First Quantum profit surges on copper output while Intact absorbs catastrophe losses

First Quantum Minerals posted net income of $346 million in Q2 2026, reversing a $112 million loss from the same quarter last year. The Vancouver-based miner shipped 219,000 tonnes of copper during the quarter, up from 186,000 tonnes a year earlier, and benefited from sustained copper prices above $4.20 per pound. The Cobre Panama mine, which restarted operations in late 2025 after a regulatory shutdown, contributed 89,000 tonnes, the single largest driver of the production jump.

Intact's catastrophe bill climbs 40%

Intact Financial reported net income of $463 million, down from $547 million in Q2 2025, as catastrophe losses hit $412 million for the quarter. Wildfires in Alberta and severe storms across Ontario and Quebec accounted for $290 million of that total. The insurer's combined ratio, the percentage of premium dollars paid out in claims and expenses, rose to 94.1% from 89.3% a year earlier. Anything above 100% means the underwriting business lost money. Intact remains profitable, but the margin is tightening as climate volatility pushes loss frequency higher.

Three more worth noting

Imperial Oil generated $1.1 billion in free cash flow, keeping its quarterly dividend at $0.44 per share and repurchasing $650 million in stock. Open Text added 1,200 new cloud customers in Q2, pushing annual recurring revenue from cloud subscriptions to $1.9 billion, a 14% year-over-year increase. TC Energy posted adjusted earnings of $1.2 billion, in line with expectations, as the company continues divesting non-core assets to reduce debt, $4.1 billion in sales closed year-to-date.

Loblaw reported revenue of $14.3 billion, up 3.2% from last year, driven by food price inflation rather than volume growth. Same-store food sales were flat when adjusted for price.