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Ero Copper

ERO Q1 2026 Earnings

Reported May 4, 2026 at 5:06 PM ET · SEC Source

Q1 26 EPS

$0.69

BEAT +31.98%

Est. $0.52

Q1 26 Revenue

$263.2M

MISS 23.00%

Est. $341.8M

vs S&P Since Q1 26

+5.5%

BEATING MARKET

ERO +6.2% vs S&P +0.7%

Market Reaction

Did ERO Beat Earnings? Q1 2026 Results

Ero Copper posted a sharper-than-expected first quarter for 2026, delivering adjusted EPS of $0.69 against a consensus estimate of $0.52, a beat of nearly 32%, even as reported revenue of $263.17 million fell short of the $341.76 million analysts had… Read more Ero Copper posted a sharper-than-expected first quarter for 2026, delivering adjusted EPS of $0.69 against a consensus estimate of $0.52, a beat of nearly 32%, even as reported revenue of $263.17 million fell short of the $341.76 million analysts had anticipated. The revenue miss came largely from constrained gold output at Xavantina, where a scheduled ventilation and cooling infrastructure installation held production to just 5,495 ounces at elevated all-in sustaining costs of $4,441 per ounce; the tie-in was substantially complete by end of April, and gold output is expected to be heavily weighted toward the second half. On the copper side, the story was considerably stronger, with revenue from that segment climbing to $220.70 million from $109.50 million a year ago, helped by a 36% higher realized copper price of $5.53 per pound and a 48% increase in volumes sold, driving total revenue growth of 110.4% year over year. Adjusted EBITDA nearly doubled to $125.19 million, net debt fell to $490.69 million, and Ero reaffirmed its full-year copper production guidance of 67,500 to 77,500 tonnes alongside capital expenditure of $275 to $320 million, signaling confidence heading into a back-half-weighted year.

Key Takeaways

  • • 48% increase in copper sold and 36% higher realized copper price drove copper revenue growth
  • • Tucumã Operation contributed 8,461 tonnes of copper at low C1 cash cost of $1.97/lb
  • • Strong metal prices with realized copper price of $5.53/lb and realized gold price of $4,195/oz
  • • BRL strengthening against USD generated $53.7 million foreign exchange gain
  • • Caraíba plant debottlenecking initiative from 2025 supporting higher throughput

ERO Forward Guidance & Outlook

Ero reaffirmed all 2026 guidance. Consolidated copper production is guided at 67,500–77,500 tonnes, expected to be H2 weighted. Caraíba copper production is guided at 35,000–40,000 tonnes with C1 cash costs of $2.30–$2.50/lb. Tucumã copper production is guided at 32,500–37,500 tonnes with C1 cash costs of $1.95–$2.15/lb. Consolidated copper C1 cash costs are guided at $2.15–$2.35/lb, with costs above range in H1 and declining in H2. Xavantina gold production is guided at 40,000–50,000 ounces with C1 cash costs of $1,000–$1,250/oz and AISC of $2,000–$2,500/oz, heavily H2 weighted following completion of ventilation upgrades. Capital expenditure guidance is maintained at $275–$320 million. Gold concentrate sales are expected to increase meaningfully as the rainy season ends. A project update on Furnas is expected mid-2026.

24/7 Wall St

ERO YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

ERO Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our copper operations delivered a solid start to the year, and our Xavantina Operation undertook necessary ventilation and cooling circuit upgrades and subsequent tie-in that, together with the mechanization work completed in 2025, we expect will allow Xavantina to continue to deliver well into the future, particularly since the deposit remains completely open at depth.”

— Makko DeFilippo, Q1 2026 Earnings Press Release

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