Teck(US:TECK) Zhi Tong Cai Jing·2026-02-19 09:17Core Viewpoint - Teck Resources reported strong performance in Q4 2025, driven by a significant increase in copper prices and stable operational performance, while progressing with its merger plan with Anglo American [1][2]. Financial Performance - Adjusted EBITDA for Q4 2025 rose to CAD 1.51 billion (approximately USD 1.1 billion), up from CAD 835 million year-over-year, exceeding analyst expectations [1]. - Quarterly revenue increased from CAD 2.79 billion to CAD 3.06 billion year-over-year, with gross profit nearly doubling to CAD 990 million [1]. - Full-year adjusted profit reached CAD 1.5 billion, a significant increase from CAD 605 million in 2024 [2]. Copper Business - The copper segment was the primary driver of the company's strong performance, contributing a gross profit of CAD 1.1 billion in Q4, compared to CAD 732 million in the same period last year [1]. - Average copper price reached USD 5.03 per pound during the quarter, closing at USD 5.67 per pound at year-end, with a year-over-year increase of over 40% [1]. Operational Developments - The Quebrada Blanca mine, a flagship asset, saw copper production rise to 55,400 tons in Q4, with annual production guidance set between 200,000 to 235,000 tons for 2025 [2]. - The company is advancing its capacity ramp-up and tailings processing facilities as part of its Quebrada Blanca action plan [2]. Merger Progress - The merger with Anglo American, approved by shareholders in Q4, aims to create a global leader in critical minerals named "Anglo Teck," with headquarters in Canada [2]. - The merger is expected to generate approximately USD 800 million in annual pre-tax synergies, with 80% anticipated to be realized by the end of the second year post-transaction [3]. - The combined entity aims for an average annual EBITDA increase of USD 1.4 billion from 2030 to 2049 by optimizing operations of adjacent assets [3].