AngloGold Ashanti (AU) Q2 2025 earnings summary

Executive summary

• Gold production rose 21% year-over-year to 804,000oz in Q2 2025, driven by strong performances at Obuasi, Geita, and Sukari, with record safety performance and TRIR at 0.8, the lowest ever.

• Free cash flow surged 149% to $535m, adjusted net debt fell 92% to $92m, and EBITDA more than doubled, reflecting robust cash generation and disciplined capital allocation.

• Interim dividend of $0.80/share or $406m declared, with total H1 dividends at $469m, more than double the past 15 years.

• Enhanced portfolio quality through strategic asset management, including the sale of non-core assets and the acquisition of Augusta Gold in Nevada.

• Inclusion in Russell US Indexes increased visibility and liquidity among US institutional investors.

Financial highlights

• Adjusted EBITDA increased 111% year-over-year to $1.44bn; headline earnings up 151% to $639m; basic earnings up 164% to $669m.

• Free cash flow for Q2 was $535m, up 149% year-over-year; net cash flow from operations up 142% to $1.02bn.

• Group capital expenditure rose 33% to $381m, with sustaining capex up 28% to $273m.

• Group total cash costs were $1,226/oz, up 8% year-over-year; AISC for managed operations up 4% to $1,694/oz.

• Dividend yield at 5%, free cash flow yield at 8.6%, and EV/EBITDA at 5.7x, outperforming peer averages.

Outlook and guidance

• 2025–2026 gold production guidance: 2,900–3,225koz annually; all-in sustaining costs: $1,580–$1,705/oz.

• Capital expenditure expected to rise in Q3 due to fleet replacement, with full-year guidance maintained.

• Further capital allocation options, including share or debt buybacks, will be evaluated at year-end.

• Guidance assumes no major operational disruptions; inflation and market volatility remain key variables.

• Strategic focus remains on enhancing margins, extending mine lives, and maintaining capital discipline.