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AngloGold Ashanti (AU) investor relations material
AngloGold Ashanti Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Gold production rose 21% year-over-year to 804,000oz in Q2 2025, driven by strong performances at Obuasi, Geita, and the addition of Sukari in Egypt.
Free cash flow surged 149% to $535m, and adjusted net debt fell 92% to $92m, reflecting robust cash generation and disciplined capital allocation.
Maintained disciplined cost control despite inflation, supporting margin expansion and increased shareholder returns.
Declared a $406m dividend (80 US cents/share), reflecting strong cash flow and board confidence in outlook.
Inclusion in Russell US Indexes enhances visibility and liquidity among US investors.
Financial highlights
Adjusted EBITDA increased 111% to $1.44bn; headline earnings up 151% to $639m; basic earnings up 164% to $669m.
Net cash flow from operations up 142% to $1.02bn; free cash flow at $535m, up from $215m in Q2 2024.
Group capital expenditure rose 33% to $381m, with sustaining capex up 28% to $273m.
Adjusted net debt/Adjusted EBITDA improved to 0.02x from 0.62x year-over-year.
Free cash flow margin improved to 28% from 16% in Q2 2024.
Outlook and guidance
2025–2026 gold production guidance: 2,900–3,225koz annually; all-in sustaining costs: $1,580–$1,705/oz.
Total cash costs expected at $1,125–$1,225/oz; capital expenditure forecasted at $1.62–$1.77bn for 2025.
Full-year 2025 guidance for gold production, costs, and capital spending reaffirmed.
Strategic focus remains on enhancing margins, extending mine lives, and maintaining capital discipline.
Guidance assumes no major operational disruptions; inflation and market volatility remain key variables.
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