Freeport-McMoRan (FCX) investor relations material

Executive summary

• Q3 revenue was $7.546B, net income attributable to common stockholders was $1.174B, and diluted EPS was $0.81; higher realized metal prices supported results.

• Grasberg operated at 67% of capacity as its ramp-up continued; copper sales are projected to grow 23% in 2027 and 11% in 2028.

• Leaching initiatives, Bagdad expansion and other brownfield options are advancing long-term growth plans.

Financial highlights

• Q3 revenue was $7.546B vs. $6.972B, operating income $2.353B vs. $1.972B, net income $1.174B vs. $674M and diluted EPS $0.81 vs. $0.46.

• Adjusted net income was $1.3B, or $0.88/share; Adjusted EBITDA was $3.2B vs. $2.8B.

• Q3 operating cash flow was $2.0B, including $0.4B of working-capital cash use; nine-month operating cash flow was $5.524B, including $699M of insurance proceeds.

• Q3 realized prices were $6.54/lb copper, $4,273/oz gold and $32.46/lb molybdenum, up 40%, 21% and 35% YoY, respectively.

• Nine-month incident-related idle-facility, recovery and restoration costs were $934M; a $699M insurance-settlement gain partially offset the charges.

Outlook and guidance

• FY 2026 sales guidance is 3.0B lb copper, 649K oz gold and 93M lb molybdenum; Q4 sales are forecast at 875M lb copper, 300K oz gold and 22M lb molybdenum.

• FY 2026 copper unit net cash costs are forecast at $1.90/lb, excluding idle-facility and restoration costs; Q4 estimate is $1.68/lb.

• FY 2026 operating cash flow is forecast at $8.5B, net of $0.6B in working-capital and other uses, assuming Q4 prices of $6.50/lb copper, $4,000/oz gold and $32/lb molybdenum.

• FY 2026 capital expenditures are projected at $4.4B, including $3.0B for major projects and $1.4B for sustaining and other projects.

• Copper sales are projected at 3.7B lb in 2027 and 4.1B lb in 2028; Grasberg targets 80% capacity by mid-2027 and near-full capacity by year-end. Leach initiatives target 300M lb annual output in 2027.