Business Context and Reporting Period
Company: Compañía de Minas Buenaventura S.A.A. (Buena Ventura Mining Co Inc)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: Fourth Quarter (4Q25) and Full Year (FY25) ended December 31, 2025.
Business Overview: Peru's largest publicly-traded precious and base metals mining company. Operations include wholly-owned mines (Orcopampa, Uchucchacua, Julcani, Tambomayo, La Zanja, El Brocal, Coimolache) and a 19.58% stake in Sociedad Minera Cerro Verde.
Key Financial Metrics
| Metric (US$ Millions) | 4Q25 | 4Q24 | FY25 | FY24 |
|---|---|---|---|---|
| Total Revenues | 623.4 | 299.6 | 1,731.6 | 1,154.6 |
| Operating Income | 297.2 | 45.8 | 633.2 | 445.7 |
| EBITDA (Direct Operations) | 353.5 | 93.4 | 811.9 | 431.2 |
| Net Income | 383.6 | 33.6 | 782.1 | 402.7 |
| Earnings Per Share (EPS) | 1.51 | 0.13 | 3.08 | 1.59 |
Liquidity and Debt:
- Cash Position (Year End): US$ 529.8 million
- Net Debt (Year End): US$ 179.8 million
- Leverage Ratio: 0.22x
Production Highlights (4Q25 vs 4Q24):
- Silver: +2% YoY
- Lead: +58% YoY
- Zinc: +43% YoY
- Gold: -11% YoY
- Copper: Flat
Material Changes vs. Prior Period
- Revenue Surge: 4Q25 revenue increased 108% YoY, driven by higher metal production volumes and favorable pricing environments.
- Profitability Expansion: 4Q25 Net Income jumped 1,041% YoY (from US$ 33.6M to US$ 383.6M). Operating income increased 549% YoY.
- EBITDA Growth: Direct operations EBITDA rose 279% in 4Q25 and 88% for the full year compared to 2024.
- Production Mix Shift: Significant increases in lead and zinc output at Uchucchacua offset a decline in gold production at Tambomayo.
Guidance, Outlook, and Risks
Capital Expenditures: 4Q25 CAPEX for the San Gabriel project totaled US$ 153.4 million, primarily for processing plant construction.
Dividends:
- Proposed Dividend: Board proposed US$ 0.9904 per share/ADS.
- Recent Receipt: Received US$ 97.9 million in dividends from Cerro Verde stake on January 29, 2026.
Risks and Contingencies:
- Forward-looking statements are subject to risks including metal price volatility, operational efficiency, joint venture success, and Peruvian political/economic developments.
- Historical results included a one-time gain from the sale of Chaupiloma Royalty Company in 3Q24 (US$ 208.9M), which is excluded from current EBITDA comparisons to ensure consistency.
Investor Verification Checklist
- Verify the sustainability of the 108% revenue increase and whether it is driven by price or volume.
- Confirm the timeline and budget for the completion of the San Gabriel processing plant.
- Review the specific impact of the Cerro Verde dividend (US$ 97.9M) on future cash flow projections.
- Assess the reasons for the 11% decline in gold production at Tambomayo and its impact on future margins.
- Validate the proposed dividend payout ratio against the reported cash position and net debt.