Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was $130 million, up from $107 million in Q2 2024, indicating a year-over-year increase of approximately 21.5% [6] - Net income for Q2 2025 reached $91 million, compared to $71 million in Q2 2024, reflecting a year-over-year increase of about 28.2% [7] - Cash position at the end of Q2 2025 was $589 million, with total debt of $860 million, resulting in a leverage ratio of 0.56 times [9] Business Line Data and Key Metrics Changes - Silver production in Q2 2025 was 3.6 million ounces, down 11% from 4 million ounces in Q2 2024, primarily due to lower production at Jumpac, Tambomayo, and Huican [7] - Copper production increased by 28% year-over-year, attributed to halted operations at El Brocal in 2024 affecting copper ore processing [7] - Gold production decreased to 27,345 ounces from 33,119 ounces in Q2 2024, mainly due to reduced output at Tambomayo and Orcopampa, partially offset by increases at La Sanja and El Brocal [8] Market Data and Key Metrics Changes - The company initiated the sale of part of the Cerro Verde copper concentrate, selling approximately 20,000 metric tons by the end of Q2 2025, with a total of 40,000 metric tons expected for the full year [8] - Cerro Verde announced a new dividend distribution of $59 million on July 24, corresponding to Buenaventura's equity share, contributing to a total of $108 million in dividends [9] Company Strategy and Development Direction - The company is committed to stable and continuous production of flagship assets, with ongoing optimization efforts to increase throughput [14] - Continuous exploration is emphasized as part of the company's strategy to extend the life of its mining assets [15] - The San Gabriel project achieved 88% overall completion by Q2 2025, with expectations to commence ramp-up in Q3 2025 and produce the first gold bar in Q4 2025, subject to timely permit approvals [12][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining necessary permits for the San Gabriel project, with no anticipated risks regarding the permit for production commencement [20] - The company plans to maintain financial stability and has redeemed the remaining 2026 notes, indicating a focus on managing debt levels [15] - The ramp-up of production at San Gabriel is expected to take all of 2026, with stabilization projected between 100,000 and 120,000 ounces [22] Other Important Information - Total CapEx for Q2 2025 was $107 million, with $82 million allocated to the San Gabriel project [9] - The all-in sustaining costs for copper increased by 63% year-over-year, primarily driven by lower byproduct credits [10] Q&A Session Summary Question: Can you provide more details on the pending permits for San Gabriel? - Management indicated that they have invited authorities to visit the plant in September and do not foresee risks in obtaining the necessary permits [20] Question: What is the expected CapEx for the second half of 2025? - Total CapEx for San Gabriel is expected to remain between $720 million and $750 million, with approximately $130 million to $160 million disbursed in the second half of 2025 [22][23] Question: What is the status of silver production at Uchucchacua? - Management noted a decrease in silver grades due to a shift towards polymetallic stops, with plans to monitor and potentially resume mining in the bottom part of the mine by Q4 2025 [36][37] Question: How is the commercialization of Cerro Verde concentrate impacting overall costs? - The company has started selling 40,000 tons of copper concentrates from Cerro Verde, which is expected to improve terms and overall margins [42][43] Question: What is the timeline for the Trepiche project? - The environmental impact study is on track for approval by the end of the year, with the feasibility study expected to be completed by mid-2026 [55][57] Question: What is the definition of commercial production for San Gabriel? - Commercial production is defined as producing two gold bars over 20 continuous days at 65% capacity [64][70]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS down to $0.35 from $0.43 in Q1 2024, primarily due to the decrease in adjusted EBITDA [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North America experienced good volume growth in bananas, while European markets showed stable performance with volume growth in bananas and improved pineapple performance [8][9] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][25] - Capital allocation will be influenced by the outcome of the fresh vegetable division's strategic review, with ongoing projects in automation technology and facility expansions [40][44] - The company aims to maintain a baseline capital expenditure of approximately $100 million while anticipating increased spending related to reinvestments in Honduras [25][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][52] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [24] - Management acknowledged potential short-term disruptions but emphasized the resilience of the business model [25] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, primarily due to seasonal working capital trends [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management indicated that the EBITDA guidance reflects better-than-expected Q1 performance and considers current tariffs [28][29] Question: Fresh vegetables business exit strategy - Management is actively working on a strategic exit for the fresh vegetables business, emphasizing the complexity of the process [31][33] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [39][41] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][48] Question: Incremental CapEx for reinvestment in Honduras - Management estimated additional CapEx for reinvestment in Honduras to be around $10 million to $12 million, aimed at improving yields and flood protections [49]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS at $0.35 per share, down from $0.43 in Q1 2024 [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North American operations showed good volume growth in bananas, with stable performance in Europe despite challenging pricing conditions [6][8] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9][10] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][42] - There is an ongoing evaluation of the fresh vegetables business, with a commitment to finding a strategic outcome that benefits all stakeholders [32][34] - The company aims to maintain a capital expenditure level in line with depreciation expenses, while also planning for increased CapEx related to reinvestments in Honduras [26][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][50] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [25][26] - Management highlighted the importance of a resilient and diverse business model in facing current economic volatility [24][50] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, expected to unwind as the year progresses [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management acknowledged the complexity of forecasting in the current environment, attributing the guidance raise to better-than-expected Q1 performance and favorable foreign exchange translation [30][31] Question: Fresh vegetables business exit strategy - Management confirmed ongoing efforts to find a strategic exit for the fresh vegetables business, emphasizing the complexity of the process and the importance of stakeholder interests [32][34] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [40][42] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][47] Question: Incremental CapEx for Honduras reinvestment - Management indicated that additional CapEx for reinvestment in Honduras would be in the range of $10 million to $12 million, aimed at improving yields and flood protections [48]

Financial Data and Key Metrics Changes - In Q4 2024, Hippo achieved positive adjusted EBITDA of $8.5 million, exceeding previous guidance and representing a $31 million improvement year-over-year [29] - Q4 net income was positive $44 million, an $86 million improvement compared to Q4 of the previous year, with $46 million of this improvement attributed to a one-time gain from the sale of a majority stake in First Connect [28] - Total generated premium (TGP) grew by 10% year-over-year to $295 million, with revenue increasing 58% year-over-year to $102 million [22][23] Business Line Data and Key Metrics Changes - The core HHIP homeowners insurance program saw a gross loss ratio of 73% for the full year 2024, with a non-cat PCS loss ratio under 45% in Q4 [15] - The Insurance as a Service segment experienced over 40% annual revenue growth, maintaining a net loss ratio of 39% [15][22] - The HHIP gross loss ratio improved by three percentage points year-over-year to 50%, while the HHIP non-PCS loss ratio improved by 20 percentage points to 43% [25] Market Data and Key Metrics Changes - The company reported an 8% decline in the Hippo home insurance program segment due to efforts to manage exposure to high catastrophe geographies [22] - The net earned premium as a percentage of gross earned premium in the HHIP business rose to 83% in Q4, up from 29% a year ago [24] Company Strategy and Development Direction - Hippo is focused on expanding its network of partners and enhancing relationships with existing partners, particularly in the new homes channel [17] - The company aims to turn net income profitable by the end of 2025, with a revenue guidance increase to $465 million for 2025 [31][32] - The strategic focus includes maintaining high-quality underwriting standards while exploring new program opportunities [16][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of recent wildfires in California, estimating preliminary pretax cat losses of approximately $42 million, but emphasized that losses were primarily from legacy policies [11][12] - The company remains optimistic about its position in 2025, expecting substantial improvements in operating income despite the short-term impact of the wildfires [18] - Management expressed confidence in achieving continued improvements in gross and net loss ratios in 2025 [32] Other Important Information - The company announced a leadership change, with Guy Zeltser appointed as the new Chief Financial Officer effective March 10 [36] - Hippo plans to provide more detailed guidance on financial projections during its Investor Day event on June 12 [49] Q&A Session Summary Question: Strategy behind the sale of Eaton Fire subrogation rights - Management confirmed the sale was not due to liquidity needs but rather an attractive opportunity based on current market conditions [41][42] Question: Impact of early-year cat loss event on reinsurance protection - Management indicated that the existing reinsurance structure remains intact and the losses barely impacted the first layer of reinsurance [44][46] Question: Guidance for full year 2025 on bottom line basis - Management stated that detailed guidance would be provided during the Investor Day event, with some indications of operating expenses and revenue trends shared [48][50] Question: Update on California exposures and derisking efforts - Management clarified that losses from recent fires were not related to the new home business and emphasized ongoing efforts to reduce concentration exposures [56][58] Question: Competitive environment in Insurance as a Service - Management expressed confidence in the quality of their programs and partnerships, indicating a strong pipeline for growth [62][64] Question: Sales and marketing spend and seasonality into 2025 - Management noted improved efficiency in spending and indicated a disciplined approach to growth while aiming for net income positivity in 2025 [68][70]