SCCO · Southern Copper Corporation

Southern Copper Corporation reported record first quarter 2026 results, with net income surging 66.7% year-over-year to $1,576.9 million, driven by higher sales volumes for silver (+11.6%) and zinc (+16.4%) and significantly higher metal prices for copper (+37.5%), silver (+157.9%), molybdenum (+24.2%), and zinc (+14.0%). Revenue grew 36.2% to $4,251.4 million, while cost of sales increased only 13.6%, leading to a 61.5% jump in operating income. Adjusted EBITDA rose 55.4% to $2,712.8 million, with margin expanding to 63.8% from 55.9% in the prior year. The company's operating cash cost per pound of copper turned negative to -$0.11, compared to $0.77 in 1Q25, driven by higher by-product credits. Copper production fell 4.0% due to lower ore grades at Peruvian operations, but management expects a recovery by year-end. The company declared a quarterly cash dividend of $1.00 per share and a stock dividend of 0.0100 shares per share. Additionally, the board appointed Leonardo Contreras as CEO following the passing of Oscar Gonzalez Rocha. Capital investments totaled $441.9 million, up 39.0% year-over-year, as the company advances its growth projects, including Tia Maria (32.5% complete) and others.