Antofagasta (ANTO) H1 2026 (Q&A) earnings summary

Executive summary

• Achieved five years without a fatal or serious accident, with a lost time injury frequency rate below 1.0 in H1 2026, reflecting a strong safety culture.

• Delivered strong operational and financial performance in H1 2026, with EBITDA up 27% to $2.84 billion and a record 63.4% margin, driven by higher realised copper prices and disciplined cost control.

• Revenue rose 18% year-over-year to $4.5 billion, supported by record copper pricing at $6.19/lb and strong by-product markets.

• Interim dividend of 30.1 cents per share declared, up 81% year-over-year, maintaining a 35% payout ratio.

• Major growth projects at Centinela, Los Pelambres, and Zaldívar are advancing, targeting a 30% copper production increase by 2027.

Financial highlights

• EBITDA increased 27% year-over-year to $2.84 billion, with a 63.4% margin, among the highest recorded.

• Revenue increased 18% year-over-year to $4.48 billion, mainly due to higher copper, gold, and molybdenum prices.

• Operating cash flow rose 53% to $2.8 billion, driven by higher revenues and working capital improvements.

• Interim dividend of 30.1¢/share, up 81% year-over-year, in line with a 35% minimum payout policy.

• Net cash cost reduced by 8% year-over-year to $1.22/lb, reflecting productivity gains and by-product credits.

Outlook and guidance

• Full-year copper production guidance revised to 625,000–655,000 tonnes due to weather impacts at Pelambres.

• Net cash cost guidance for 2026 at $1.15–$1.35/lb; group-level cash costs before by-product credits expected at $2.40–2.60/lb.

• Brownfield growth pipeline fully funded, targeting a 30% volume increase by 2027.

• Sustaining CapEx expected to remain at $1–1.5 billion annually, with full-year CapEx guidance at $3.4 billion and development CapEx tapering after 2027.

• Zaldívar water transition project to enable mine life extension to 2051.