Southern Copper (SCCO) Company presentation summary

Copper market and demand

• 2026 copper market outlook: slight surplus expected, with inventories at 15 days of consumption; supply growth faces challenges developing new deposits, while expansions and Panama production recovery add supply.

• Long-term demand supported by energy transition, AI technologies, China economic measures and a resilient US economy; China’s real estate recession remains a headwind.

• Wood Mackenzie outlook projects copper demand growth at a 2.7% CAGR through 2040.

Operations and competitive position

• Copper reserves of 49.4 Mt and resources of 65.6 Mt; 2025 production was 918 kt, with 2026 production estimated at 918 kt.

• Reserves rank highest among listed companies; stated highlights include #5 global mined copper producer and 94 years of mine life.

• 2026 YTD copper cash cost was $1.1/lb; cost advantages include integrated operations, SX-EW production and by-product credits.

• 9M 2026 revenue mix: copper 74%, molybdenum 11%, zinc 5%, silver 5%, sulphuric acid 2% and other 3%.

Financial performance

• 2025 revenue was $13.420B, EBITDA $7.822B, EBITDA margin 58% and net income $4.335B; 2026E revenue is $15.415B and EBITDA $9.925B.

• 2026E EBITDA margin is 64%; total debt/EBITDA is projected at 0.8x and net debt/EBITDA at 0.0x.

• 2025 dividends paid per share were $6.70; 2026E dividends paid per share are $12.03. 2025 dividend yield was 6.5%, including 3.0% cash yield.

• 2026E capital expenditures are $2.040B, with free cash flow of $4.864B in the financial overview.