Capstone Copper (CS) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA of $354 million for the seventh consecutive quarter and record revenue of $739.7 million, driven by higher copper prices and strong operational results at Mantoverde, Mantos Blancos, and Cozamin.

• Net debt reduced to $674.9 million, down $63 million from Q1, with net debt to EBITDA improving to 0.5x; available liquidity exceeded $1 billion, including $715 million in undrawn RCF.

• 2026 production, cost, and CapEx guidance reaffirmed, with Mantoverde and Mantos Blancos generating about 70% of consolidated EBITDA year-to-date and higher H2 production expected.

• Growth pipeline advanced: Mantoverde Optimized Project on schedule, Mantoverde Pyrite Augmentation Project approved, EIA permit application at Mantos Blancos, and progress toward a Q4 2026 sanctioning decision at Santo Domingo.

• Labor stability achieved in Chile with new three-year collective bargaining agreements at Mantoverde and Mantos Blancos; 2025 Sustainability Report released, highlighting improved safety and climate governance.

Financial highlights

• Q2 2026 revenue reached $739.7 million, up from $543.2 million in Q2 2025; adjusted EBITDA was $354 million, up 64% year-over-year.

• Adjusted net income attributable to shareholders was $97.6 million, or $0.13 per share in Q2.

• Operating cash flow before working capital changes was $259.7 million, up 22% year-over-year.

• Consolidated copper production was 51,759 tonnes, including record sulphide output at Mantoverde.

• Net debt decreased to $674.9 million as of June 30, 2026, with available liquidity at $1,082.5 million.

Outlook and guidance

• 2026 copper production guidance reaffirmed: Mantoverde 89–102kt, Mantos Blancos 48–56kt, Pinto Valley 42–48kt, Cozamin 21–24kt; consolidated guidance 200,000–230,000 tonnes.

• C1 cash costs guidance of $2.45–$2.75/lb; cost guidance unchanged, with Mantoverde and Mantos Blancos on track.

• Capital expenditure guidance unchanged at $790 million for 2026.

• Mantoverde Optimized Project tie-in expected in Q3 2026, ramp-up in Q4; Mantoverde Pyrite Augmentation Project to reduce acid consumption and increase cathode production by 2028.

• Santo Domingo sanctioning decision anticipated in Q4 2026, with detailed engineering at 60% completion.