MMG (1208) H1 2026 earnings summary

Executive summary

• Achieved record first-half 2026 results with revenue of US$4,540 million (up 61%), profit after tax of US$1,366 million (up 141%), and strong operational delivery across all major assets, supported by higher commodity prices and operational stability.

• Net operating cash flow rose 89% to over US$2,233 million, 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, liquidity, and balance sheet strength.

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

• Safety performance improved in significant event frequency, though total recordable injury frequency increased.

Financial highlights

• EBITDA reached US$2,727 million (up 77%), with a margin of 60%; EBIT up 106% to US$2,177 million.

• Profit after tax was US$1,366 million; profit attributable to equity holders was US$897 million (up 164%).

• Net operating cash flow was US$2,234 million, up 89% 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.

• Major assets on track to meet or exceed annual production targets, with Khoemacau expansion progressing toward 130,000 tonnes annual copper capacity.

• Focus remains on disciplined execution, resource growth, and sustainable value creation.

• No interim dividend was declared for the period.