Hudbay Minerals (TSX: HBM) reported Q3 2025 revenue of $346.8 million, down 29% year over year from $485.8 million as Manitoba wildfires, a nine-day Peru interruption, and the deferral of a 20,000-tonne copper concentrate shipment suppressed sales volumes.
Cost of sales declined to $281.5 million from $346.0 million a year earlier, but the revenue decline was steeper. However, due to a pre-tax $322.3 million impairment reversal on Copper World, earnings before tax arrived at $330.5 million for the quarter versus $79.7 million in Q3 2024.
Net earnings came in at $222.4 million or $0.56 per share, still up from $49.7 million or $0.13. After adjusting, earnings land at $10.1 million, or $0.03 per share, down from $50.8 million last year, or $0.13.
Adjusted EBITDA was $142.6 million, down 31% from $206.0 million a year ago.
Operating cash flow before changes in working capital was $70.3 million versus $188.3 million in Q3 2024. Free cash flow was negative $15.2 million versus positive $88.4 million as lower sales volumes and sustaining capex weighed on cash generation.
Cash and cash equivalents were $611.1 million at September 30, 2025, down $14.4 million from last quarter.
Consolidated production was 24,205 tonnes of copper (falling 23% year over year), 53,581 ounces of gold (falling 40% year over year), 730,394 ounces of silver, 548 tonnes of zinc and 185 tonnes of molybdenum.
Consolidated cash cost per pound of copper produced, net of by-product credits, was $0.42, deteriorating from $0.18 in Q3 2024 as Manitoba gold output fell during the period.
Sustaining cash cost rose to $2.09 per pound from $1.71 a year ago while all-in sustaining cash cost increased to $2.78 per pound from $1.95.
Payable metal sold reflected the shipment timing: copper at 18,280 tonnes versus 27,760 tonnes in Q3 2024; gold at 38,279 ounces versus 73,232; and silver at 418,418 ounces versus 663,413.
By-product credits totaled $175.8 million, led by gold at $134.8 million, which provided important support to unit costs despite lower Manitoba output.
Copper and gold production guidance is reaffirmed at the low end of the ranges. Consolidated cash cost guidance is improved to $0.15–$0.35 per pound from the previously updated $0.65–$0.85, and sustaining cash cost guidance is improved to $1.85–$2.25 per pound from $2.25–$2.65.
Hudbay Minerals last traded at $23.28 on the TSX.
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