Overview

• US copper miner's Q2 net income rose yr/yr, revenue declined from prior year

• Copper sales volumes exceeded April 2026 estimate, aided by shipment timing and operations

• Adjusted net income excludes charges for idle facility and restoration costs at PTFI

Outlook

• Freeport expects 2026 copper sales of 3.1 bln lbs and gold sales of 650,000 oz

• Company sees 2026 average unit net cash costs at $1.90/lb of copper

• Freeport expects 2026 capital expenditures of $4.3 bln, including $3.0 bln for major mining projects

Result Drivers

• HIGHER COPPER SALES - Copper sales volumes exceeded April 2026 estimates, mainly due to shipment timing and improved operating performance

• FAVORABLE PRICING - Higher average realized prices for copper and gold supported margins and cash flow

• GRASBERG RAMP-UP - Progress on the Grasberg Block Cave underground mine ramp-up contributed to operational performance

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Net Income		$984 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the specialty mining & metals peer group is "buy"

• Wall Street's median 12-month price target for Freeport-McMoRan Inc is $74.00, about 13.8% above its July 22 closing price of $65.00

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads

• July 23 - Freeport-McMoRan beats second-quarter profit estimates

• July 23 - Teck Resources tops profit estimates on stronger copper production and prices

• July 21 - Grupo Mexico profit beats estimates on higher copper prices

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.