Financials Ero Copper Corp.

Equities

Market Closed - Toronto S.E. Other stock markets 04:00:00 2025-06-20 pm EDT			5-day change	1st Jan Change
20.97 ^CAD	-0.52%		+2.74%	+8.20%

May. 06	Ero Copper Brief: National Bank Expects To See a Rebound In Valuation Multiple	MT
May. 06	Ero Copper Brief: But National Bank Also Notes More Certainty On FCF Inflection Through H2/25 and Fewer Concerns With Near Term Liquidity Needs	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	403.8	631.9	585.8	575.6	670.2	1,132	1,376	1,418
Change	-	56.5%	-7.3%	-1.73%	16.43%	68.96%	21.53%	3.04%
EBITDA ¹	258	428.1	286.6	247	308.1	600.8	780.7	818.6
Change	-	65.91%	-33.06%	-13.8%	24.7%	95.02%	29.95%	4.85%
EBIT ¹	188.3	351.1	178.3	135.2	183.5	441.9	639.5	684.1
Change	-	86.41%	-49.21%	-24.15%	35.69%	140.81%	44.73%	6.98%
Interest Paid ¹	-17.57	-11.83	-31.61	-17.99	-18.22	-42.72	-46.85	-59.25
Earnings before Tax (EBT) ¹	-	-	-	151.3	-107.5	418.6	389.9	472
Change	-	-	-	-	-171.06%	489.42%	-6.86%	21.05%
Net income ¹	64.32	259.4	139.9	125	-97.58	345.4	399.6	463.2
Change	-	303.29%	-46.07%	-10.67%	-178.09%	453.97%	15.7%	15.92%
Announcement Date	3/16/21	3/8/22	3/7/23	3/7/24	3/6/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	94.21	123	113.6	150.9	151.5	139.1	174	141.4	147.7	117.3	160.3	134.9	140	145.1	156.7	144.9	162.1	172.9	174.6	172.8	262.9	318.6	358.5	352
Change	-	30.5%	-7.58%	32.82%	0.35%	-8.18%	25.12%	-18.71%	4.42%	-20.57%	36.66%	-15.86%	3.75%	3.66%	8.03%	-7.54%	11.88%	6.64%	0.96%	-0.99%	52.11%	21.18%	12.51%	-1.8%
EBITDA ¹	56.42	81.49	83.73	106.8	107.3	90.68	112	81.02	71.72	43.88	79.95	64.38	65.57	59.18	67.73	59.31	71.36	86.22	84.28	87.32	133.4	180	205.3	202.9
Change	-	44.43%	2.74%	27.58%	0.44%	-15.48%	23.47%	-27.64%	-11.47%	-38.82%	82.22%	-19.48%	1.85%	-9.75%	14.46%	-12.43%	20.32%	20.82%	-2.25%	3.6%	52.77%	34.96%	14.06%	-1.2%
EBIT ¹	-	-	-	-	-	-	-	-	-	31.15	-	-	-	-	-	-	-	83.23	55.4	61.6	82.95	134	161.3	167.3
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-33.44%	11.19%	34.66%	61.58%	20.32%	3.76%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-	-	-	-	-	-	-	5.463	-	-	-	-	-	-	-	56.67	-69.75	-	55.4	85.03	107.4	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-223.09%	-	-	53.48%	26.26%	-
Announcement Date	8/6/20	11/5/20	3/16/21	5/4/21	8/4/21	11/10/21	3/8/22	5/9/22	8/2/22	11/1/22	3/7/23	5/8/23	8/3/23	11/2/23	3/7/24	5/7/24	8/1/24	11/5/24	3/6/25	5/5/25	-	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	132	-82.3	139	423	786	617	320	-161
Change	-	-162.35%	268.89%	204.32%	85.82%	-21.53%	-48.14%	-150.31%
Announcement Date	3/16/21	3/8/22	3/7/23	3/7/24	3/6/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	146.8	234.5	407.8	620.3	481.1	351.8	307.7	248.1
Change	-	59.79%	73.88%	52.1%	-22.44%	-26.88%	-12.52%	-19.38%
Free Cash Flow (FCF) ¹	56.11	235.7	-210.1	-400.7	-273.8	159.9	356.9	425.4
Change	-	320.15%	-189.15%	-90.66%	31.65%	158.39%	123.2%	19.2%
Announcement Date	3/16/21	3/8/22	3/7/23	3/7/24	3/6/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	63.9%	67.75%	48.92%	42.91%	45.96%	53.05%	56.73%	57.73%
EBIT Margin (%)	46.64%	55.56%	30.44%	23.49%	27.38%	39.02%	46.47%	48.24%
EBT Margin (%)	-	-	-	26.28%	-16.04%	36.97%	28.33%	33.29%
Net margin (%)	15.93%	41.05%	23.88%	21.71%	-14.56%	30.5%	29.04%	32.67%
FCF margin (%)	13.9%	37.31%	-35.87%	-69.6%	-40.86%	14.12%	25.93%	30%
FCF / Net Income (%)	87.23%	90.88%	-150.22%	-320.62%	280.64%	46.29%	89.31%	91.84%
Profitability
ROA	-	-	-	-	-	9.7%	9.7%	10.6%
ROE	-	-	-	13.82%	-9.84%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	0.51x	-	0.48x	1.71x	2.55x	1.03x	0.41x	-
Debt / Free cash flow	2.34x	-	-0.66x	-1.06x	-2.87x	3.86x	0.9x	-
Capital Intensity
CAPEX / Current Assets (%)	36.35%	37.12%	69.62%	107.75%	71.78%	31.06%	22.36%	17.49%
CAPEX / EBITDA (%)	56.88%	54.78%	142.31%	251.1%	156.17%	58.55%	39.42%	30.3%
CAPEX / FCF (%)	261.61%	99.49%	-194.06%	-154.81%	-175.67%	220%	86.22%	58.31%
Items per share
Cash flow per share ¹	2.2	5.127	2.145	2.315	1.998	5.391	5.985	6.155
Change	-	133.02%	-58.17%	7.93%	-13.68%	169.82%	11.02%	2.84%
Dividend per Share ¹	-	-	-	-	-	-	0.295	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	0.6977	2.851	1.511	1.317	-0.9405	3.793	4.37	3.226
Change	-	308.55%	-46.99%	-12.85%	-171.42%	503.27%	15.21%	-26.19%
Nbr of stocks (in thousands)	86,843	89,696	91,113	102,448	103,304	103,572	103,572	103,572
Announcement Date	3/16/21	3/8/22	3/7/23	3/7/24	3/6/25	-	-	-