First Quantum posts EBITDA of $844 million as quarterly revenue jumps 38%
Key Facts
First Quantum reported revenue of $2.086 billion in the third quarter of 2026, up 38% from the previous quarter, as sales volumes increased and realized metal prices strengthened, according to the company’s results. EBITDA was $844 million, compared with $400 million in the second quarter and $435 million in the third quarter of 2025. EBITDA therefore doubled quarter over quarter, while remaining above its year-earlier level by less than the quarterly increase. The company attributed the improvement from the previous quarter to higher sales, better realized prices and lower fuel costs. The expiry of hedging contracts after the program was completed on June 30, 2026, also lifted results, according to its disclosure.
Copper production totaled 108,959 tonnes during the quarter, up 8% from the second quarter, supported by the stockpile processing program at Cobre Panama and higher output at Kansanshi. Chief Executive Officer Tristan Pascall said the financial improvement benefited from production growth and full exposure to stronger copper prices. He noted that the three processing trains at Cobre Panama were restarted successively during the quarter. Meanwhile, reported copper cash costs remained at $2.59 per pound, up $0.05 from the previous quarter, when they were $2.54. Excluding Cobre Panama, costs fell $0.08 to $2.40 per pound, highlighting the effect of differences in operating costs within the overall measure.
Improved revenue and margins lifted net earnings attributable to shareholders to $207 million, compared with $136 million in the previous quarter, after the company recorded a loss of $48 million in the third quarter of 2025. Adjusted earnings also turned positive at $244 million, compared with an adjusted loss of $106 million in the second quarter and $16 million a year earlier. Adjusted earnings per share were $0.29, following an adjusted loss of $0.13 per share in the previous quarter and a loss of $0.02 in the corresponding period of 2025. Gross profit rose to $678 million from $297 million in the second quarter. The company said cash flow from operating activities reached $600 million, an increase of $470 million from the previous quarter, alongside higher net earnings attributable to shareholders.
Debt and liquidity metrics improved during the period, with net debt falling $98 million to $5.309 billion as of September 30, 2026. The company attributed the decline mainly to the repayment of $171 million in debt during the quarter. Total liquidity was $2.13 billion on the same date, including $781 million in cash. The amount also included $1.35 billion available and undrawn under the revolving credit facility. These figures provide a picture of cash and available financing alongside the strong operating cash flow recorded in the quarter.
The company said diesel supply conditions improved during the third quarter as supplies to major regional ports increased, and fuel costs fell compared with the previous quarter. It said, however, that diesel prices remained elevated and affected operating costs. It also expected government financial support for prices to be withdrawn in the coming months. The company included an impact of $0.25 per pound in its 2026 copper cash cost guidance, attributing it to higher fuel prices and a stronger Zambian kwacha. It said both factors were expected to persist in the fourth quarter, continuing to affect operating costs despite the quarterly decline in fuel costs.
First Quantum updated its 2026 production guidance, narrowing its copper range to 405,000–435,000 tonnes from 405,000–475,000 tonnes. It said the revision reflected lower-than-expected ore grades so far at Sentinel and Kansanshi, while leaving Cobre Panama guidance unchanged. In the opposite direction, it raised its nickel production guidance range to 40,000–45,000 tonnes from 30,000–40,000 tonnes. The company said it had sufficient stockpiles to support the stockpile processing program at Cobre Panama through mid-2027. Regarding the mine’s future, it said Panama’s president was reviewing the joint ministerial commission’s final report and would announce his decision directly to the country.