MMG (1208) H1 2026 earnings summary

Executive summary

• Achieved record first-half 2026 results with revenue, EBITDA, EBIT, net profit after tax, and operating cash flow at all-time highs, driven by strong operational execution and favorable commodity prices.

• Revenue reached US$4,540.1 million, up 61% year-over-year, and profit after tax was US$1,366 million, with US$897 million attributable to equity holders, up 164%.

• Net operating cash flow rose 89% to US$2,233.9 million, and net debt was reduced from US$3,351.4 million to US$608.4 million, lowering the gearing ratio from 33% to 6%.

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

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

Financial highlights

• EBITDA reached US$2,727.4 million, up 77% year-over-year, with a margin of 60%.

• Net operating cash flow was US$2,233.9 million, up 89% year-over-year.

• NPAT attributable to equity holders was US$897 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 production guidance: 380,000–400,000 tonnes, with efforts to reach the upper end.

• CapEx guidance for 2026 is US$1.6–1.7 billion, with major allocations to Las Bambas and Khoemacau expansion.

• All major assets on track to meet or exceed annual production targets.

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