Teck Resources (TECK) Investor presentation summary

Operational and financial performance

• Adjusted EBITDA tripled to $2.2B in Q2 2026, with profit before taxes rising to $1.5B, driven by strong copper production and higher commodity prices.

• Cash flow from operations increased by 1,852% to $1.7B, and the cash balance rose by $1B in H1 2026 to $6.1B.

• Net cash unit costs in copper and zinc improved despite energy cost headwinds, reflecting strong operational performance and by-product credits.

• Record adjusted EBITDA margin reached 61%, with copper operations achieving a 65% margin before depreciation and amortization.

• Robust balance sheet with $10.3B liquidity and $2B debt reduction since 2024.

Merger and strategic initiatives

• Merger of equals with Anglo American progressing, with regulatory approvals received in Australia, Canada, Japan, Mexico, Chile, South Korea, and the EU; China and the US approvals pending.

• Merger expected to close 12-18 months from September 2025, unlocking $800M in annual pre-tax synergies and a potential $1.4B EBITDA uplift at QB & Collahuasi.

• Integration planning and readiness to close are well advanced.

Copper and zinc operations

• Copper production grew 25% year-over-year to 136 kt, with stable operations at QB for three consecutive quarters.

• Net cash unit costs for copper improved by 19% to $1.64/lb, and for zinc by 29% to $0.35/lb.

• Zinc profitability at Trail improved significantly, with gross profit before D&A up 122% and margin rising to 39%.

• Annual production guidance for copper (455-530 kt) and zinc (410-460 kt) remains unchanged.