Adjusted EBITDA fell 14% year-over-year to $5.4bn, with $3.8bn from industrial assets and $1.4bn from marketing; net income before significant items dropped 62% to $0.6bn, and reported net loss was $655m after $1.04bn in impairments.
Strong zinc and gold performance, especially from Kazakhstan, offset lower coal and copper earnings; EVR contributed $786m in its first reporting period.
Copper production weighted to H2, with 60% expected in the second half, supporting a stronger full-year outlook and guidance of 850–890kt.
Announced $1bn in annualized recurring cost savings from over 300 initiatives, with more than half to be realized in H2 2025 and full delivery by 2026.
$3.2bn in shareholder returns for 2025, including dividends and a $1bn buyback post-Viterra sale, supported by strong cash generation and Bunge share proceeds.
Revenue was $117.4bn, nearly flat year-over-year; adjusted EBIT dropped 37% to $1.8bn.
Net debt at $14.5bn, up 30% year-over-year, with a net debt/EBITDA ratio of 1.08x, expected to fall to 1x post-Viterra proceeds.
Cash generated by operating activities was $4.3bn in H1 2025, down 14% year-over-year.
Free cash flow flat in H1, with spot annualized illustrative free cash flow of $4bn expected.
Mining margins: metals 24%, steelmaking coal 26–35%, energy coal 18%.
H2 expected to deliver significantly higher earnings and cash flow, driven by copper volume recovery and improved coal prices.
Copper production to rebound in H2, with a pathway to 1Mt by 2028; 2025 seen as the production floor.
Cost savings to reach $1bn annualized by 2026, with at least 50% realized in H2 2025.
Marketing EBIT guidance raised to $2.3–$3.5bn post-Viterra sale, with a new midpoint of $2.9bn.
CapEx guidance unchanged at $6.6bn per annum through 2027.
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