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Antofagasta (ANTO) investor relations material

Antofagasta H1 2025 (Q&A) earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 (Q&A) earnings summary14 Aug, 2025

Executive summary

  • Revenue increased 29% year-over-year to $3.8bn, driven by higher copper, gold, and molybdenum production and disciplined cost management.

  • EBITDA rose 60% year-over-year to $2.2bn, with margin up 12 percentage points to 58.8%.

  • Underlying EPS doubled to 47.4 cents; profit before tax rose 63% to $1.2bn.

  • Interim dividend declared at 16.6¢ per share, reflecting a 35% payout of net earnings.

  • Major growth projects at Los Pelambres and Centinela are progressing on schedule, targeting a 30% copper output increase by 2027.

Financial highlights

  • Capital expenditure was $1.6bn in H1 2025 (+53%), with full-year guidance maintained at $3.9bn.

  • Operating cash flow grew 22% to $1.8bn; net debt/EBITDA at 0.54x, up from 0.48x at year-end 2024.

  • Profit before tax: $1.2bn (+63%); underlying EPS: 47.4c (+112%).

  • Group cash costs before by-product credits: $2.32/lb; after by-product credits: $1.32/lb.

  • Interim dividend: 16.6c/share (+110%); payout ratio maintained at 35%.

Outlook and guidance

  • 2025 copper production guidance: 660,000–700,000 tonnes; cash cost and capex guidance unchanged.

  • Copper output expected to rise 30% by 2027, supported by Los Pelambres and Centinela expansions.

  • Capex in H2 will be higher due to project phasing and new project starts.

  • Net cash cost guidance for 2025: $1.45–$1.65/lb, reflecting higher by-product credits.

  • Medium-term copper output expected to grow by over 30% as new projects ramp up.

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Frequently asked questions

Antofagasta plc is a mining company primarily focused on the production of copper. The company operates mining assets in Chile, with activities spanning exploration, extraction, and transportation of copper concentrate. It also produces by-products such as gold and molybdenum. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.

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