MMG (1208) H1 2026 earnings summary

Executive summary

• Achieved record first-half 2026 financial and operational results, with revenue up 61% to US$4.54 billion and profit after tax up 141% to US$1.37 billion, driven by strong operational execution and higher commodity prices.

• Net operating cash flow rose 89% to over US$2.23 billion, and net debt was reduced by 82% to US$608 million, lowering the gearing ratio to 6%.

• Major capital initiatives included a US$1.6 billion Convertible Bonds issuance and Share Placement, supporting growth and balance sheet strength.

• Strong operational delivery across all assets, with copper and zinc production on track to meet or exceed full-year guidance.

• Continued investment in technology, automation, and sustainability initiatives to drive future growth and competitiveness.

Financial highlights

• EBITDA reached US$2.73 billion, up 77% year-over-year, with a margin of 60%.

• Net operating cash flow was US$2.23 billion, up 89% year-over-year.

• Profit attributable to equity holders was US$900 million, up 164% year-over-year.

• Revenue growth driven by higher prices for copper, gold, silver, and zinc, and improved sales volumes.

• Operating expenses increased 36% year-over-year, mainly due to higher production and exploration activities.

Outlook and guidance

• 2026 production guidance: copper 493,000–528,000 tonnes, zinc 215,000–235,000 tonnes; Las Bambas copper guidance 380,000–400,000 tonnes.

• CapEx guidance for 2026 is US$1.6–1.7 billion, with spending focused on Las Bambas, Khoemacau, and sustaining initiatives.

• Las Bambas, Kinsevere, and Khoemacau all on track to meet or exceed annual production targets.

• Ongoing evaluation of expansion projects, including Khoemacau’s pathway to 130,000 tonnes and Nickel Brazil acquisition.

• Continued focus on operational improvements, technology adoption, and disciplined capital allocation to support growth and shareholder returns.