Atalaya Mining (LSE:ATYM) reported record EBITDA of €126.2 million for the first half of 2026, up from €107.6 million a year earlier, driven by higher copper prices and lower offsite costs.
The Spanish-focused copper miner posted second-quarter EBITDA of €78.2 million, also a record, on revenue of €147.4 million, up from €124.1 million in the second quarter of 2025.
Copper production totalled 23.4 kilotonnes in H1, down from 27.5 kilotonnes a year earlier, while all-in sustaining costs (AISC) rose to US$2.97 per pound from US$2.78, reflecting higher mining and processing costs and a stronger euro against the dollar.
"We are pleased to have generated the highest quarterly and half-year EBITDA in Atalaya's history, thanks to strong copper prices, solid Q2 production and good cost performance," said chief executive Alberto Lavandeira, adding that free cash flow of over €58 million in the quarter was also a record.
Net cash rose to €318.3 million, bolstered by proceeds from a January equity offering, giving Atalaya headroom to fund growth projects including Proyecto Touro in Galicia, where the environmental impact statement is nearing completion.
The board declared a 2026 interim dividend of €0.055 per share.
Atalaya maintained its full-year guidance for production, cash costs and AISC despite higher diesel and explosives prices following the start of Middle East conflicts.
News Intelligence what this means for the company
Atalaya Mining delivered record H1 2026 EBITDA of €126.2m—17% above the prior year—despite a 15% drop in copper production, powered by higher copper prices and lower offsite costs. The company maintained its full-year guidance and interim dividend despite flagging a potential $0.15–$0.20 per pound increase to cash cost and AISC if diesel and explosives prices remain at recent peaks following Middle East conflicts, signalling confidence in cost control and pricing resilience.
Record EBITDA and free cash flow (€58m+ in Q2) on lower production volumes underscore operational leverage to copper prices and cost discipline. Net cash of €318.3m—bolstered by a January equity raise—provides runway for Proyecto Touro development, though the company's ability to absorb sustained input cost inflation without guidance cuts will be a key test as the year progresses.
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