Antofagasta (ANTO) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue up 30% to $8.6 billion and EBITDA rising 52% to $5.2 billion, supported by disciplined cost control and a robust operating model.

• Maintained a strong balance sheet with net debt/EBITDA at 0.53x and recommended a final dividend of 48¢/share, totaling 50% of earnings for the year.

• Advanced major growth projects, maintaining a fully financed pipeline and clear path to 30% production growth by 2029.

• Continued industry-leading safety performance, delivering another fatality-free year and lowest high potential incidents on record, with LTIFR below 1.0 for four consecutive years.

• Embedded sustainability in operations, with progress in water management, workforce diversity, community engagement, and innovation such as hydrogen trains.

Financial highlights

• Revenue increased 30% year-over-year to $8.6 billion, driven by higher sales volumes and favorable market conditions.

• EBITDA rose 52% to a record $5.2 billion, with EBITDA margin expanding to 60%.

• Net earnings more than doubled to $1,329 million, with underlying earnings per share up 60% to 134.8¢.

• Operating cash flow up 30% to $4.3 billion; net debt to EBITDA ratio remained broadly flat year-on-year at 0.53x.

• Dividends paid totaled $760 million, up from $557 million in 2024; proposed total dividend for 2025 is $0.646 per share, with a payout ratio of 50%.

Outlook and guidance

• Construction projects to deliver 30% production growth remain on time and on budget, with full capacity expected in 2029.

• FY26 copper production guidance set at 650-700kt, with medium-term growth driven by Centinela Second Concentrator and Los Pelambres projects.

• Capital expenditure guidance for 2026 is $3.4 billion, supporting ongoing growth initiatives.

• Ongoing focus on disciplined capital allocation, maintaining investment-grade credit rating, and sustainable returns.

• Anticipates normalization of working capital in the first half of 2026 as copper prices stabilize.