CAP (CAP) Q1 2026 earnings summary

Executive summary

• EBITDA grew 15% year-over-year to US$123m in 1Q26, driven by mining performance and improved cash generation, while net income remained stable at US$-13m due to higher depreciation and tax expenses.

• Normalized free cash flow reached US$85m, a significant improvement from US$-46m in 1Q25, supported by operational recovery and tax reimbursement.

• Net financial debt/EBITDA improved to 2.6x from 2.8x in 4Q25, reflecting ongoing deleveraging.

Financial highlights

• Consolidated revenues increased 14% year-over-year to US$493m, mainly from higher mining shipments and infrastructure activity.

• Mining EBITDA rose 19% to US$109m, driven by 15.1% higher shipments and a 13% reduction in C1 cash cost (US$49.1/t vs US$56.4/t in 1Q25).

• Infrastructure EBITDA increased 14% to US$16m, supported by higher desalinated water production and third-party port activity.

• Industrial EBITDA decreased by US$4.4m, mainly due to project delays and ramp-up costs at Cintac.

• Cash position remained solid at US$352m, with strong operational cash flow and proceeds from asset sales.

Outlook and guidance

• Focus for the remainder of the year is on aggressive cost reduction, deleveraging, and advancing core strategic initiatives.

• Plans include maximizing cash conversion, reducing working capital at Cintac, and executing non-core asset sales of up to US$30-35m.

• Continued progress on structural growth projects, environmental permits, and pilot plants for separation and metallization.