Anglo American (AAL) H1 2026 earnings summary

Executive summary

• Delivered strong operational and financial performance, with underlying EBITDA up 35% to $4.0B, driven by copper-led growth and portfolio simplification.

• Strategic transformation advanced through agreed sale of Steelmaking Coal for up to $3.9B, progress on De Beers sale, and integration planning for the Teck merger.

• Safety performance reached record-low injury rates, with updated sustainability strategy and ESG metrics integrated into management targets.

• Interim dividend of $0.23/share declared, maintaining a 40% payout policy.

• Net debt reduced to $8.2B, with net debt/EBITDA at 1.0x and liquidity of $15.5B.

Financial highlights

• Simplified portfolio delivered EBITDA of $4.1B (up 31–35% YoY), EBITDA margin of 46%, and underlying earnings of $1B (up 60% YoY).

• Revenue from continuing operations rose 11% YoY to $9.9B.

• Group EPS was $0.58; dividend $0.23/share.

• De Beers reported an EBITDA loss of $0.1B due to challenging diamond markets, mitigated by restructuring.

• Discontinued operations (steelmaking coal, nickel, PGMs) reported losses, mainly from lower volumes and impairments.

Outlook and guidance

• On track to meet full-year copper production guidance (700–760kt), with higher H2 volumes expected.

• CapEx guidance for 2026 reduced to $3.2B, reflecting project efficiencies and Venetia suspension.

• Copper unit cost guidance lowered to 136c/lb, down 12% YoY; iron ore cost guidance unchanged.

• Merger with Teck expected to complete between September 2026 and March 2027, with integration planning well advanced.

• Dividend payout policy remains at 40% of underlying earnings.