Teck: Q2 preview: positive momentum into H2. Buy

Research evidence excerpt

Teck: Q2 preview: positive momentum into H2. Buy

Deutsche Bank

Research

Rating Company Date

Buy Teck 1 July 2026

Company Update

North America

Canada

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (USD) 59.46

TECK.N TECK US NYS TECK

Price target 68.00

Industrials

52-week range 70.56 - 31.20

Metals & Mining

Q2 preview: positive momentum into

Valuation & Risks H2. Buy

Liam Fitzpatrick

Q2 earnings due 23 July Research Analyst

We forecast Q2 adjusted EBITDA of CAD 1.72bn, ahead of Bloomberg consensus +44-20-754-13233

(CAD 1.55bn). Teck delivered very strong Q1 results, with annualised production

Cody Hayden

well above full year guidance. The positive momentum should continue in Q2, Research Analyst

although we anticipate some moderation in volumes. Other than for QB, group +44-20-754-13230

production is expected to be H1 weighted this year. Cost inflation will be in focus

Bastian Synagowitz

(oil, freight, explosives), although Teck's unit cost guidance assume by product

Research Analyst

prices well below spot levels.

+41-44-227-3377

We recently launched our integrated Anglo Teck model alongside a detailed

benchmarking analysis; the successful closing of the merger will create the world's

premier listed copper company, in our view, and we remain Buy-rated on both

names. Reflecting our latest commodity prices and Anglo valuation, we lifted our

Teck TP to $68 from $64.

Within, we provide our Q2 earnings preview and a summary of company guidance.

Key focus areas for 2026+

(1) The Anglo Teck merger continues to progress, with China anti-trust the final

remaining regulatory approval still outstanding. Guidance is for the deal to

complete between Oct'26 and Mar'27, although it could complete earlier if China

does not seek any remedies.