Ero Copper Q2 revenue beats estimates, reaffirms 2026 copper production guidance

Ero Copper

05/08/2026 22:26

Overview
Canada copper and gold miner's Q2 revenue beat analyst expectations
Adjusted EBITDA for Q2 missed analyst estimates
Company reaffirmed 2026 copper production and cost guidance, updated gold cost and capex guidance

Outlook
Ero Copper maintains 2026 copper production guidance at 67,500-77,500 tonnes, with H2 output higher
Company updates 2026 gold cost guidance to $1,100-$1,350/oz C1 cash cost, $2,200-$2,700/oz AISC
2026 capital expenditure guidance raised to $285-$330 mln, up from $275-$320 mln

Result Drivers
HIGHER GOLD OUTPUT - Gold production at Xavantina rose 170% quarter-on-quarter, driven by improved mining rates and increased recovery from historic concentrate stockpiles
OPERATIONAL IMPROVEMENTS - Plant throughput at Tucumã increased 27% quarter-on-quarter, and Caraíba saw slightly higher throughput and recovery rates
COST SAVINGS & HEDGING - Renegotiated supply contracts, improved smelting and refining terms, and foreign exchange hedging offset inflation and currency impacts

Company press release: ID:nGNX65yB2S

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$284.3 mln
$276.33 mln (3 Analysts)
Q2 Adjusted Net Income
 
$87.4 mln
 
Q2 Net Income
 
$90.7 mln
 
Q2 Adjusted EBITDA
Miss
$144 mln
$155.57 mln (6 Analysts)
Q2 Cash Flow from Operations
 
$137.9 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialty mining & metals peer group is "buy"
Wall Street's median 12-month price target for Ero Copper Corp. is C$50.00, about 22.5% above its August 4 closing price of C$40.82
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

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Aug 4 - Hecla Mining Q2 revenue falls sequentially on lower metal prices

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)