Overview

* Ero Copper ( ERO ) Q3 revenue missed analyst expectations, adjusted EBITDA also missed

* Record copper production of 16,664 tonnes in Q3 2025 at $2.00/lb cash cost

* Net income for Q3 was $36.0 mln, reflecting strong financial performance

Outlook

* Ero Copper ( ERO ) maintains full-year copper production guidance at 67,500 to 80,000 tonnes

* Company expects Q4 2025 to be the strongest production quarter of the year

* Tucumã Operation's C1 cash costs revised to $1.35-$1.55 per pound

Result Drivers

* RECORD COPPER PRODUCTION - Consolidated copper production reached a record 16,664 tonnes, driven by higher output at Tucumã and consistent production at Caraíba

* TUCUMÃ PRODUCTION INCREASE - Tucumã Operation increased copper production by 19% quarter-on-quarter due to improved plant throughput

* GOLD PRODUCTION GROWTH - Xavantina's gold production rose 17% quarter-on-quarter, aided by mechanized mining transition

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $177.10 $219.10

Revenue mln mln (3

Analysts

)

Q3 $27.90

Adjusted mln

Net

Income

Q3 Net $36.50

Income mln

Q3 Miss $77.10 $114.40

Adjusted mln mln (7

EBITDA Analysts

)

Q3 Cash $110.30

Flow mln

from

Operatio

ns

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialty mining & metals peer group is "buy"

* Wall Street's median 12-month price target for Ero Copper Corp ( ERO ) is C$32.50, about 10.8% above its November 3 closing price of C$28.99

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 5 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)