Anglo American plc

Continuing operations EBITDA was $6.4 billion and earnings were $0.9 billion. The simplified copper and premium iron ore portfolio generated $6.9 billion of EBITDA, a 9% year-over-year increase, with a 44% EBITDA margin and $1.6 billion of underlying earnings. Underlying EPS was $0.54 and full-year dividends were $0.23 per share, in line with the 40% payout policy. Production in the simplified portfolio was down 4%, while revenue increased 4% on higher realized prices. Net debt decreased by $2 billion to $8.6 billion, or $6.8 billion excluding shareholder loans. For 2026, copper unit costs are guided to around $1.72 per pound versus $1.50 per pound, premium iron ore unit cost to around $41 per tonne, and the group continuing effective tax rate to 44% to 48%. Continuing depreciation is expected at $2.4 billion to $2.6 billion, and 2026 restructuring and merger costs are expected to be around $0.2 billion. CapEx for the next 3 years for the simplified portfolio is guided at $2.6 billion to $3.1 billion.

Duncan Wanblad framed 2025 as a transformational year built around operational excellence, portfolio optimization, and growth. He highlighted progress in copper, the Codelco joint mine plan, and the Teck merger, calling Anglo Teck a global critical minerals champion with meaningful industrial and financial synergies. His tone was confident and constructive, but he also emphasized that integration and remaining regulatory approvals will take time and that there will be little new public news until the process advances.

John Heasley emphasized disciplined execution on production, cost, and cash, saying the business delivered on guidance plus the $1.8 billion cost-out program and further reduced working capital. He cited $6.4 billion of continuing operations EBITDA, $6.9 billion and a 44% margin for the simplified portfolio, $1.4 billion of sustaining attributable free cash flow, and net debt down to $8.6 billion. He also flagged the De Beers impairment of $2.3 billion, the 52% continuing tax rate distorted by De Beers, and 2026 guidance including copper unit costs of around $1.72 per pound, premium iron ore at around $41 per tonne, and CapEx of $2.6 billion to $3.1 billion over the next 3 years for the simplified portfolio.

Analysts focused on the timing and structure of the Collahuasi-Quebrada Blanca adjacency, Woodsmith feasibility and financing, and the De Beers exit. Management said the combined QBC option is clearly the most attractive, but ownership and shareholder agreements still need to be sorted, while Woodsmith is progressing under a slowdown plan and is not expected to move before 2028. On De Beers, management said the current market makes a spin-off unattractive, so a strategic sale is the priority, likely with some upfront and contingent consideration given the business may remain cash negative for a period. They also said China regulatory review for the Anglo Teck deal is proceeding as expected with no unusual asks.