Teck Resources Ltd - Ordinary Shares - Class B (Sub Voting)

Q2/1H financial performance (strong upside vs prior year): Adjusted EBITDA tripled to $2.2B in Q2 2026; cash flow from operations $1.7B; net cash position up $756M in Q2 and up ~$1B in the first half. Adjusted EBITDA margin hit a record 61% (vs 36% in Q2’25). Profitability improved despite energy headwinds due to stronger commodity/byproduct pricing and better operational delivery.

Operational momentum & costs (good): Copper production rose ~25% YoY in Q2 across operations. QB delivered its 3rd consecutive quarter of stable operations; QB copper output 55.8k tonnes vs 52.7k a year ago. The company reduced net cash unit costs despite energy inflation (~7¢/lb impact in copper): copper net cash unit costs improved from $2.02/lb to $1.64/lb; zinc net cash unit costs improved from 49¢/lb to 35¢/lb. Net cash returned to shareholders: $61M regular quarterly base dividend in Q2.

Guidance/outlook (unchanged) and 2H expectations (prudent / not top-end): Management stated no changes to annual guidance. Copper guidance unchanged: 2026 copper production still expected 455–530k tonnes (vs 454k last year). Company emphasized stability as the priority and suggested second-half production headwinds are real, including expected downtime/tie-ins for Highland Valley mine life extension and lower grades / feed impacts at some sites in 2H (also mentioned potential reductions at HPC and Antamina), explaining why they did not steer toward the top of the range.