Antofagasta (ANTO) H1 2025 earnings summary

Executive summary

• Achieved robust financial performance in H1 2025, with revenue up 29% to $3.8Bn and EBITDA up 60% to $2.2Bn, driven by higher copper and gold sales, disciplined cost management, and strong project execution.

• EPS doubled to 52.9 cents, profit before tax rose 63% to $1.2Bn, and underlying EPS up 112% to 47.4 cents.

• Interim dividend declared at 35% of net earnings, consistent with dividend policy, with payout at 16.6 cents per share.

• Maintained a strong safety record with zero fatalities and low injury frequency rates, emphasizing sustainability and community initiatives.

• Growth program on track to deliver over 30% copper production growth through brownfield expansions at Centinela and Los Pelambres.

Financial highlights

• Revenue increased 29% year-over-year to $3,799.4m, mainly from a 17% rise in copper sales and 53% in gold sales, plus higher realized prices.

• EBITDA rose 60% to $2,234.2m, with margins expanding 12 percentage points to 58.8%, the highest since 2021.

• Operating cash flow grew 22% to $1,812.0m; capital expenditure for H1 was $1.6Bn, up 53% year-over-year.

• Net debt/EBITDA ratio at 0.54x, reflecting higher capex and dividend payments.

• Profit before tax (including exceptionals) rose 63% to $1,162.0m; underlying net earnings increased 111% to $467m.

Outlook and guidance

• Copper production expected to increase by 30% from 2024 levels through ongoing brownfield projects, with 2025 guidance at 660,000–700,000 tonnes.

• FY25 capital expenditure guidance set at $3.9Bn, with spending weighted to the second half.

• Net cash cost guidance for 2025: $1.45–$1.65/lb, reflecting continued cost discipline and by-product credits.

• Growth pipeline includes expansions at Los Pelambres and Centinela, with construction progressing on schedule and budget.

• Market fundamentals for copper remain strong, supported by energy transition and supply constraints.