Teck Q1 Adjusted EBITDA Soars 125% to C$2.1B on Record Copper Sales
Teck posted Q1 adjusted EBITDA of C$2.1B, up 125% year-over-year, fueled by record 70,300-tonne copper sales at an average US$5.83/lb. Adjusted profit climbed to C$858M (C$1.75/share) and liquidity reached C$9.8B heading into Q2 2026.
1. Q1 Financial Highlights
Teck reported Q1 2026 revenue of C$3.94B and adjusted EBITDA of C$2.09B, a 125% increase year-over-year driven by record copper volumes and higher commodity prices. Adjusted profit attributable to shareholders was C$858M (C$1.75/share), up from C$303M, and profit before taxes reached C$1.34B.
2. Copper Segment Performance
The copper segment generated C$1.8B gross profit before depreciation and amortization versus C$704M in Q1 2025, supported by an average realized price of US$5.83/lb and record quarterly sales of 70,300 tonnes at Quebrada Blanca. Sales exceeded production of 55,500 tonnes as inventory was drawn down, demonstrating operational stability despite planned maintenance.
3. Zinc Segment and Cash Position
Zinc operations delivered C$387M gross profit before depreciation and amortization, up from C$225M, driven by higher zinc prices and an optimized feed strategy at Trail. Operating cash flow of C$1.0B increased net cash by C$338M, leaving total liquidity of C$9.8B, including C$5.7B in cash as of April 22, 2026.
4. Merger of Equals Outlook
The planned merger of equals with Anglo American is projected to deliver annual pre-tax synergies of US$800M by the end of year two and unlock US$1.4B of average annual EBITDA uplift from Collahuasi and Quebrada Blanca assets between 2030 and 2049, positioning the combined entity for accelerated critical minerals growth.