Antofagasta (ANTO) H1 2026 (Q&A) earnings summary

Executive summary

• Achieved five years without a fatal or serious accident, with a lost time injury frequency rate below 1.0 in H1 2026, reflecting a strong safety culture.

• Delivered strong operational and financial performance in H1 2026, with EBITDA up 27% to $2.84 billion and a record margin of 63.4%.

• Revenue rose 18% year-over-year to $4.5 billion, driven by record copper pricing at $6.19/lb and higher by-product prices.

• Interim dividend of 30.1 cents per share declared, up 81% year-over-year, maintaining a 35% payout ratio.

• Major growth projects at Centinela and Los Pelambres progressing, targeting a 30% copper production increase by 2027.

Financial highlights

• EBITDA increased 27% year-over-year to $2.84 billion, with a 63.4% margin.

• Operating cash flow rose 53% to $2.8 billion, driven by higher revenues and working capital improvements.

• Profit before tax surged 72% to $2.0 billion year-over-year.

• Net cash costs reduced by 8% to $1.22/lb, reflecting cost discipline and by-product credits.

• Interim dividend of 30.1¢/share, up 81% year-over-year, in line with a 35% minimum payout policy.

Outlook and guidance

• Full-year copper production guidance revised to 625,000–655,000 tonnes for 2026, factoring in ongoing winter risks.

• Net cash cost guidance for 2026 at $1.15–$1.35/lb; group-level cash costs before by-product credits expected at $2.40–2.60/lb.

• CapEx expected at $3.4 billion for 2026, trending lower post-2026 as major project spending peaks; sustaining CapEx to remain at $1–1.5 billion annually.

• Commissioning of Centinela second concentrator and Los Pelambres infrastructure on track for 2027.

• Zaldívar water transition project to enable mine life extension to 2051.