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CEO Message

Our theme this year is not a boast about things we’ve done. Rather, it is a commitment to a goal we are pursuing relentlessly across Hudbay, in everything we do – in performance, in sustainability, as an employer and as a neighbour – to set the Gold Standard in Copper. Our achievements in 2025 exemplified this commitment.”

Peter Kukielski President and CEO
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Business and Financial Review

In 2025, Hudbay delivered record-breaking financial performance and established a groundbreaking joint venture partnership. Manitoba and Peru both overcame considerable external challenges to achieve our full-year consolidated copper guidance for the 11th consecutive year and consolidated gold guidance for the fifth consecutive year since establishing stand-alone gold guidance. We are also proud to have outperformed our twice-improved annual cost guidance.

$2.2 billion

in annual revenue

$1.1 billion

in annual adjusted EBITDA*

$600 million

joint venture transaction with Mitsubishi Corporation

11th

consecutive year in which Hudbay achieved its annual consolidated copper production guidance

5th

consecutive year of achieving annual consolidated gold production guidance

C$0.01 per share

new quarterly dividend introduced

Adjusted EBITDA is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2025.

People

We are dedicated to creating a safe, inclusive and empowering workplace where people can thrive and achieve their full potential. By investing in our employees’ well-being, professional development and success, we cultivate a values-driven culture that fuels our continued growth.

99.8%

local employment at our Peru Business Unit

17%

Indigenous employment at our Manitoba Business Unit

13%

Indigenous employment at our BC Business Unit

Phase 1 of the Copper World project is estimated to create 400 direct and 3,000 indirect jobs

Feature Story

Strengthening Ties with Indigenous Communities

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Communities

Our success is directly linked to the lasting benefits our presence creates for communities near our operations. By focusing on local procurement, strategic partnerships and targeted investments that create local opportunities, we build enduring relationships grounded in mutual respect and shared prosperity.

$414.1 million

paid in employee wages and benefits

$16.2 million

in community investments

Recognized for 2025 as the private mining firm with the highest number of Works for Taxes projects in Peru

Our Manitoba Business Unit expanded its Indigenous Relations team

Feature Story

Controlling Dust and Building
Support at Copper World

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Planet

We recognize our obligation to care for our planet and the natural world. As we develop a mine, we are committed to safety and innovation and continually seek new ways to reduce our environmental impact.

84%

of total water used was recycled or reused

31%

of waste rock was recycled

Our Peru and Manitoba business units both received AAA ratings across biodiversity indicators that align with the TSM Biodiversity Conservation Management Protocol and the IFC Ecosystem Services Performance Standard

Copper World is planned to be a net-neutral water user, recharging 100% of the water it extracts back into the local aquifer

Feature Story

Managing Biodiversity at Copper Mountain

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Downloads

2025 Annual Report PDF file (opens in new window)
2025 Annual Report
GRI and SASB Index PDF file (opens in new window)
Sustainability Performance Data PDF file (opens in new window)
Climate-Related Disclosure Supplement PDF file (opens in new window)
Laptop computer screen showing the cover of the Hudbay 2025 Annual Report.