Ero Copper Reports Record Third Quarter 2026 Results
Ero Copper posted record Q3 2026 results with revenue of $348.0 million, adjusted EBITDA of $200.6 million (up 39% QoQ), and diluted EPS of $1.10 (adjusted $1.22). Strong free cash flow let the company cut net debt by roughly $100 million in the quarter to $353.5 million, improving its leverage ratio to 0.5x from 1.2x at year-end 2025, while liquidity rose to $264.1 million. Copper production of 18,345 tonnes rose 6% sequentially and gold output jumped 23%, helped by a record 17,414 ounces recovered from historic concentrate stockpiles at just $621/oz C1 cash cost.
Key figures
- Eps
- 1.1
- Revenue
- 348000000
- Guidance
- Copper production unchanged at 67,500-77,500 tonnes; consolidated copper C1 cost guidance raised to $2.25-$2.45/lb (from $2.15-$2.35); Xavantina total gold raised to 75,000-80,000 oz but mined gold cut to 30,000-35,000 oz with mined gold C1 raised to $1,650-$1,800/oz and AISC to $3,300-$3,600/oz; capex unchanged at $285-$330M
- Net debt
- 353500000
- Gross profit
- 169600000
- Adjusted ebitda
- 200600000
- Gold production oz
- 25258
- Adjusted ebitda qoq
- 39%
- Adjusted net income
- 129300000
- Available liquidity
- 264100000
- Adjusted eps diluted
- 1.22
- Copper c1 usd per lb
- 2.51
- Net debt leverage ratio
- 0.5x
- Copper production tonnes
- 18345
- Cash flow from operations
- 191200000
- Fx hedge realized gains ytd
- 30300000
- Net debt reduction qoq usd m
- approximately $100 million
AI analysis
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