Buenaventura Q2 2026: EBITDA Surges 113% to $277M on San Gabriel Ramp-Up

summarizeSummary

Buenaventura reported Q2 2026 EBITDA of $277 million, up 113% YoY, driven by the San Gabriel ramp-up. Net income reached $261 million, and the company holds a net cash position of $67 million.

check_boxKey Events · Earnings and Guidance · BVN

• EBITDA More Than Doubles

  Driven by higher gold production and the San Gabriel ramp-up, EBITDA from direct operations hit $277.1 million in 2Q26—a 113% leap from $130.1 million in 2Q25.

• Net Income Surges to $261M

  Net income attributable to owners soared 160% to $237.4 million in 2Q26, up from $91.3 million a year ago, translating to EPS of $0.93 versus $0.36.

• San Gabriel Ramp-Up Progresses

  The San Gabriel mine contributed to a 12% year-over-year increase in gold production, and the company began reporting sales volumes from the asset in 2Q26, though tailings-management challenges constrained throughput.

• Yumpag Throughput Expansion Approved

  On July 10, 2026, Buenaventura received approval to raise the mining rate at Yumpag to 1,200 tonnes per day from 1,000, paving the way for future silver production growth.

auto_awesomeAnalysis · BVN · Energy & Transportation

A dramatic earnings inflection marks Buenaventura's second quarter, with EBITDA from direct operations more than doubling year-over-year to $277 million. The primary driver is the ramp-up of the San Gabriel mine, which helped lift gold production by 12%. Net income reached $261 million, a sharp rise from just $98 million a year ago, while the balance sheet sits in a net cash position with $759 million in cash. Adding to the momentum, the company secured approval to expand throughput at Yumpag and, after the quarter ended, collected $118 million in dividends from its Cerro Verde stake. These results confirm an operational turnaround and robust cash generation, pointing to a likely positive stock reaction.