Atalaya Mining Copper (ATYM) Q2 2026 earnings summary

Executive summary

• Achieved record copper production of 13,500 tonnes in Q2 2026, with mill recovery rates of 83.91% and strong operational performance.

• Record quarterly EBITDA of €78.2M and half-year EBITDA of €126.2M, driven by high copper prices, favorable silver credits, and cost control.

• Free cash flow reached €58.3M in Q2, with a net cash position of €318.3M and no debt.

• Interim dividend of €0.055 per share declared, up 25% year-over-year, reflecting strong financial position.

• Advanced key growth and sustainability projects, including Touro, Masa Valverde, Riotinto, and solar plant expansion.

Financial highlights

• Q2 2026 revenue was €147.4M (up from €124.1M in Q2 2025); H1 2026 revenue was €264.7M (up from €254.8M in H1 2025).

• Q2 cash costs were US$2.36/lb and AISC were US$2.79/lb, both below full-year guidance.

• Q2 2026 net profit was €55.7M (Q2 2025: €29.6M); H1 2026 net profit was €84.0M (H1 2025: €60.1M).

• Operating cash flow for Q2 2026 was €78.7M; H1 2026 was €108.6M.

• Investments of €20M made in San Dionisio and Cerro Colorado during the quarter.

Outlook and guidance

• FY2026 copper production guidance maintained at 50,000–54,000 tonnes, expecting to be at the low end due to Q1 weather impacts.

• FY2026 cash cost guidance maintained at US$2.60–2.90/lb; AISC at US$3.10–3.40/lb.

• CapEx guidance reduced by €20M, with non-sustaining capital investment revised to €52–80M due to project delays.

• Anticipates higher copper grades in 2027 as San Dionisio ore becomes accessible.

• Growth projects at Touro, Masa Valverde, and Riotinto progressing, with Touro awaiting environmental permit.