Ero Copper Q1 Earnings Call Highlights

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Wed, May 6, 2026 astatine 6:09 AM CDT 9 min read

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Key Points

Strong 4th and deleveraging progress: Q1 gross roseate to $263.2M (from $125.1M), adjusted EBITDA doubled to $125.2M and adjusted nett income was $72.4M ($0.69/sh); disposable liquidity was $146M and nett indebtedness fell to $491M, reducing leverage to astir 1x, with deleveraging the apical capital-allocation priority.
Currency/hedge impact: A stronger Brazilian existent raised reported C1 currency costs by astir $0.06/lb, but Ero realized a $7.3M FX summation successful Q1 and says its foreign-exchange collars support currency flows beneath BRL 5.54, implying an estimated $45–50M realized FX summation for the afloat twelvemonth if the existent holds.
Operational outlook and projects: Caraíba deed >1M tonnes throughput but faces people variability, Tucumã costs stay successful enactment with guidance, and Xavantina is transitional aft ventilation/cooling upgrades; absorption expects accumulation and ore income to beryllium weighted to the 2nd fractional and is installing tailings filters and advancing the Pilar shaft to boost throughput exiting 2026.
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Ero Copper (NYSE:ERO) executives said first-quarter results reflected a twelvemonth of portfolio investments and hazard absorption initiatives, portion besides highlighting the interaction of a stronger Brazilian existent and broader manufacture outgo pressures.

During the company’s archetypal 4th 2026 net call, President and CEO Makko DeFilippo described 3 themes helium said are shaping the existent operating backdrop: beardown enthusiasm for copper amid “tight supply” and a deficiency of prime improvement assets; “sector-wide outgo inflation” that is “a crushed information reality”; and increasing capitalist attraction connected Brazil, which helium said has contributed to a “considerable strengthening of the Brazilian existent against the U.S. dollar,” straight affecting Ero’s outgo base.

Financial results and overseas speech hedges

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Executive Vice President and CFO Wayne Drier said first-quarter gross was $263.2 million, up from $125.1 cardinal successful the archetypal 4th of 2025. He attributed the summation to stronger copper accumulation astatine Caraíba and Tucumã, higher realized copper and golden prices, and the publication of golden ore income astatine Xavantina.

Drier reported consolidated copper C1 currency outgo of $2.39 per pound, up astir 8% year-over-year. He said portion of the summation was driven by the stronger Brazilian real, which raised reported C1 costs by astir $0.06 per lb versus the company’s budgeted BRL 5.40 speech rate.

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