Ero Copper Reports Record 2025 Financials & Operations, Unveils Strong 2026 Guidance and $2.0B NPV Furnas Project
Summary
Ero Copper Corp. announced record full-year 2025 financial and operational results, including a significant increase in revenue and net income, alongside a strong balance sheet improvement. The company also unveiled positive 2026 guidance and a compelling PEA for its Furnas Copper-Gold Project with a $2.0 billion after-tax NPV.
Key Events
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Record 2025 Financial Performance
Full-year 2025 revenue reached $785.8 million, net income was $266.9 million, Adjusted EBITDA hit $409.7 million, and cash flow from operations was $395.1 million, all representing significant increases over 2024.
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Strong Operational Results
The company achieved record consolidated copper production of 64,307 tonnes in 2025, driven by the successful ramp-up of the Tucumã Operation and record mill throughput at Caraíba. Gold production at Xavantina also saw a 52.5% quarter-on-quarter increase in Q4 2025.
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Compelling Furnas Copper-Gold Project PEA
The inaugural PEA for the Furnas Project outlines a large-scale operation with an after-tax NPV (8%) of $2.0 billion and an after-tax IRR of 27.0%, based on initial capital expenditures of approximately $1.3 billion.
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Positive 2026 Production and Cost Guidance
Ero Copper expects consolidated copper production of 67,500 to 77,500 tonnes in 2026, an increase of up to 20% from 2025, with gold production from Xavantina projected at 40,000 to 50,000 ounces.
Analysis
Ero Copper Corp. has reported exceptional financial and operational results for the full year 2025, marking a significant turnaround and setting a strong foundation for future growth. The company achieved record revenues, net income, Adjusted EBITDA, and cash flow from operations, driven by increased copper and gold production. The balance sheet also saw substantial improvement, with the net debt to Adjusted EBITDA ratio decreasing significantly. Furthermore, the inaugural Preliminary Economic Assessment (PEA) for the Furnas Copper-Gold Project outlines a large-scale, long-life operation with compelling economics, representing a major future growth driver. The positive 2026 production and cost guidance reinforces the company's optimistic outlook.
At the time of this filing, ERO was trading at $25.97 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $9.30 to $39.80. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.