AngloGold Ashanti (AU) Q2 2026 earnings summary

Executive summary

• Achieved stable production of 1.5 million ounces in H1 2026, excluding the Serra Grande sale, despite a temporary suspension at Obuasi due to a fatality.

• Q2 2026 EBITDA rose 46% year-over-year to $1.97bn, driven by a 35% increase in the average gold price received per ounce to $4,446/oz and robust operational performance.

• Free cash flow increased 36% year-over-year to $727m in Q2 2026, with H1 2026 free cash flow more than doubling to $1.9bn.

• Headline earnings grew 58% year-over-year to $1.01bn in Q2 2026, with headline EPS up to 198 US cents per share.

• Declared $949m in dividends for H1 2026, with $364m in Q2, and executed a $666m bond buyback, strengthening the balance sheet.

Financial highlights

• Revenue from product sales reached $3.1bn in Q2 2026, up from $2.4bn in Q2 2025.

• Total cash costs increased 21% year-over-year to $1,480/oz, mainly due to inflation, higher royalties, and fuel prices.

• Net cash position at 30 June 2026 was $991m, reversing net debt of $311m at 30 June 2025.

• Net cash inflow from operating activities was $1.43bn in Q2 2026, up 41% year-over-year.

• Basic EPS rose 49% to $1.97 from $1.32 in Q2 2025.

Outlook and guidance

• Full-year 2026 guidance for gold production, costs, and capital expenditure remains unchanged, with H2 2026 production expected to be higher and unit costs anticipated to trend lower as volumes increase.

• Growth projects in existing assets (Geita, Obuasi, Sukari, Cuiabá, Siguiri) to add 300,000–450,000 oz over three years with low incremental CapEx.

• Free cash flow expected to improve in H2 as tax payments normalize.