Freeport-McMoRan (FCX) investor relations material

Executive summary

• Q3 revenue was $7.546B and net income attributable to common stock was $1.174B, up from $6.972B and $674M YoY; adjusted net income was $1.3B, or $0.88/share.

• Grasberg reached 67% capacity, with ramp-up progressing as expected and substantial production growth forecast for 2027–28.

• Copper sales are projected at 3.7B lb in 2027 and 4.1B lb in 2028, supported by leach initiatives and growth projects.

Financial highlights

• Q3 Adjusted EBITDA was $3.2B vs. $2.8B YoY; operating cash flow was $2.0B after $0.4B of working-capital and other uses.

• Q3 copper sales were 749M lb vs. 977M lb; realized copper was $6.54/lb vs. $4.68/lb YoY.

• Nine-month operating cash flow was $5.5B after $0.8B of working-capital and other uses; nine-month net income attributable to common stock was $3.039B vs. $1.798B.

• Favorable copper and molybdenum prices supported margins; Q3 realized gold was $4,273/oz and molybdenum was $32.46/lb.

Outlook and guidance

• FY2026 sales forecast: ~3.0B lb copper, 649K oz gold and 93M lb molybdenum; Q4 forecast: 875M lb copper, 300K oz gold and 22M lb molybdenum.

• FY2026 unit net cash costs are forecast at $1.90/lb, excluding idle-facility and restoration costs; Q4 estimate is $1.68/lb.

• FY2026 operating cash flow is forecast at ~$8.5B, net of $0.6B in working-capital and other uses, assuming Q4 copper at $6.50/lb, gold at $4,000/oz and molybdenum at $32/lb.

• Copper sales are projected at 3.7B lb in 2027 and 4.1B lb in 2028, up 23% and 11%, respectively; 2028 copper and three-year gold and molybdenum estimates are unchanged.

• FY2026 capital spending is forecast at ~$4.4B, including $3.0B for major projects; 2027 capital guidance is $5.2B and excludes a potential Bagdad expansion.