Dear shareholders
The past 12 months was a period of disciplined execution across our business. We advanced our major construction projects on time and on budget, strengthened operational foundations and delivered record financial performance. As a pure‑play copper producer, we are well positioned to benefit from the structural trends underpinning the copper market and the supportive pricing environment for our by‑products.
Safety performance
Safety is our first priority. In 2025, we achieved another fatality‑free year and a lost time injury frequency rate below 1.0x.
This reflects sustained leadership visibility in the field, improved contractor management practices and strengthened critical risk controls across both operations and construction sites. Our teams across our major construction projects also performed particularly well, with injury frequency rates either in line with, or better than, the Group average – despite a peak workforce of more than 18,000 contractors.
We continued to embed learning and continuous improvement through real‑time reporting and investigation tools, enabling faster corrective actions and reducing recurrence. Our training programmes were expanded to deepen capability in critical leadership behaviours and risk planning.
Annual Report 2025
Established producer
Established producer Through robust cost control and favourable market conditions, we were able to deliver record financial performance in 2025, with revenues increasing by 30%, our industryleading EBITDA margins widened to 60% and earnings per share grew by 60%. This performance reflects disciplined execution across our business and positions us well for the next phase of our development.
Los Pelambres marked its 25-year anniversary in 2025, a significant milestone for our largest operation. We delivered a 35% reduction in net cash costs driven by strong by‑product performance. Looking ahead to 2026, we see a clear opportunity for Los Pelambres to reach its full potential, supported by higher copper grades, ongoing optimisation initiatives and continued benefits from recently completed investments in desalination capacity and ore processing.
Centinela delivered a consistent year operationally, underpinned by stable concentrator performance, and further supported by record gold pricing, which helped us to achieve a 53% decrease in cash costs and robust financial performance at this operation.
At our SX-EW operations, Antucoya achieved its highest level of material movement in 2025, with strong performance in the processing plant. Work is set to begin in 2026 to investigate the expansion potential of the hypogene material located below the existing pit. Zaldívar is implementing improvements in throughput and recoveries as a number of initiatives are advancing.
Our Transport Division (FCAB) performed well during 2025 and is well positioned to benefit from future growth in mining activity in both northern Chile and the adjacent regions that are served by its railway network and road haulage footprint. Following an initial testing period, FCAB’s hydrogen-powered train commenced operations in 2025, an important first step in exploring the use of new technologies and alternative fuels in support of our energy efficiency and resilience objectives.
Delivering growth
Growth remains a key focus area, and 2025 was a particularly successful step in our journey towards achieving 30% growth, through our major projects in construction.
At Centinela, the Second Concentrator Project remains on track and has now progressed through several key construction milestones as we look to add 170,000 tonnes of copper-equivalent production, which will also expand margins through modern technologies and a greater exposure to by-products of gold and molybdenum. Work has now progressed to focus on the installation of key equipment and integration planning, ahead of construction finishing in 2027. In November we were pleased to host a site visit for analysts and investors to demonstrate this progress, and outline Centinela’s future growth potential.
Los Pelambres’ Future Growth Enabling Projects are projects designed to derisk long-term production, with work progressing on time and on budget. Construction teams are now fully deployed on the desalination plant expansion, and work continues along the route of the new concentrate pipeline. In addition, the Los Pelambres Development Options Project continues to advance through the Environmental Impact Assessment (EIA) review process, in line with expectations. The projects, together with the approval of our EIA, will support our significant long-term production plans and value generation for all stakeholders.
At Zaldívar, the approval of the EIA in May 2025 was a significant milestone, and this positive result is a testament to our teams’ experience and dedication, and the engagement work undertaken with local communities. Following approval, we now have a platform to unlock the full potential of Zaldívar’s one billion tonnes of Mineral Resources, using innovation such as our proprietary primary sulphide leaching technology, Cuprochlor-T®.
Fully funded growth
The issuance of our fourth corporate bond and the recent completion of the water‑infrastructure financing solution at Los Pelambres have extended our maturity profile and completed the funding of our current growth programme consistent with our capital allocation framework.
Sustainability leadership
Sustainability is embedded throughout our day-to-day decision-making. During 2025, we maintained a strong focus on safe, responsible and efficient operations, while also continuing to progress our environmental, social and workforce priorities. We continue to strengthen our workforce, aiming to recruit, develop and retain the best talent in the mining industry. As a result, female representation in our workforce has now reached 30%, representing meaningful progress in strengthening our workforce culture and decision‑making processes.
We are continuing our pivot away from continental water sources, through the expansion of Los Pelambres’ desalination plant and the approval of Zaldívar’s EIA in 2025, as we make progress towards achieving our ambition of 90% of our water use to come from either sea water sources or recirculated water.
Innovation supporting our goals
Innovation remains a key enabler of our operating model and future growth. Through the expansion of the operating model for our integrated Remote Operating Centres in 2025, we are improving performance through real‑time monitoring, advanced analytics and broader integration of operational data across a wider range of activities. Predictive maintenance initiatives are helping to reduce unplanned downtime and improve process stability at our concentrators.
Outlook
Our focus for 2026 is clear: operate safely, optimise production, maintain cost discipline and manage our growth projects to plan. With a well‑invested portfolio and committed workforce, Antofagasta is well placed to continue to deliver our purpose – developing mining for a better future.
Thank you for your continued support.
IVÁN ARRIAGADA
CHIEF EXECUTIVE OFFICER