Teck Resources Limited 2026 Q3 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Teck reported strong third-quarter 2026 financial performance, with cash flow from operations of 1.6 billion dollars and adjusted EBITDA of 2.3 billion dollars, double the same period last year.
- Teck increased its net cash position by 655 million dollars in the quarter and by 1.7 billion dollars over the first nine months of the year.
- As of September 30, liquidity was almost 11 billion dollars, including 6.7 billion dollars of cash.
- Across its copper business, Teck increased production, lowered unit costs, and delivered strong margin growth; its zinc business continued to contribute meaningful cash flow.
- Severe weather disrupted operations at several copper sites, but Teck said it safely recovered operations during the quarter.
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Transcript
Preview the first fifteen paragraphs, organized by speaker.
But I don't care. 'Cause I know my happiness is waiting out there. Somewhere I'm searching for that silver lining. Horizons that I've never seen. Whoa, I'd like to take just a moment and dream my dream. Whoa, dream my dream. Whoa, whoa. I'd like to fly far away from here. Where my life belongs is fresh and clear. And I'd rather love than I long to see. Where everybody can be, what they want to be. Whoa, I'd like to greet the sun each morning. And walk amongst the stars at night. I'd like to know the taste of honey in my life. In my life. Well, I've shared so many pains. And I've played so many games. Oh, but everyone finds the right way somehow. Somewhere. Someday. Whoa, I'd like to fly far away from here. Where my life is fresh and clear. And I'd rather love than I long to see. People can be what they want to be. Whoa, I wish the world were truly happy. Living as one. I wish the world they'd call freedom. Someday would come. Someday. Would come. Whoa, I'd like to fly far away from here. Where my life can be fresh and clear.
And I'd rather love than I long to see. Everybody can be what they want to be. Hey, baby. I'd like to fly away.
Well, I'd like to fly away.
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Someday. I'd like to fly away.
Well, I'd like to fly away. Well, I'd like to fly away.
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Well, I'd like to fly away. Well, I'd like to fly away.
Someday. Someday. You and me, baby.
Walking free. Don't you want to go?
Someday. Don't you want to go?
Someday. Someday. Yeah. Ladies and gentlemen, thank you for standing by.
Welcome to Teck's third 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 1, on your touchstone phone. Should anyone need assistance during the conference call, they may signal an operator by pressing star, then 0, on their telephone. This conference call is being recorded on Thursday, October 29, 2026. I would now like to turn the conference over to Edwin Tadeo, Vice President, Investor Relations and Treasurer. Please go ahead. Thank you, operator.
Good morning, everyone. And thank you for joining us for Teck's third quarter 2026 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. Teck 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 third quarter of 2026. Crystal Prystai, 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. Over to you, Jonathan. Thanks, Edwin, and good morning, everyone.
We've delivered another quarter of significant earnings growth and robust cash generation, underlying the strength of our business. In the third quarter of 2026, we increased production, demonstrated resilience in execution, and benefited from another record quarterly average copper price. We significantly increased our cash flow from operations to 1.6 billion dollars and doubled our adjusted EBITDA to 2.3 billion dollars, compared with the same period last year. We continue to strengthen our balance sheet, quarter by quarter, driven by significant cash flows from operations. We've increased our net cash position by 655 million dollars in the quarter and by 1.7 billion dollars over the first nine months of the year. Our liquidity is almost 11 billion dollars as of September 30, including 6.7 billion dollars of cash. Our focus remains on our key near-term priorities to drive shareholder value, and we are making continued progress against them. Our measure of equals with Anglo-American to form a copper-focused global metals and minerals champion continues to progress as planned and integration planning is advancing. We continue to engage constructively with China's antitrust regulator to obtain the final outstanding regulatory approval. Expected completion within 12 to 18 months of our September 2025 announcement remains unchanged.
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