [4] - Revenue from contracts for Silver was $16.3 million, compared to the estimated $39.31 million, with a +3.8% change year-over-year [4] - Revenue from contracts for Molybdenum was $9.9 million, below the average estimate of $14.78 million, with a +8.8% year-over-year change [4] - Revenue from contracts for Copper was $383.3 million, slightly below the estimate of $388.89 million, with a +9.8% change year-over-year [4] Stock Performance - HudBay Minerals shares returned +2.6% over the past month, while the Zacks S&P 500 composite experienced a -1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - HudBay Minerals reported quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.40 per share, representing an earnings surprise of -44.40% [1] - The company posted revenues of $732.9 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 4.05%, compared to year-ago revenues of $584.9 million [2] - The stock has increased approximately 24.6% since the beginning of the year, outperforming the S&P 500's gain of 0.2% [3] 分组2 - The earnings outlook for HudBay Minerals is mixed, with the current consensus EPS estimate for the coming quarter at $0.39 on revenues of $688.78 million, and $1.57 on revenues of $2.79 billion for the current fiscal year [7] - The Zacks Industry Rank for Mining - Miscellaneous is currently in the top 21% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Core Insights - Hudbay Minerals achieved record annual revenue of $2.2 billion and adjusted EBITDA of $1.1 billion in 2025, marking a transformative year for the company [2][4][25] - The company met its consolidated copper and gold production guidance for the 11th and 5th consecutive years, respectively, despite external challenges [4][22][23] - Hudbay's diversified operations demonstrated resilience, generating over $380 million in free cash flow and achieving record financial performance for three consecutive years [2][4][25] Financial Performance - Fourth quarter revenue reached $732.9 million, with adjusted EBITDA of $385.9 million, reflecting strong operational performance [8][33] - Full year adjusted EBITDA was $1,060.9 million, a 29% increase from 2024, driven by higher metal prices and stable operating performance [25][26] - Net earnings attributable to owners for 2025 were $568.5 million, or $1.44 per share, significantly higher than $76.7 million, or $0.20 per share, in 2024 [26][27] Production and Cost Performance - Consolidated copper production for 2025 was 118,188 tonnes, and gold production was 267,934 ounces, meeting production guidance [4][22] - The consolidated cash cost, net of by-product credits, was $(0.22) per pound of copper, an improvement of 148% compared to 2024 [28] - Sustaining cash cost for 2025 was $1.30 per pound of copper, down from $1.62 in 2024, reflecting strong cost control [29][30] Operational Highlights - Peru operations produced 85,155 tonnes of copper and 74,480 ounces of gold in 2025, with gold production exceeding guidance [4][22][45] - Manitoba operations faced production challenges due to wildfires and power outages but still achieved guidance for copper and silver production [23][24] - British Columbia operations produced 23,784 tonnes of copper, with cash costs of $3.06 per pound, within the annual cost guidance range [5][10] Strategic Initiatives - The company plans to sanction the Copper World project in 2026, supported by a $600 million joint venture with Mitsubishi Corporation [3][11] - Hudbay introduced a new quarterly dividend of C$0.01 per share, marking a 100% increase compared to the previous semi-annual dividend [11][12] - Ongoing optimization efforts at Copper Mountain and plans for a pre-feasibility study for the Mason copper project in Nevada are underway [11][12][49]

Core Viewpoint - Hudbay Minerals Inc. is expected to report significant earnings growth driven by higher revenues, effective cost management, and strong gold prices, with analysts projecting an EPS of $0.41, up from $0.18 the previous year, marking a 122% increase [2]. Financial Performance - The projected revenue for Hudbay for the upcoming quarter is approximately $746.3 million, indicating a year-over-year growth of 30.6%, supported by deferred copper shipments and strong production output in October [3]. - The company has a history of exceeding earnings expectations, having done so in two of the last four quarters, with an average earnings surprise of 40.68% [3]. Valuation Metrics - Hudbay's price-to-earnings (P/E) ratio stands at 21.45, reflecting the price investors are willing to pay for each dollar of earnings [4]. - The price-to-sales ratio is 4.79, and the enterprise value to sales ratio is 5.03, indicating the company's valuation relative to its sales [4]. Debt and Liquidity - The debt-to-equity ratio for Hudbay is 0.36, suggesting a moderate level of debt compared to equity [5]. - The current ratio is 0.97, indicating the company's ability to cover short-term liabilities with short-term assets [5]. - The earnings yield is 4.66%, representing the return on investment for shareholders [5].

Core Viewpoint - HudBay Minerals (HBM) is expected to report a significant year-over-year improvement in earnings for Q4 2025, with an estimated EPS of 40 cents, reflecting a 122.2% increase from 18 cents in Q4 2024 [1][2]. Financial Estimates - The Zacks Consensus Estimate for Q4 2025 EPS is 0.40, with a range of estimates from 0.32 to 0.46 [2]. - Year-over-year growth estimates for EPS are 122.22% for Q4 2025, 62.50% for Q1 2026, 75.00% for the current year, and 86.97% for the next year [2]. Earnings Surprise History - HudBay Minerals has beaten Zacks Consensus Estimates in two of the last four quarters, with an average surprise of 40.68% [3][4]. Factors Influencing Q4 Performance - The anticipated recovery in Q4 performance is attributed to deferred copper shipments and strong production in October, alongside effective cost controls and high gold prices [7][10]. - A deferral of 20,000-tonne copper concentrate shipment from Peru is expected to positively impact sales [8]. - Despite challenges in Q3 due to wildfires and social unrest, the operational environment is characterized as manageable, with strong production in October [9]. Production and Cost Management - Gold production is projected to slightly fall below guidance due to a power outage, but operational efficiency has improved, with cash costs declining to $379 per ounce [10][12]. - Cost-control initiatives have led to a tightening of cash cost guidance, which is expected to support earnings [12]. Market Performance - HudBay Minerals shares have increased by 225.5% over the past year, outperforming the industry growth of 48.9% and the S&P 500's return of 13.6% [15]. - The company has also outperformed peers like SSR Mining and Wheaton Precious Metals, which saw share increases of 146.3% and 105%, respectively [17].

Core Viewpoint - HudBay Minerals (HBM) is expected to report a year-over-year increase in earnings and revenues for the quarter ended December 2025, with the consensus outlook being crucial for assessing the company's earnings picture [1] Earnings Expectations - The consensus EPS estimate for HudBay Minerals is $0.40 per share, reflecting a year-over-year increase of +122.2% [3] - Revenues are anticipated to reach $763.56 million, which is a 30.6% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 25.9% higher in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Surprise Prediction - A positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - HudBay Minerals currently holds a Zacks Rank of 3, making it challenging to predict a consensus EPS beat [12] Historical Performance - In the last reported quarter, HudBay Minerals was expected to post earnings of $0.06 per share but only achieved $0.03, resulting in a surprise of -50.00% [13] - Over the past four quarters, the company has beaten consensus EPS estimates two times [14] Industry Comparison - Teck Resources Ltd (TECK), a peer in the mining industry, is expected to report earnings of $0.59 per share for the same quarter, indicating a year-over-year change of +78.8% [18] - Teck Resources has a higher Earnings ESP of +14.69% and has beaten consensus EPS estimates in each of the trailing four quarters [20]

Core Insights - Samsung Electronics has commenced mass production of its HBM4, marking a significant milestone in the advanced memory technology sector [1] - This achievement positions Samsung as a leader in the HBM4 market, highlighting its proactive approach in leveraging cutting-edge technology [1] Company Developments - The company has successfully shipped commercial products to customers, indicating strong demand and operational capability [1] - Samsung utilized its advanced 6th-generation 10 nanometer (nm)-class DRAM process to achieve stable yields, reinforcing its competitive edge in the industry [1]