Antofagasta
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Antofagasta (ANTO) investor relations material

Antofagasta H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary17 Feb, 2026

Executive summary

  • Achieved record financial performance in 2025, with revenue up 30% to $8.6Bn and EBITDA rising 52% to $5.2Bn, supported by strong sales, cost control, and a fully funded growth pipeline.

  • Maintained a fatality-free safety record for over four years, with LTIFR below 1.0 and industry-leading safety metrics.

  • Embedded sustainability in operations, including expanded desalination, increased female workforce representation, and the first hydrogen train in South America.

  • Maintained a strong balance sheet with net debt/EBITDA at 0.53x and recommended a final dividend of 48¢/share, totaling 50% of earnings.

  • Copper production reached 653,700 tonnes, with significant by-product output in gold, molybdenum, and silver.

Financial highlights

  • Revenue increased 30% year-over-year to $8.6Bn, with EBITDA up 52% to $5.2Bn and EBITDA margin expanding to 60%.

  • Net earnings more than doubled to $1,329m, with underlying EPS up 60% to 134.8¢.

  • Operating cash flow up 30% to $4.3Bn, despite higher receivables due to elevated year-end copper prices.

  • Net cash costs reduced to $1.19/lb, reflecting robust cost discipline and higher by-product credits.

  • Effective tax rate was 36%; dividends paid totaled $760m, up from $557m in 2024.

Outlook and guidance

  • Construction projects to deliver 30% production growth remain on time and on budget, with full capacity expected in 2029.

  • FY26 copper production guidance set at 650-700kt, with medium-term growth driven by Centinela Second Concentrator and Los Pelambres projects.

  • Capital expenditure guidance for 2026 is $3.4Bn, supporting ongoing growth initiatives.

  • Copper market fundamentals remain strong, with demand forecast to grow 2% annually through 2035 and supply constrained.

  • Continued focus on disciplined capital allocation and maintaining investment-grade credit rating.

Outline post-2029 growth strategy
Inorganic growth options, including new regions
Zaldivar water solution decision and CapEx
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H1 202613 Aug, 2026
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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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