Ero Copper (TSE:ERO)
TSX:ERO
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.44Last Year’s EPS
0.48Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted meaningful operational and financial progress: record quarterly revenue and EBITDA, several production records across mines, a successful gold concentrate program, improved liquidity and materially lower leverage, and a highly economic Furnas PEA that materially strengthens long‑term growth prospects. Offsetting these positives are operational disruptions (OEM part quality, pulled-forward maintenance), higher logistics and TC/RC costs, rainy‑season constraints on gold concentrate shipments, and resource conversion risk at Furnas (high inferred proportion). On balance, the positive operational momentum, strong Q4 financial performance, clear deleveraging plan and a robust Furnas PEA outweigh the near-term operational and seasonal challenges.Company Guidance
Furnas PEA Delivers Strong Economics
Preliminary Economic Assessment (PEA) for Furnas: expected to produce >1.2 million tonnes of copper, 2 million ounces of gold and 9 million ounces of silver over a 24-year mine life. Over first 15 years: ~70,000 t Cu/year, ~111,000 oz Au/year and >500,000 oz Ag/year at first-quartile C1 cash costs of ~$0.24/lb Cu. PEA returns: after-tax NPV ≈ $2 billion and IRR >27% on ~$1.3 billion initial capital.
Record Q4 Operational Performance at Multiple Mines
Caraíba: Q4 mill throughput nearly 1.2 million tonnes (up 18% vs Q3) and copper production +15% q/q (Q4 best quarter). Tucumã: Q4 copper production +22% q/q, a record for the operation. Xavantina: production +53% q/q as mechanization progressed.
Gold Concentrate Program Unlocks Incremental Value
Xavantina gold concentrate program produced an incremental ~15,000 ounces of gold in Q4; total Xavantina gold (mine production + concentrate shipments) was ~20,000 oz in Q4 and >50,000 oz for full year 2025. Company expects continued concentrate sales through 2026 (seasonal cadence).
Strong Financial Results and Margin Expansion
Record quarterly revenue of $320 million, $143 million higher vs Q3 (≈81% increase). Adjusted EBITDA grew to $186.7 million in Q4 and $409.7 million for the full year. Adjusted net income attributable to owners: $108.4 million Q4 and $220.4 million FY (EPS $1.04 Q4, $2.12 FY).
Improved Liquidity and Deleveraging
Liquidity at quarter end $150.4 million (cash $105.4M + $45M undrawn). Net debt fell to ≈$502 million from $545 million at end of Q3 (≈$43M reduction, ~7.9% decline). Net debt / EBITDA improved to 1.2x at Q4 from 1.9x in Q3 (material leverage improvement). Company targets <1x before returning capital to shareholders and plans to fully pay down $155M revolver in 2026.
2026 Operational Guidance and Exploration Plans
Consolidated copper production guidance for 2026: 67,500–77,500 tonnes (weighted to H2). Xavantina mine production guidance: 40,000–50,000 ounces. Exploration: planned additional 50,000 meters of drilling at Furnas in 2026 (part of multi-year program). Capital spending expected to decline as major projects move past peak spend.
Lower Gold C1 Costs and Sustained Operational Momentum
Gold C1 cash cost per ounce declined ≈29% q/q in Q4. Management expects to sustain Q4 operational performance into 2026 and pursue further low-cost enhancements (e.g., magnetite recovery, gravity pre-concentration) to boost byproduct revenue.
TSE:ERO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:ERO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 05, 2026 | C$39.40 | C$37.64 | -4.47% |
Nov 04, 2025 | C$28.03 | C$29.17 | +4.07% |
Jul 31, 2025 | C$18.75 | C$18.51 | -1.28% |
May 05, 2025 | C$17.53 | C$19.46 | +11.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ero Copper (TSE:ERO) report earnings?
Ero Copper (TSE:ERO) is schdueled to report earning on May 04, 2026, After Close (Confirmed).
What is Ero Copper (TSE:ERO) earnings time?
Ero Copper (TSE:ERO) earnings time is at May 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:ERO EPS forecast?
TSE:ERO EPS forecast for the fiscal quarter 2026 (Q1) is 1.44.