Antofagasta (ANTO) H1 2026 earnings summary

Executive summary

• EBITDA rose 27% year-over-year to $2.84 billion, with margin expanding to 63.4% on higher realized prices and disciplined cost control.

• Revenue increased 18% year-over-year to $4.5 billion, driven by record copper pricing 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 and Los Pelambres are progressing, targeting a 30% copper production increase by 2027.

• Safety performance remained strong, with five years fatality-free and a lost time injury frequency rate below 1.0.

Financial highlights

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

• Profit before tax climbed 72% to $2.0 billion, reflecting higher revenues and improved operational performance.

• Net cash costs fell 8% year-over-year to $1.22/lb, supported by cost discipline and by-product credits.

• EBITDA margin expanded to 63.4%, among the highest in the peer group.

• Net debt/EBITDA ratio at 0.68x, reflecting a strong balance sheet despite peak capex.

Outlook and guidance

• Full-year copper production guidance set at 625,000–655,000 tonnes, revised from 650,000–700,000 tonnes.

• Net cash cost guidance for 2026 is $1.15–$1.35/lb; capital expenditure guidance remains at $3.4 billion.

• Major projects at Centinela and Los Pelambres on track for commissioning in 2027, expected to boost copper production by about 30%.

• Inflationary pressures are being mitigated by operational efficiencies and fixed-price contracts for key inputs.