By Adriano Marchese

Hudbay Minerals posted a stronger fourth-quarter profit as rising metals prices and a one-time insurance payout tied to wildfire evacuations in Manitoba helped lift results.

The Canadian mining company on Friday posted a jump in net income to $128 million, or 32 cents a share, up from $21.2 million, or 5 cents a share, in the comparable quarter a year ago.

The company benefited from higher metals prices as well as a $25 million business-interruption insurance recovery for a mandatory evacuation in Manitoba due to wildfires in the year.

On an adjusted basis, which strips out one-off items such as the wildfire insurance benefit, earnings came to 22 cents a share. According to FactSet, analysts were expecting 38 cents a share.

Revenue rose to $732.9 million from $584.9 million, shy of the $736.4 million forecasted by analysts.

Production in the quarter fell nearly across all its metals, with a 24% decline in copper to 33,069 metric tons, a 10% decline in gold to 84,298 ounces, and a 24% drop in silver output to 1 million ounces. Zinc also fell 32% to 5,703 tons. Output of molybdenum was the only one to buck the trend, with production reaching 325 tons, up from 195 tons.

Despite the lower production of gold, Hudbay said that the precious metal continues to be a growing contributor to its performance, now contributing 41% of its revenue in the quarter.

For the year, the company expects to produce 124,000 tons of copper, a 5% increase over 2025 levels, but lower gold production of 244,500 ounces, it said.

Capital expenditures at the operations are expected to be $140 million in 2026, including $23 million in deferrals from the year before.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 20, 2026 06:52 ET (11:52 GMT)

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