TSX, NYSE – HBM 2026 No. 10 Hudbay Announces First Quarter 2026 Results and Delivers Record Quarterly Revenue and Adjusted EBITDA
TSX, NYSE – HBM
2026 No. 10
Hudbay Announces First Quarter 2026 Results and Delivers Record Quarterly
Revenue and Adjusted EBITDA
Toronto, Ontario, May 1, 2026 – Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) released
its first quarter 2026 financial results today. All amounts are in U.S. dollars, unless otherwise noted.
“Hudbay delivered another quarter of record revenue, record adjusted EBITDA and record adjusted earnings, driven
by steady operating performance, expanded margins from strong copper and gold exposure and a focus on cost control
across the business ,” said Peter Kukielski, President and Chief Executive Officer. “ Our leading operating cost
performance resulted in record low consolidated cash costs and contributed to continued strong free cash flow
generation in the quarter . All our operations are on track to achieve 2026 production and cost guidance. Building on
our commitment to prudent balance sheet management, we ended the quarter with over $1 billion in cash and cash
equivalents. Our enhanced financial flexibility positions us well to advance the development of Copper World, invest in
high-return opportunities at our operations and de-risk the Cactus project upon completion of the acquisition of Arizona
Sonoran to deliver attractive growth and maximize long-term risk-adjusted returns for stakeholders.”
Achieved Record Adjusted EBITDA Driven by Stable Copper and Gold Production and Industry -Leading
Margins; 2026 Production and Cost Guidance Reaffirmed
● Achieved record quarterly revenue of $757.3 million, record quarterly adjusted EBITDAi of $421.9 million and
record adjusted net earnings attributable to owners of $159.1 million in the first quarter, driven by steady
operating performance, expanding margins from strong copper and gold exposure and a focus on cost control
across the business.
● Consolidated copper and gold production of 27,929 tonnes and 61,700 ounces, respectively, in the first quarter
was in line with quarterly cadence expectations.
● Industry-leading cost performance continues with record low consolidated cash costi and sustaining cash costi,
net of by-product credits, of $(1.80) and $0.00, respectively, in the first quarter.
● Reaffirmed full year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper
and 217,000 to 272,000 ounces of gold. Reaffirmed 2026 cost guidance, including consolidated cash cost i
guidance of $(0.30) to $(0.10) per pound of copper and sustaining cash cost i guidance of $1.70 to $2.10 per
pound of copper.
● Peru operations produced 20,573 tonnes of copper and 8,770 ounces of gold in the first quarter of 2026, in
line with quarterly cadence expectations after the depletion of Pampacancha at the end of 2025, offset by
record mill throughput during the first quarter. Peru cash cost i, net of by-product credits, of $0.70 was better
than expected as the Peru operations demonstrated strong cost control and benefitted from higher by-product
prices.
● Manitoba operations produced 47,743 ounces of gold, 2,535 tonnes of copper, 4,565 tonnes of zinc and
213,208 ounces of silver in the first quarter of 2026, in line with quarterly cadence expectations . Manitoba
cash costi of $408 per ounce of gold outperformed the low end of the 2026 annual guidance range of $500 to
$800 per ounce as a result of higher by-product prices.
● British Columbia operations produced 4,821 tonnes of copper, 5,187 ounces of gold and 43,042 ounces of
silver in the first quarter of 2026, in line with quarterly cadence expectations. British Columbia cash cost i of
$2.41 per pound of copper was within the 2026 annual cost guidance range of $1.50 to $2.50 per pound.
● First quarter net earnings attributable to owners and earnings per share attributable to owners were $190.4
million and $0.48, respectively, reflecting the strong gross profit margins as a result of higher metal prices.
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After adjusting for various non-cash items on a pre-tax basis, first quarter adjusted earnings i per share
attributable to owners was $0.40.
● Cash and cash equivalents were $1,003.8 million and total liquidityii was $1,429.0 million at the end of the first
quarter of 2026, benefit ting from the approximate $420 million initial cash contribution from Mitsubishi
Corporation ("Mitsubishi") received on closing of the Copper World joint venture transaction in January 2026.
Continued Strong Financial Discipline and Prudent Balance Sheet Management
● Hudbay's unique copper and gold diversification across its operations provides exposure to higher copper and
gold prices, which together with a focus on cost control across the business, continues to expand margins and
generate attractive free cash flow.
● While the majority of Hudbay's revenue continues to be derived from copper production, revenue from gold
production represents a meaningful portion of total revenues. Gold revenues were 39% of gross revenue in
the first quarter of 2026.
● Delivered free cash flowi generation of $102.3 million during the first quarter of 2026.
● Achieved record quarterly adjusted EBITDA i of $421.9 million in the first quarter of 2026, resulting in record
trailing twelve month adjusted EBITDAi of $1,195.6 million.
● Net debti decreased by $434.1 million to $5.6 million as at March 31, 2026 compared to $439.7 million at
December 31, 2025, benefitting from the closing of the Copper World joint venture transaction in January
2026.
● Net debt to adjusted EBITDA ratioi was 0.0x in the first quarter of 2026, significantly improved from 0.4x in the
fourth quarter of 2025 as a result of the initial proceeds received Mitsubishi on closing of the Copper World
joint venture transaction.
● Consistent with Hudbay’s prudent balance sheet management and focus on cost of capital, following the
quarter, Hudbay repaid its outstanding 2026 senior unsecured notes on maturity on April 1, 2026, using a
combination of cash on hand and a $272 million draw on its low -cost revolving credit facilities, providing the
Company with continued financial flexibility in advance of a Copper World sanctioning decision later this year.
● Hudbay’s enhanced Capital Allocation Framework is embedded into its annual financial planning cycle to
provide a holistic approach to capital allocation decisions to maximize long-term risk-adjusted returns,
including capital deployment into brownfield projects, greenfield projects, strategic investments and
exploration, while considering debt repurchases, share buybacks and dividends.
Advancing Generational Growth Investments to Further Enhance Copper and Gold Exposure
● Released annual reserve and resource update with mine life extensions and improved three-year production
outlook, including a 24% increase in consolidated average annual copper production over the next three years,
a four year mine life extension in Snow Lake to 2041 and a two year mine life extension at Copper Mountain
to 2045.
● Closed the accretive $600 million joint venture transaction with Mitsubishi in January 2026, securing a premier,
long-term 30% strategic partner for the development of Copper World. The Copper World definitive feasibility
study (“DFS”) is on track for completion in mid-2026 with a project sanctioning decision expected in 2026.
● Received key permit amendments for the New Ingerbelle expansion project at Copper Mountain, enhancing
the copper and gold production profile and securing a longer mine life.
● Announced acquisition of Arizona Sonoran Copper Company Inc. ("ASCU") to bring together two highly
complementary copper growth assets in Arizona and strengthen Hudbay’s position as a premier Americas -
focused copper company with a pipeline of long‑ life, low‑cost assets located in tier -one jurisdictions. When
completed, the acquisition is expected to enhance Hudbay’s long‑ term copper production profile, expand its
U.S. growth pipeline, and benefit from increasing demand for domestically produced critical minerals in the
U.S. through the staged development of Copper World and Cactus.
● Continued to advance a large Snow Lake exploration program to further increase near -term production and
mineral reserves, test regional satellite deposits for additional mill feed to utilize available capacity at Stall and
explore the large land package for a new anchor deposit to meaningfully extend mine life.
● Increased drilling activities at the copper-gold-zinc Talbot deposit near Snow Lake with eight drill rigs deployed
and several step-out drill holes indicating resource expansion potential.
● Advancing plans to initiate a pre-feasibility study for the Mason copper project in Nevada.
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2026 No. 10
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Summary of First Quarter Results
Hudbay's diversified asset portfolio delivered consolidated copper production of 27,929 tonnes and consolidated gold
production of 61,700 ounces in the first quarter of 2026. Consolidated copper and gold production was lower than the
fourth quarter of 2025 due to the depletion of high grade Pampacancha ore in late 2025, partially offset by higher mill
throughput in all three operations during the first quarter compared to the fourth quarter of 2025. Consolidated silver
production of 787,449 ounces was lower than the fourth quarter of 2025 for similar reasons. Zinc production of 4,565
tonnes in the first quarter of 2026 also declined compared to the previous quarter, primarily reflecting lower ore grades
at the Manitoba operations.
Cash generated from operating activities was $211.3 million and remained relatively consistent with the fourth quarter
of 2025 as a result of a favourable change in non-cash working capital. Operating cash flow before changes in non -
cash working capital was $208.7 million during the first quarter of 2026, reflecting a decrease of $128.2 million from the
fourth quarter of 2025. This decrease primarily relates to higher cash taxes paid in the first quarter of 2026 compared
to the fourth quarter of 2025.
Adjusted EBITDAi was $421.9 million in the first quarter of 2026, achieving a new quarterly record and representing an
increase compared to $385.9 million in the fourth quarter of 2025, as higher realized metal prices resulted in strong
gross profit margins during the quarter.
Net earnings attributable to owners was $190.4 million, or $0.48 per share, in the first quarter of 2026 compared to
$128.0 million, or $0.32 per share, in the fourth quarter of 2025. The increase is a result of lower depreciation due to
the full depletion of Pampacancha realized in the fourth quarter of 2025 as well as increased mark-to-market gains on
investments, partially offset by higher tax expense.
Adjusted net earnings attributable to owners i and adjusted net earnings per share attributable to owners i in the first
quarter of 2026 were $159.1 million and $0.40 per share, respectively, after adjusting for various non-cash items on a
pre-tax basis including a $38.7 million mark-to-market revaluation net gain on various instruments such as investments
and share-based compensation and a non-cash $10.7 million foreign exchange loss, among other items. This compares
to adjusted net earnings attributable to ownersi and net earnings per share attributable to ownersi of $86.0 million and
$0.22 per share, respectively, in the fourth quarter of 2025. The increase is a result of higher realized metal prices and
strong cost control across the operations resulting in higher gross profit margins.
Consolidated cash cost i, net of by -product credits, in the first quarter of 2026 was $(1.80) per pound of copper,
compared to $(0.63) per pound in the fourth quarter of 2025, as Hudbay continued to demonstrate strong cost control
across its operations and benefited from higher by-product metal prices. The decrease in cash costs from the fourth
quarter of 2025 was a result of higher by -product credits reflecting the benefits of Hudbay's diversified asset portfolio
with higher realized prices across all metals.
Consolidated sustaining cash costi, net of by-product credits, in the first quarter of 2026 was $0.00 per pound of copper,
compared to $0.94 per pound in the fourth quarter of 2025. This decrease was primarily due to the same factors
impacting consolidated cash cost noted above, partially offset by planned higher cash sustaining capital expenditures
compared to the first quarter of 2025.
Consolidated all-in sustaining cash costi, net of by-product credits, in the first quarter of 2026 was $0.73 per pound of
copper, lower than the fourth quarter of 2025 due to the same reasons noted above, partially offset by higher corporate
general and administrative ("G&A") costs from the revaluation of Hudbay's share-based compensation due to a higher
share price.
As at March 31, 2026, total liquidity was $1,429.0 million, including $1,003.8 million in cash and cash equivalents, and
undrawn availability of $425.2 million under Hudbay's revolving credit facilities. Net debt i at the end of the first quarter
was $5.6 million, marking a $434.1 million improvement from fourth quarter of 2025 primarily as a result of the cash
received upon closing of the Copper World joint venture transaction.
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2026 No. 10
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On April 1, 2026, Hudbay repaid the outstanding aggregate principal amount of $472.5 million of its 2026 senior
unsecured notes (the "2026 Notes") on maturity using a combination of cash on hand and a $272.0 million draw on its
low-cost revolving credit facilities. After giving effect to this repayment Hudbay's total liquidity decreased by $4 72.5
million to $956.5 million. The repayment of the 2026 Notes using available liquidity is consistent with Hudbay’s prudent
balance sheet management and focus on cost of capital and provides the Company with continued financial flexibility
in advance of a Copper World sanctioning decision later this year. Hudbay expects that the current liquidity, together
with cash flows from operations, will be sufficient to meet the Company's liquidity needs for the year.
1 As at March 31, 2026 cash and cash equivalents includes $370.7 million in cash held by Copper World LLC. These funds are
contractually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group.
2 Net debt and net debt to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under
IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release.
3 Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the
consolidated interim financial statements. Working capital as of March 31, 2026 and December 31, 2025 was impacted by an
increase in the current portion of long-term debt as the 2026 Notes had a maturity date within one year as of the financial reporting
date. Current portion of long-term debt was $472.5 million as of March 31, 2026 (December 31, 2025 - $472.1 million). As disclosed
in this news release, the 2026 Notes were repaid in full on April 1, 2026 using a combination of available cash and a drawdown of
$272 million on the Company's senior secured credit facilities.
Consolidated Financial Performance Three Months Ended
Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025
Revenue $000s 757.3 732.9 594.9
Cost of sales $000s 389.3 462.8 363.6
Earnings before tax $000s 339.0 257.1 171.3
Net earnings $000s 191.5 128.0 99.2
Net earnings attributable to owners $000s 190.4 128.0 100.4
Basic and diluted attributable earnings per
share1
$/share
0.48 0.32 0.25
Adjusted earnings attributable per share1 $/share 0.40 0.22 0.24
Operating cash flow before change in non-
cash working capital
$ millions
208.7 336.9 163.5
Adjusted EBITDA1 $ millions 421.9 385.9 287.2
Free cash flow1 $ millions 102.3 225.0 84.4
1 Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance
measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discus sion
under the “Non-GAAP Financial Performance Measures” section of this news release.
Consolidated Financial Condition
(in $ millions, except net debt to adjusted EBITDA ratio) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025
Cash and cash equivalents and short-term investments1 1,003.8 568.9 582.6
Total long-term debt 1,009.4 1,008.6 1,108.7
Net debt2 5.6 439.7 526.1
Working capital3 407.3 (65.6) 598.0
Total assets 6,896.9 6,223.3 5,507.0
Equity attributable to owners of the Company 3,533.5 3,231.0 2,653.2
Net debt to adjusted EBITDA2 0.0 0.4 0.6
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Consolidated Production and Cost Performance Three Months Ended
Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025
Contained metal in concentrate and doré produced1
Copper tonnes 27,929 33,069 30,958
Gold ounces 61,700 84,298 73,784
Silver ounces 787,449 1,002,985 919,775
Zinc tonnes 4,565 5,703 6,265
Molybdenum tonnes 380 325 397
Payable metal sold
Copper tonnes 29,544 34,132 31,768
Gold2 ounces 66,562 84,424 75,092
Silver2 ounces 923,051 871,006 1,006,968
Zinc tonnes 3,897 3,972 4,857
Molybdenum tonnes 375 190 448
Consolidated cash cost per pound of copper produced3
Cash cost $/lb (1.80) (0.63) (0.45)
Sustaining cash cost $/lb 0.00 0.94 0.72
All-in sustaining cash cost $/lb 0.73 1.43 0.97
1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.
2 Includes total payable gold and silver in concentrate and in doré sold and other secondary products.
3 Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP
financial performance measures with no standardized definition under IFRS. For further information, please see the “Non- GAAP Financial
Performance Measures” section of this news release.
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Peru Operations Review
Peru Operations Three Months Ended
Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025
Constancia ore mined1 tonnes 10,701,375 5,610,915 8,628,279
Copper % 0.29 0.31 0.28
Gold g/tonne 0.03 0.03 0.03
Silver g/tonne 3.11 3.27 3.14
Molybdenum % 0.01 0.01 0.02
Pampacancha ore mined1,2 tonnes — 4,152,000 389,189
Copper % — 0.43 0.44
Gold g/tonne — 0.27 0.26
Silver g/tonne — 4.84 3.68
Molybdenum % — 0.01 0.01
Total ore mined tonnes 10,701,375 9,762,915 9,017,468
Strip ratio3 0.83 0.57 1.02
Ore milled tonnes 8,163,847 7,627,853 8,114,024
Copper % 0.31 0.39 0.30
Gold g/tonne 0.06 0.18 0.05
Silver g/tonne 3.09 4.19 3.22
Molybdenum % 0.01 0.01 0.01
Copper recovery % 81.5 84.5 84.6
Gold recovery % 59.9 74.7 56.5
Silver recovery % 65.4 71.1 66.0
Molybdenum recovery % 36.0 38.8 35.7
Contained metal in concentrate
Copper tonnes 20,573 25,038 20,293
Gold ounces 8,770 32,865 7,869
Silver ounces 531,199 731,017 554,692
Molybdenum tonnes 380 325 397
Payable metal sold
Copper tonnes 21,056 28,361 22,890
Gold ounces 15,162 37,874 14,362
Silver ounces 676,119 650,384 714,654
Molybdenum tonnes 375 190 448
Combined unit operating cost4,5,6 $/tonne 11.61 14.51 11.09
Cash cost5,7 $/lb 0.70 0.57 1.11
Sustaining cash cost5 $/lb 1.43 1.53 1.92
1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore mille d.
2 Pampacancha has been depleted as of December 31, 2025.
3 Strip ratio is calculated as waste mined divided by ore mined.
4 Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected
capitalized stripping costs.
5 Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by -product credits, are non -GAAP
financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial
Performance Measures” section of this news release.
6 Excludes $1.3 million or $0.17 per pound of overhead costs incurred during temporary suspension during the three months ended
December 31, 2025.
7 Excludes approximately $1.3 million or $0.02 per tonne of overhead costs incurred during temporary suspension during the three months
ended December 31, 2025.
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The Peru operations continued to demonstrate steady operating performance with production and costs in line with
expectations after the depletion of Pampacancha at the end of 2025. The Company continues to advance the
installation of pebble crushers at Constancia to increase mill throughput rates starting in the second half of 2026, which
will allow the mine to deliver steady annual copper production, despite lower grades following the depletion of
Pampacancha. Hudbay’s efforts to increase mill throughput align with the Peru Ministry of Energy and Mines’ regulatory
change to allow mining companies to operate up to 10% above permitted levels. On March 6, 2026, Hudbay received
permit approval to increase annual mill throughput capacity to 31. 1 million tonnes from 29.9 million tonnes, providing
the new base for the 10% permitted allowance. As part of the Company’s continuous improvement efforts, plans for
additional mill throughput increases are underway.
In the first quarter of 2026, t he Peru operations produced 20,573 tonnes of copper, 8,770 ounces of gold, 531,199
ounces of silver and 380 tonnes of molybdenum. Production of copper and gold were lower than the fourth quarter of
2025 due to the depletion of Pampacancha at the end of 2025. Hudbay is on track to achieve its 2026 production
guidance for all metals in Peru.
Total ore mined in Peru in the first quarter of 2026 was 10% higher than the fourth quarter of 2025, a sizable increase
due to enhanced fleet efficiency and improved productivity from mining only in the Constancia pit as opposed to two
pits previously. Mining activities in the Pampacancha pit were completed during the fourth quarter of 2025 and the
remaining stockpiled Pampacancha ore was fully processed during January 2026.
Mill throughput levels averaged approximately 90,700 tonnes per day in the first quarter of 2026, achieving a new
quarterly record. Total mill throughput increased to 8.2 million tonnes during the first quarter of 2026, higher than the
fourth quarter of 2025 due to higher mechanical availability as the prior quarter was impacted by the temporary
operational interruption due to social unrest and by a scheduled semi-annual mill maintenance shutdown. Milled copper
and gold grades decreased compared to the four th quarter of 2025, primarily due to Pampacancha depletion in late
2025 which yielded better ore grades. Metal recoveries were in line with expectations and varied due to different
proportions of ore feed from stockpiles and pits.
Combined mine, mill and G&A unit operating cost i in the first quarter of 2026 was $11.61 per tonne, 20% lower than
the fourth quarter of 2025 due to a scheduled semi-annual plant shutdown in November 2025 and lower power costs
related to a new power purchase agreement that came into effect on January 1, 2026.
Cash costi, net of by -product credits, in the first quarter of 2026 was $0.70 per pound of copper, a 23% increase
compared to the fourth quarter of 2025 due to lower gold by -product credits resulting from lower gold sales volumes
offset in part by lower profit sharing, lower power costs as noted above, lower treatment and refining charges and lower
freight costs. However, cash cost for the quarter outperformed the low-end of the 2026 guidance range as a result of
strong operating cost performance and higher by-product prices, despite emerging external cost pressures. Hudbay is
well positioned to achieve the full year 2026 cash cost guidance range in Peru.
Sustaining cash costi, net of by-product credits, in the first quarter of 2026 was $1.43 per pound of copper, a decrease
of 7% compared to the fourth quarter of 2025 due to lower sustaining capital related to lower tailings management
facility construction costs during 2026 and mine maintenance timing, partially offset by higher cash costs noted above.
In April 2026, Constancia was recognized as the safest open pit operation in Peru during the National Mining Safety
Contest for its performance in 2025. This award reflects the Company’s unwavering commitment to safety and validates
Constancia’s compliance with the highest operational safety and regulatory standards.
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Manitoba Operations Review
Manitoba Operations Three Months Ended
Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025
Lalor
Ore mined1 tonnes 349,980 353,819 384,234
Gold g/tonne 4.72 5.51 5.46
Copper % 0.80 0.82 0.95
Zinc % 2.10 2.55 2.42
Silver g/tonne 26.22 29.52 31.23
New Britannia
Ore milled tonnes 181,403 179,808 189,124
Gold g/tonne 6.06 6.68 7.37
Copper % 1.04 1.08 1.18
Zinc % 1.09 1.30 1.00
Silver g/tonne 22.75 31.17 33.35
Gold recovery2 % 90.4 88.6 90.3
Copper recovery % 90.8 88.6 90.3
Silver recovery2 % 82.2 77.1 81.6
Stall Concentrator
Ore milled tonnes 178,981 169,274 215,286
Gold g/tonne 3.26 3.24 3.86
Copper % 0.53 0.69 0.76
Zinc % 3.22 4.32 3.44
Silver g/tonne 29.68 24.97 29.53
Gold recovery % 73.5 71.3 70.1
Copper recovery % 85.9 86.5 88.3
Zinc recovery % 79.3 78.0 84.7
Silver recovery % 57.5 55.6 58.7
Total contained metal in concentrate and doré3
Gold ounces 47,743 47,423 60,354
Copper tonnes 2,535 3,326 3,469
Zinc tonnes 4,565 5,703 6,265
Silver ounces 213,208 214,493 285,603
Total payable metal sold4
Gold ounces 45,274 43,226 55,765
Copper tonnes 2,658 2,024 2,725
Zinc tonnes 3,897 3,972 4,857
Silver ounces 193,472 175,324 232,255
Combined unit operating cost5,6 C$/tonne 254 248 214
Gold cash cost6 $/oz 408 705 376
Gold sustaining cash cost6 $/oz 833 1,110 626
1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
2 Gold and silver recovery includes total recovery from concentrate and doré. Doré includes sludge, slag and carbon fines .
3 Total metal reported in concentrate is prior to deductions associated with smelter terms and includes other secondary products. Doré
includes sludge, slag and carbon fines.
4 lncludes other secondary products.
5 Reflects combined mine, mill and G&A costs per tonne of ore milled.
6 Combined unit costs, cash cost and sustaining cash cost, net of by -product credits, per ounce of gold produced are non -GAAP
financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliat ion,
please see the discussion under the "Non-GAAP Financial Performance Measures" section of this news release.