As at 20 March 2026

Executive Summary

Key highlights

In this report, we review the latest FY25 results for the year ended 31 December 2025.

Financial results at a glance:

• Group revenue from continuing operations increased by 5% to $18.5 billion in FY25 (FY24: $17.7 billion), driven by higher realised copper and premium iron ore prices, partly offset by lower copper volumes.

• Underlying EBITDA from continuing operations edged up by 1.5% to $6.4 billion (FY24: $6.3 billion), as favourable price benefits and $0.6 billion of cost savings offset lower De Beers earnings, and reduced Chile’s copper sales.

• Copper and premium iron ore delivered higher underlying EBITDA on stronger realised prices and cost discipline. Manganese and crop nutrients improved off a low base, while De Beers’ EBITDA declined by $0.5 billion amid challenging rough diamond trading conditions.

• Underlying earnings from continuing operations declined by 34% to $0.9 billion (FY24: $1.3 billion), and the Group reported a total loss attributable to equity shareholders of $3.7 billion (FY24: $3.1 billion loss), largely due to a $2.3 billion pre-tax impairment relating to De Beers.

• Cash flows from operations were steady at $7.0 billion (FY24: $6.9 billion), while capital expenditure on continuing operations declined to $3.3 billion (FY24: $3.9 billion).

• Net debt including related derivatives reduced to $8.6 billion at year-end 2025 (FY24: $10.6 billion), lowering gearing to 26% and a net debt to EBITDA ratio of 1.3x. (FY24: 1.7x).

• The total dividend for the year is $0.23 per share, a decline of 64% from $0.64 per share declared for FY24.

Analyst thesis

Our recommendation is based on:

• Copper-leveraged portfolio into electrification: Anglo American’s increasing focus on copper and premium iron ore, supported by the proposed merger with Teck Resources, positions it as a key beneficiary of structurally higher copper demand driven by grid investment, renewables, electric vehicles (EVs), and data centres.

• Structural copper deficit supports pricing: Industry analysis suggests global copper demand could grow by 40%–60% over the next two decades, with a sizeable supply gap set to emerge due to permitting delays, grade decline, and underinvestment constraining new projects. This dynamic underpins a supportive long-term price deck for tier-one producers such as Anglo.

• Portfolio simplification driving quality: Excluding De Beers and other non-core assets, representing lower quality and lower margin businesses, Anglo’s core copper and premium iron ore businesses delivered strong margins in FY25, reinforcing a higher-return, lower-volatility earnings base.

• De Beers is a clear drag: De Beers’ loss-making performance and impairment in FY25 weighed on group returns. Management’s plan to separate or divest the underperforming diamonds business serves as a visible value-unlock catalyst, enabling investors to re-rate Anglo based on its core copper and iron ore franchise.