Teck Resources (TSX: TECK.B) released its financial results for Q2 2025, headlined by a 12.3% YoY revenue climb to $2.02 billion, yet holding margin almost flat at 23.3%.
Profit before tax surged to $125 million from just $20 million a year earlier, while net profit jumped to $206 million (or $0.42 per share) against $21 million (or $0.04 per share) in Q2 2024. CEO Jonathan Price called the quarter “a significant milestone” thanks to Highland Valley Copper approvals, but acknowledged that the earnings lift came mainly from Trail.
Adjusted EBITDA edged 2.7% higher to $722 million from last year’s $703 million, but the margin compressed 330 bps to 35.7%. Adjusted profit rose to $187 million (or $0.38 per share), nearly triple last year’s figure of $65 million (or $0.12 per share).
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Teck said liquidity remains ample at $8.9 billion, including $4.8 billion of cash. The company repurchased $487 million of stock in Q2 and $1.0 billion year-to-date—about a third of the $3.25 billion authorization remains.
Copper output came in at 109,100 tonnes, yet the unit’s gross profit before depreciation slipped to $673 million. Zinc was the bright spot: gross profit before depreciation more than doubled to $159 million, buoyed by Trail’s recovery and Red Dog’s 35,100 tonnes of concentrate sales.
Management cut 2025 copper production guidance to 470,000-525,000 tonnes (-4% at the midpoint) and hiked copper cash cost guidance to US$1.90-2.05 per pound from US$1.65-1.95 per pound. Sustaining capex guidance ballooned 55% to $940 million-$1.01 billion, while growth capex for copper rose to $1.04 billion-$1.17 billion.
Against that backdrop, the board greenlit the Highland Valley Copper Mine Life Extension project, a $2.1 billion-$2.4 billion spend through 2028 that extends mine life to 2046 and targets average output of 132 ktpa.
Teck Resources last traded at $52.49 on the TSX.
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