Hudbay Minerals Inc (NYSE:HBM) reported weaker-than-expected results for the fourth quarter, while announcing mixed 2026 guidance, according to Scotiabank.

The Hudbay Minerals Analyst: Analyst Orest Wowkodaw maintained a Sector Outperform, while cutting the price target from C$37.00 ($27.04) to C$35.30 ($24.48).

The Hudbay Minerals Thesis: The company reported adjusted earnings of 22 cents per share and adjusted EBITDA (ex-deferred revenue) of $386 million, below consensus estimates of 38 cents per share and $419 million, respectively, Wowkodaw said in the note.

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Hudbay Minerals revised its 2026 copper guidance lower by 10% to 110-138kt, which came in "5% below our forecast of 131kt driven by Constancia and Copper Mountain," the analyst stated.

Gold guidance of 217-272k ounces came above estimates of 230k ounces due to Manitoba, he added.

Hudbay Minerals generated positive free cash flows, net of growth capex, of $30 million in the fourth quarter and $189 million in 2025 and announced a 100% hike in its quarterly dividend, Wowkodaw said.

HBM Price Action: Hudbay Minerals shares were up 1.76% at $25.42 at the time of publication on Monday, according to Benzinga Pro data.

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