Teck Resources Q2 2026 Earnings Call Transcript

Teck Resources (NYSE: TECK ) released second-quarter financial results and hosted an earnings call on Thursday.

Read the complete transcript below.

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View the webcast at Summary Teck Resources Ltd reported strong financial performance in Q2 2026, with cash flow from operations reaching $1.7 billion and adjusted EBITDA tripling to $2.2 billion.

Copper production increased by 25% year-over-year, contributing to operational and financial stability, with no changes to annual guidance.

The company is advancing a merger with Anglo American, focusing on securing regulatory approval and integration planning, expecting completion within 12 to 18 months.

Significant progress was made on the QB tailings management facility, with no TMF-related downtime for three consecutive quarters.

The Highland Valley Mine Life Extension project is progressing well, with detailed engineering 95% complete and construction activities ramping up.

Full Transcript OPERATOR Ladies and gentlemen, thank you for standing by.

Welcome to Teck Resources Ltd's second quarter 2026 earnings release conference call.

At this time all participants are in listen-only mode.

Later we will conduct a question and answer session.

To join the question queue, please press star then one on your touch-tone phone.

Should anyone need assistance during the conference call, they may reach an operator by pressing star then zero on the telephone.

This conference call is being recorded on Thursday, July 23, 2026.

I would now like to turn the conference over to Emma Chapman, Vice President, Investor Relations.

Please go ahead.

Emma Chapman, Vice President, Investor Relations Thank you, operator.

Good morning everyone and thank you for joining us for Teck Resources Ltd's second quarter 2026 conference call.

Today's call contains forward-looking statements.

Actual results may vary due to various risks and uncertainties.

Teck Resources Ltd does not assume the obligation to update any forward-looking statements.

Please refer to slide 2 for the assumptions underlying our forward-looking statements.

We will reference non-GAAP measures throughout this presentation.

Explanations and reconciliations are in our MD&A and the latest press release on our website.

On today's call, Jonathan Price, our CEO, will provide highlights for the second quarter of 2026.

Crystal Presti, our CFO, will follow with further details on our operational performance and financials in the quarter.

Jonathan will then wrap up with closing remarks and an opportunity for Q&A.

And with that, over to you, Jonathan.

Jonathan Price, CEO Thank you, Emma, and good morning everyone.

We've delivered another quarter of strong operational and financial performance.

We generated significantly higher earnings and robust cash flow in the second quarter of 2026, supported by favorable commodity prices, including another record quarterly average copper price compared with the same period last year.

We generated cash flow from operations of $1.7 billion and tripled adjusted EBITDA to $2.2 billion.

We also successfully managed our net cash unit costs despite energy cost headwinds, supported by stronger operational performance and favorable by-product pricing.

As a result, we increased our net cash position by $756 million during the quarter and $1 billion in the first half of the year.