Teck Reports Unaudited Fourth Quarter Results for 2025

Press Release

February 18, 2026

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited fourth quarter results for 2025.

“Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan,” said Jonathan Price, President and CEO. “At Quebrada Blanca, we continued to make meaningful progress on ramp‑up, with improving production and tailings management facility development, supporting unlocking the full value of this exceptional resource. We advanced the proposed merger of equals between Teck and Anglo American, with shareholders voting overwhelmingly in favour and a key approval secured under the Investment Canada Act. Looking ahead to 2026, Teck is well positioned to deliver disciplined execution of our business plans and progress the merger and integration planning to create a global top‑five copper company.”

Highlights

• The proposed merger of equals (the Merger) with Anglo American plc to form Anglo Teck advanced during the fourth quarter with Teck shareholders voting overwhelmingly in favour of the transaction on December 9, 2025, and the Government of Canada granting approval of the Merger under the Investment Canada Act on December 15, 2025.
• On October 7, 2025, we announced the completion of our Comprehensive Operational Review and Updated Outlook. Progress on the QB Action Plan continued in the fourth quarter with development of the tailings management facility (TMF) proceeding as planned with progressive improvement in sand drainage rates and dam development.
• Adjusted EBITDA¹ of $1.5 billion in Q4 2025 was $678 million higher than the same period last year, driven by significantly higher copper prices and increased revenue from by-products. Our profit from continuing operations before taxes was $792 million in Q4 2025.
• Adjusted profit from continuing operations attributable to shareholders¹ in Q4 2025, was $671 million, or $1.37 per share and profit from continuing operations attributable to shareholders was $544 million or $1.11 per share.
• We ended the year in a net cash¹ position, supported by $1.3 billion of cash flow generated from operations in Q4 2025. Our liquidity as at February 18, 2026 is $9.3 billion, including $5.2 billion of cash.
• Our copper segment generated gross profit before depreciation and amortization¹ of $1.1 billion in Q4 2025 compared to $732 million in the same period last year, driven by higher copper prices, which averaged US$5.03 per pound in the fourth quarter, and lower smelter processing charges. Gross profit from our copper business was $747 million in Q4 2025.
• Copper prices rose significantly during Q4 2025 and closed at US$5.67 per pound at year end.
• Our zinc segment generated gross profit before depreciation and amortization¹ of $305 million in the fourth quarter, compared to $320 million in the same period last year. Lower zinc sales volumes from Red Dog, due to the timing of shipments, were largely offset by improved profitability at our Trail Operations. Gross profit from our zinc business was $243 million in Q4 2025.
• Our annual High-Potential Incident (HPI) frequency rate improved to 0.06, equal to our best annual result achieved for Teck-controlled operations and 50% lower than last year.

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