Antofagasta (ANTO) H2 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue up 30% to $8.6Bn and EBITDA rising 52% to $5.2Bn, supported by strong sales, cost control, and a fully funded growth pipeline.

• Maintained a fatality-free safety record for over four years, with LTIFR below 1.0 and industry-leading safety metrics.

• Embedded sustainability in operations, including expanded desalination, increased female workforce representation, and the first hydrogen train in South America.

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

• Copper production reached 653,700 tonnes, with significant by-product output in gold, molybdenum, and silver.

Financial highlights

• Revenue increased 30% year-over-year to $8.6Bn, with EBITDA up 52% to $5.2Bn and EBITDA margin expanding to 60%.

• Net earnings more than doubled to $1,329m, with underlying EPS up 60% to 134.8¢.

• Operating cash flow up 30% to $4.3Bn, despite higher receivables due to elevated year-end copper prices.

• Net cash costs reduced to $1.19/lb, reflecting robust cost discipline and higher by-product credits.

• Effective tax rate was 36%; dividends paid totaled $760m, up from $557m in 2024.

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 $3.4Bn, supporting ongoing growth initiatives.

• Copper market fundamentals remain strong, with demand forecast to grow 2% annually through 2035 and supply constrained.

• Continued focus on disciplined capital allocation and maintaining investment-grade credit rating.