The sharp improvement in fundamentals and strong balance sheet position support continued outperformance. Traders should monitor H2 2026 production ramp-up and progress on the Furnas project as next catalysts.
Price Chart
Executive Summary
Ero Copper reported record Q4 and full-year 2025 results, driven by strong copper and gold production, significantly improved financials, and robust cash flow. Full-year adjusted EBITDA surged nearly 90% year-over-year to $409.7 million, while net income turned sharply positive. The company reaffirmed 2026 guidance with expected production growth and highlighted progress on its Furnas growth project.
Key Financial Metrics
Key Facts
- Record Q4 copper production of 19,706 tonnes; full-year 2025 copper production reached 64,307 tonnes
- Full-year 2025 adjusted EBITDA of $409.7 million, up nearly 90% YoY from $216.2 million
- Net income attributable to owners was $263.7 million ($2.53/share) in 2025 vs. a $68.5 million loss in 2024
- Cash flow from operations surged 171.7% YoY to $395.1 million
- Net debt leverage ratio improved to 1.2x from 2.6x in 2024
- Reaffirmed 2026 guidance: 67,500–77,500 tonnes copper and 40,000–50,000 oz gold production
Financial Impact
Revenue increased 67.1% YoY to $785.8 million; adjusted EBITDA up 89.6%; cash flow from operations up 171.7%
Risk Factors
- 2026 production weighted toward H2, which may pressure near-term output
- Higher expected copper C1 costs in H1 2026 ($2.15–$2.35/lb)
- Gold production and costs expected to be weakest in Q1 2026 due to operational transitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3250729 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 6-K | $31.10 $35.32 | ▲ +13.57% | ▲ +12.97% | $37.13 (+19.41%) |
Aug 5, 2026 8w ago | Press Release | $31.10 $35.32 | ▲ +13.57% | ▲ +12.97% | $37.13 (+19.41%) |
Jul 2, 2026 13w ago | 6-K | $26.21 $27.05 | ▲ +3.20% | ▲ +3.62% | $37.13 (+41.68%) |
Jul 2, 2026 13w ago | Press Release | $26.21 $27.05 | ▲ +3.20% | ▲ +3.62% | $37.13 (+41.68%) |
Jun 30, 2026 13w ago | 6-K | $26.75 $26.20 | ▼ −2.06% | ▼ −1.03% | $37.13 (+38.82%) |
Jun 30, 2026 13w ago | Press Release | $26.75 $26.20 | ▼ −2.06% | ▼ −1.03% | $37.13 (+38.82%) |
Jun 11, 2026 16w ago | Institutional Cluster | $27.70 $25.06 | ▼ −9.53% | ▼ −11.42% | $37.13 (+34.06%) |
Jun 10, 2026 16w ago | 6-K | $25.78 $25.06 | ▼ −2.79% | ▼ −6.42% | $37.13 (+44.05%) |
May 20, 2026 19w ago | 6-K | $26.97 $29.75 | ▲ +10.31% | ▲ +9.57% | $37.13 (+37.69%) |
Apr 1, 2026 26w ago | 6-K | $28.10 $25.85 | ▼ −8.01% | ▼ −17.88% | $37.13 (+32.15%) |
US Market Status
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