Southern Copper (SCCO) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached a record $4,696.6M, up 39.1% YoY; attributable net income set a record at $1,801.8M, up 62.7%.

• Adjusted EBITDA reached a record $3,040.2M, up 53.9% YoY; operating cash flow rose 42.6% to $2,224.3M.

• Higher metal prices lifted earnings as mined copper production declined 1.1% in Q3 and 2.9% in 9M.

Financial highlights

• Q3 net sales were $4,696.6M, up 39.1% YoY; 9M sales were $13,237.0M, up 38.6%.

• Q3 operating income was $2,815.1M, up 59.2% YoY; 9M operating income was $7,918.7M, up 61.9%.

• Q3 attributable net income was $1,801.8M, up 62.7%; 9M attributable net income was $5,048.6M, up 66.8%.

• Q3 adjusted EBITDA was $3,040.2M, up 53.9%; 9M adjusted EBITDA was $8,609.0M, up 56.2%.

• Q3 operating costs and expenses rose 17.0% YoY to $1,881.5M; 9M costs rose 14.2% to $5,318.3M.

Outlook and guidance

• 2026 copper production is forecast at 918,000 tonnes versus a plan of 911,400 tonnes; zinc at 163,400 tonnes, molybdenum at 29,000 tonnes and silver at 24M ounces.

• Tía María is expected to start operations in H1 2028 and produce 120,000 tonnes of copper cathodes annually in its early years.

• El Pilar construction is planned for Q1 2027, with production targeted for H2 2029; annual cathode output is planned at 29,000 tonnes.

• Tía María and El Pilar are expected to add 156,000 tonnes of refined copper annually; the pipeline targets total annual production of 1.6M tonnes.

• Los Chancas targets production in 2031 and Michiquillay by 2032; 2027 capital plans remain under review.