MMG (Stock Code 01208) published interim results for the six months to 30 June 2026, delivering new first-half highs across all key financial metrics on stronger commodity prices and operational gains.

Financial Performance • Revenue jumped 61.13% year on year to USD 4.54 billion. • EBITDA rose 76.95% to USD 2.73 billion; EBITDA margin expanded to 60% (H1 2025: 55%). • EBIT doubled to USD 2.18 billion, up 105.65%. • Profit after tax reached USD 1.37 billion, a 141% increase; profit attributable to shareholders climbed 164% to USD 897.20 million. • Net operating cash flow advanced 88.6% to USD 2.23 billion.

Balance-Sheet Strengthening • Successful USD 1.60 billion convertible-bond issue and share placement in June boosted liquidity. • Net debt fell to USD 608.40 million from USD 3.35 billion at 31 December 2025. • Gearing ratio narrowed sharply to 6% (31 December 2025: 33%).

Operational Highlights • Group copper output reached 266,541 tonnes, the highest first-half level since 2018; zinc output totalled 105,801 tonnes. • Las Bambas produced 210,195 tonnes of copper in concentrate; segment revenue climbed 65% to USD 3.31 billion and EBITDA increased 72% to USD 2.25 billion. • Kinsevere’s sulphide expansion lifted copper production 33% to 33,800 tonnes and tripled EBITDA to USD 121.50 million. • Khoemacau generated 22,083 tonnes of copper and raised EBITDA 35% to USD 121.10 million. • Dugald River’s zinc output grew 3% to 87,186 tonnes; EBITDA surged 92% to USD 126.90 million. • Rosebery achieved a 137% EBITDA increase to USD 130.10 million, supported by higher precious-metal prices and multi-metal optimisation.

Cost & Capital Discipline • Group capital expenditure totalled USD 553.80 million in H1. Full-year capex is projected at USD 1.60-1.70 billion, with USD 800-850 million earmarked for Las Bambas and USD 500-550 million for the Khoemacau expansion. • Consolidated C1 cash costs declined across key assets; Las Bambas C1 fell to USD 0.55/lb (H1 2025: USD 1.06/lb).

Guidance and Outlook • 2026 production targets reaffirmed at 493,000-528,000 tonnes of copper and 215,000-235,000 tonnes of zinc. • Dividend payment was not recommended as the Board prioritises growth investment and further balance-sheet strengthening. • Ongoing Khoemacau expansion targets 130,000 tonnes annual copper capacity by 2028; a pre-feasibility study is assessing potential to scale to 200,000 tonnes.

Safety • Total recordable injury frequency rose to 2.06 per million hours (H1 2025: 1.81); significant events with energy exchange frequency improved to 0.55 (H1 2025: 0.78).

Liquidity • Cash and cash equivalents stood at USD 3.13 billion (31 December 2025: USD 0.33 billion). • Undrawn credit facilities totalled USD 4.62 billion at period end.

MMG stated that robust first-half earnings, lower leverage, and a funded development pipeline position the group for continued expansion in copper and zinc aligned with global energy-transition demand.