Antofagasta (ANTO) H1 2025 (Q&A) earnings summary

Executive summary

• Revenue increased 29% to $3,799.4m and EBITDA rose 60% to $2,234.2m, driven by higher copper, gold, and molybdenum production and disciplined cost management.

• EBITDA margin reached 58.8%, up 12 percentage points year-over-year, the highest since 2021.

• Underlying EPS doubled to 47.4 cents, and profit before tax rose 63% to $1,162.0m, including exceptional items.

• Interim dividend declared at 16.6 cents per share, reflecting a 35% payout of net earnings.

• Major growth projects at Los Pelambres and Centinela are progressing on schedule, supporting a 30% medium-term copper output increase.

Financial highlights

• Operating cash flow increased 22% to $1,812.0m; capital expenditure rose 53% to $1,620.4m in H1 2025.

• Net debt/EBITDA ratio at 0.54x as of June 2025, up from 0.48x at year-end 2024.

• Cash costs before by-product credits: $2.32/lb; after by-product credits: $1.32/lb in H1 2025.

• Profit before tax: $1,162.0m (+63%); underlying EPS: 47.4c (+112%).

• Interim dividend: 16.6c/share (+110%); full-year capex guidance maintained at $3.9bn.

Outlook and guidance

• 2025 copper production guidance maintained at 660,000–700,000 tonnes, with higher H2 production expected.

• Medium-term copper output expected to grow by over 30% as new projects ramp up through 2027.

• Net cash cost guidance for 2025: $1.45–$1.65/lb, reflecting higher by-product credits.

• Full-year capex is expected to be more weighted to H2 due to project phasing and ramp-ups.

• Copper market fundamentals remain strong, with supply constraints and robust demand from energy transition sectors.