Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Q4 2025 Earnings Presentation
17 slides from Hudbay Minerals's earnings presentation, Feb 20, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation February 20, 2026
Slide 2: Cautionary Information
Cautionary Information 2 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. Of
Slide 3: 2025 Year in Review
2025 Year in Review 3 THIRD CONSECUTIVE YEAR OF RECORD FINANCIAL PERFORMANCE Current Year Ago Change Achieved record annual revenue of $2.2B and adjusted EBITDA of $1.1B1 Market 11th consecutive year achieving annual consolidated copper production guidance3 Capitalization $9.8B $3.1B +$6.7B 5t
Slide 4: Strong Q4 Results Driven by Resilient Operating Performance
Strong Q4 Results Driven by Resilient Operating Performance 4 STABLE PRODUCTION AND INDUSTRY-LEADING COSTS DRIVE RECORD REVENUE AND EBITDA1 KEY RESULTS SUMMARY $386M $0.22 33kt ($0.63)/lb Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Cu Q4 2025 Adj. EBITDA1 Adj. EPS 1,2 Production Cash Cost1 Produ
Slide 5: Record Free Cash Flow Generation and Financial Flexibility
Record Free Cash Flow Generation and Financial Flexibility 5 FINANCIAL TRANSFORMATION FROM DIVERSIFIED CASH FLOWS AND PRUDENT BALANCE SHEET MANAGEMENT Significant free cash flow generation in Peru and Manitoba and $388M $440M $992M 0.0x optimization efforts underway in British Columbia achieve posit
Slide 6: Peru Operations Review
Peru Operations Review 6 STRONG FINISH TO THE YEAR—ACHIEVED 2025 COPPER GUIDANCE & EXCEEDED GOLD GUIDANCE SUMMARY OF PERU OPERATING RESULTS 25kt 33koz $0.57/lb Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Constancia ore mined1 mt 5.6 0.6 4.2 Cu Production Au Production Cash Cost3 Pampacancha ore
Slide 7: Manitoba Operations Review
Manitoba Operations Review 7 OPERATIONS NORMALIZE AFTER WILDFIRES & PRIORITIZATION OF GOLD DELIVERS STRONG 2025 PERFORMANCE SUMMARY OF SNOW LAKE OPERATING RESULTS 47koz 3.3kt $705 Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Ore mined kt 353.8 139.0 422.5 Au Production Cu Production Gold Cash Cos
Slide 8: British Columbia Operations Review
British Columbia Operations Review 8 CONTINUING TO EXECUTE MULTI-YEAR OPTIMIZATION PLAN & STANDARDIZING OPERATING PRACTICES SUMMARY OF COPPER MOUNTAIN OPERATING RESULTS5 4.7kt 4.0koz $4.82/lb Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Ore mined1 mt 2.4 1.8 2.4 Cu Production Au Production Cash C
Slide 9: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 9 CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Over past three years, Hudbay achieved a significant financial transformation moving from overleveraged and capital constrained to a preferred position enabling
Slide 10: Key Objectives for 2026
Key Objectives for 2026 10 CONTINUED OPERATIONAL EXCELLENCE AND PRUDENT CAPITAL ALLOCATION TO DELIVER HIGH-RETURN GROWTH 1H 2026 2H 2026 Continue deleveraging and financial discipline Copper World sanctioning decision Progress New Ingerbelle permitting activities at Copper Mountain Deliver o
Slide 11: 2026 Production Guidance
2026 Production Guidance 11 STABLE COPPER PRODUCTION WITH STRONG COMPLEMENTARY GOLD EXPOSURE CONTAINED METAL IN CONCENTRATE AND DORE1 2026 Guidance 2025 Production3 2025 Guidance PERU Copper Tonnes 75,000 - 90,000 85,155 80,000 - 97,000 Gold Ounces 15,000 - 20,000 74,480 49,000 - 60,000 Silver Ounce
Slide 12: 2026 Cost Guidance
2026 Cost Guidance 12 GENERATIONAL INVESTMENTS IN OPERATING PORTFOLIO AND ATTRACTIVE GROWTH PROJECTS CAPITAL EXPENDITURES1,2 ($M) EXPLORATION EXPENDITURES ($M) 2026 Year ended 2025 2026 Year ended 2025 Guidance Dec. 31, 2025 Guidance Guidance Dec. 31, 2025 Guidance SUSTAINING CAPITAL3 Peru7 15 15.9
Slide 13: Snow Lake Exploration Program Executing Threefold Strategy
Snow Lake Exploration Program Executing Threefold Strategy 13 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Testing mineralized extensions at Lalor and 1901 Exploration across Snow Lake region land package to test Large modern geophysics prog
Slide 14: Talbot Copper-Gold-Zinc Project
Talbot Copper-Gold-Zinc Project 14 DRILL PROGRAM STARTED IN JULY WITH POSITIVE RESULTS INDICATING THE FOOTPRINT HAS DOUBLED Talbot is a copper-gold-zinc deposit and is 100% owned by Hudbay. 2025 & 2026 DRILLING TARGETS Talbot’s proximity to existing processing infrastructure in Snow Lake makes it id
Slide 15: Advancing Copper World Towards a Sanction Decision in 2026
Advancing Copper World Towards a Sanction Decision in 2026 15 ACHIEVED KEY ELEMENTS OF THREE PRE-REQUISITES “3-P” PLAN $600M ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE2 Hudbay Equity Hudbay Post-closing1 Remaining Hudbay JV Proceeds + Equity for 30% JV Interest Cash Balance Equity Contribution De
Slide 16: Hudbay's Attractive, Copper Weighted Production Growth
Hudbay’s Attractive, Copper Weighted Production Growth 16 COPPER WORLD DELIVERS +50% GROWTH IN CONSOLIDATED COPPER PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION1 HUDBAY LONG-TERM PRODUCTION PROFILE2 GEOGRAPHIC MIX COMMODITY MIX ~250 2% 3% Copper Production (000 tonnes) Consolidated Copper World +
Slide 17: Questions
QUARTERLY EARNINGS / Q4 2025 QUESTIONS TSX & NYSE: HBM 17