Financials Hudbay Minerals Inc.

Equities

HBM

CA4436281022

Specialty Mining & Metals

Market Closed - Toronto S.E. Other stock markets 02:30:00 11/02/2026 am IST			5-day change	1st Jan Change
34.43 ^CAD	-2.05%		+4.46%	+26.35%

04/02	Scandium Canada Ltd. Announces Return of Jeff Swinoga to Its Board of Directors as Chairman, Effective February 4, 2026	CI
04/02	Osisko Metals Raises $15 Million Via "Bought-Deal" Flow-Through Share Financing	MT

Projected Income Statement: Hudbay Minerals Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,092	1,502	1,461	1,690	2,021	2,228	2,782	3,187
Change	-	37.49%	-2.7%	15.64%	19.6%	10.21%	24.9%	14.57%
EBITDA ¹	306.7	547.1	475.9	647.8	822.5	1,179	1,550	1,846
Change	-	78.38%	-13.01%	36.12%	26.97%	43.33%	31.46%	19.1%
EBIT ¹	-37.19	189	138.3	256.1	395.9	898.6	1,153	1,385
Change	-	608.24%	-26.83%	85.18%	54.59%	126.97%	28.3%	20.1%
Interest Paid ¹	-141.9	-221	-118.5	-145.3	-148.7	-50.08	-62.92	-63.6
Earnings before Tax (EBT) ¹	-179.1	-202.8	95.8	151.8	251.6	945.9	1,083	1,452
Change	-	-13.21%	147.25%	58.46%	65.74%	275.94%	14.51%	34.08%
Net income ¹	-144.6	-244.4	70.38	66.37	76.7	606.7	628.8	813.1
Change	-	-69.01%	128.8%	-5.7%	15.57%	691.04%	3.64%	29.3%
Announcement Date	18/02/21	23/02/22	23/02/23	23/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	322.3	313.6	404.2	359	425.2	378.6	415.5	346.2	321.2	295.2	312.2	480.5	602.2	525	425.5	485.8	584.9	594.9	536.4	346.8	739.8	705.5	711.3	749.4	775.1	862.1	868.7	864.8
Change	-	-2.69%	28.89%	-11.2%	18.44%	-10.95%	9.73%	-16.68%	-7.21%	-8.09%	5.74%	53.91%	25.34%	-12.82%	-18.95%	14.16%	20.41%	1.71%	-9.83%	-35.35%	113.31%	-4.63%	0.82%	5.36%	3.43%	11.22%	0.76%	-0.44%
EBITDA ¹	106.9	104.2	143.2	119.3	180.3	110.2	141.4	99.3	124.7	101.9	81.2	190.7	274.4	214.2	145	206.2	257.3	287.2	245.2	142.6	420.4	398.8	402.7	419.4	423.4	502.9	507.9	474.7
Change	-	-2.53%	37.43%	-16.69%	51.13%	-38.88%	28.31%	-29.77%	25.58%	-18.28%	-20.31%	134.85%	43.89%	-21.94%	-32.31%	42.21%	24.78%	11.62%	-14.62%	-41.84%	194.83%	-5.15%	0.97%	4.16%	0.95%	18.77%	1%	-6.54%
EBIT ¹	7.179	21.5	43.9	32.85	90	29.1	54.1	9.5	45.3	34.5	-7.5	76.9	152.5	104.9	47.4	108.7	135.1	179.1	148.8	59.9	291.5	296.6	304.3	301.7	332.2	379.9	385.9	351.9
Change	-	199.48%	104.19%	-25.17%	173.98%	-67.67%	85.91%	-82.44%	376.84%	-23.84%	-121.74%	1,125.33%	98.31%	-31.21%	-54.81%	129.32%	24.29%	32.57%	-16.92%	-59.74%	386.65%	1.73%	2.63%	-0.88%	10.12%	14.35%	1.58%	-8.81%
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-15.6	-14.8	-13	-12	-11	-11	-10	-7	-7	-7
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	153.1	330.5	287.8	276.7	295.3	274.9	320.6	370.4	377.4	344
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	115.87%	-12.93%	-3.85%	6.72%	-6.89%	16.59%	15.54%	1.88%	-8.85%
Net income ¹	7.406	-60.1	-3.395	-170.4	-10.45	63.82	32.14	-8.135	-17.44	5.457	-14.93	45.5	30.72	18.54	-16.58	50.4	21.2	99.2	117.7	222.4	136.8	170.1	182	169	196.9	227.2	231.1	210.8
Change	-	-911.53%	94.35%	-4,919.47%	93.87%	710.49%	-49.63%	-125.31%	-114.39%	131.29%	-373.63%	404.71%	-32.49%	-39.66%	-189.47%	403.93%	-57.94%	367.92%	18.65%	88.95%	-38.47%	24.31%	6.97%	-7.15%	16.56%	15.38%	1.71%	-8.8%
Announcement Date	18/02/21	11/05/21	09/08/21	03/11/21	23/02/22	09/05/22	08/08/22	02/11/22	23/02/23	08/05/23	08/08/23	08/11/23	23/02/24	14/05/24	13/08/24	13/11/24	19/02/25	12/05/25	13/08/25	12/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Hudbay Minerals Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	760	987	958	1,038	526	431	-446	-1,283
Change	-	29.87%	-2.94%	8.35%	-49.33%	-18.01%	-203.48%	-187.67%
Announcement Date	18/02/21	23/02/22	23/02/23	23/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Hudbay Minerals Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	361.2	377.4	309	281.1	350.1	540	548.4	729.3
Change	-	4.5%	-18.14%	-9.02%	24.55%	54.25%	1.55%	32.97%
Free Cash Flow (FCF) ¹	-121.7	6.383	178.8	195.8	316.1	188.3	634	704.6
Change	-	105.24%	2,701.86%	9.45%	61.48%	-40.43%	236.65%	11.15%
Announcement Date	18/02/21	23/02/22	23/02/23	23/02/24	19/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Hudbay Minerals Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	28.08%	36.42%	32.56%	38.33%	40.69%	52.93%	55.71%	57.91%
EBIT Margin (%)	-3.4%	12.58%	9.46%	15.15%	19.59%	40.34%	41.44%	43.44%
EBT Margin (%)	-16.39%	-13.5%	6.56%	8.98%	12.45%	42.46%	38.93%	45.56%
Net margin (%)	-13.24%	-16.27%	4.82%	3.93%	3.79%	27.24%	22.6%	25.51%
FCF margin (%)	-11.14%	0.42%	12.24%	11.58%	15.64%	8.45%	22.79%	22.11%
FCF / Net Income (%)	84.18%	-2.61%	254.1%	294.95%	412.13%	31.04%	100.82%	86.66%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	-8.15%	1.45%	1.73%	3.62%	7.6%	11.31%	20.47%	19.83%
Financial Health
Leverage (Debt/EBITDA)	2.48x	1.8x	2.01x	1.6x	0.64x	0.37x	-	-
Debt / Free cash flow	-6.25x	154.67x	5.36x	5.3x	1.66x	2.29x	-	-
Capital Intensity
CAPEX / Current Assets (%)	33.06%	25.13%	21.14%	16.63%	17.32%	24.24%	19.71%	22.88%
CAPEX / EBITDA (%)	117.76%	68.99%	64.92%	43.39%	42.57%	45.81%	35.39%	39.51%
CAPEX / FCF (%)	-296.77%	5,913.1%	172.75%	143.6%	110.76%	286.78%	86.51%	103.49%
Items per share
Cash flow per share ¹	0.9257	1.851	1.494	1.833	1.832	1.845	2.829	3.321
Change	-	99.91%	-19.27%	22.71%	-0.06%	0.72%	53.3%	17.39%
Dividend per Share ¹	0.02	0.0157	0.0147	0.0148	0.0141	0.0126	0.0148	0.0149
Change	-	-21.4%	-6.55%	0.75%	-4.8%	-10.22%	16.92%	0.61%
Book Value Per Share ¹	6.506	5.65	5.999	-	-	8.173	9.518	11.69
Change	-	-13.16%	6.17%	-	-	-	16.45%	22.81%
EPS ¹	-0.55	-0.93	0.27	0.22	0.2	1.537	1.618	2.139
Change	-	-69.09%	129.03%	-18.52%	-9.09%	668.47%	5.3%	32.14%
Nbr of stocks (in thousands)	2,61,272	2,61,525	2,61,903	3,48,908	3,93,934	3,96,149	3,96,149	3,96,149
Announcement Date	18/02/21	23/02/22	23/02/23	23/02/24	19/02/25	-	-	-