Earnings call transcript: Capstone Copper posts record EBITDA in Q3 2026
Capstone Copper reported record adjusted EBITDA of $358.3 million in Q3 2026, marking its eighth consecutive quarterly record. The company generated $280 million in free cash flow year to date and ended the quarter with over $1 billion in liquidity. Q3 production totaled 45.2 thousand tonnes of copper, with realized copper prices averaging $3.61 per pound, above the LME average of $3.40 per pound.
Adjusted earnings per share (EPS) came in at $0.12, slightly below the $0.1308 consensus forecast, resulting in a 2.08% decline in stock price to $11.77. Operating assets showed mixed results, with Mantoverde leading with lower cash costs and strong throughput, while Pinto Valley remained a drag due to maintenance work and a lengthy crusher rebuild.
The company's 2026 production is expected to finish at the low end of guidance, with costs likely to land at the high end. Higher energy and input costs, particularly diesel and sulfuric acid, limited the bottom-line benefit despite a favorable copper market and higher copper prices.
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