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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.Q2 2025 earnings summary1 Aug, 2025
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.
Assess Sukari's impact on 2025 guidance.
Explain Kibali's lower H1 2025 production.
Outline Nevada project permitting progress.
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Next AngloGold Ashanti earnings date
Q3 20256 Nov, 2025
Next AngloGold Ashanti earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
AngloGold Ashanti Limited is an independent, global gold mining company with operations, projects, and exploration activities spread across nine countries on four continents. The company, known for gold mining, also produces silver in Argentina and sulphuric acid in Brazil. With a diverse portfolio, it aims to create value by leveraging its existing assets and expertise in the mining sector. Key projects include the Quebradona project in Colombia, which is set to produce both gold and copper. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the New York Stock Exchange.
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