FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025
OPERATIONAL DISCIPLINE AND ROBUST PRICING UNDERPINS 52% INCREASE IN EBITDA TO RECORD LEVEL AND FINAL DIVIDEND OF 48¢ PER SHARE RECOMMENDED

Antofagasta plc CEO Iván Arriagada said: “Safety is the foundation of our business, and we remain focused on replicating our 2025 performance with another year ahead of industry benchmarks.

“Antofagasta delivered record EBITDA in 2025, reflecting continued operating discipline, robust realised prices and high by‑product credits. Full year revenue increased by 30% to $8.6 billion and our EBITDA margin widened by nine percentage points to 60%, maintaining our position towards the top end of pure-play copper producers, and helping underlying earnings to increase by 106%. The Group’s balance sheet remains strong, with net debt to EBITDA broadly unchanged year on year at 0.53, despite having invested $3.7 billion in our business during the year. As such, we are pleased to announce a final dividend recommended for 2025 of 48 cents per share, which, if approved, would equate to a full year pay-out ratio of 50%.

“Our major construction projects at Centinela and Los Pelambres continue to be on time and on budget, having passed peak Group-level capex in 2025 for our current projects in construction, putting us on track to deliver 30% growth in production over the medium term. With each key construction milestone completed, we are moving closer to realising our growth potential, derisking future production and lowering costs at Centinela.

“Copper’s fundamental value continues to be demonstrated through sustained demand growth, driven by the global structural trends of energy security and electrification, which saw copper achieve record prices in 2025. As a pure-play copper producer with a portfolio of operations and extensive growth options in established jurisdictions, we are uniquely well-positioned to continue generating long-term stakeholder value and delivering on our purpose – developing mining for a better future.”

2025 HIGHLIGHTS

• Continued strong safety performance, with no fatalities and the lost time injury frequency rate continuing below 1.0.
• Revenue increased by 30% to $8.6 billion, reflecting the higher pricing for copper and by-products (gold and molybdenum) and increased sales volumes.
• EBITDA¹ was $5.2 billion, 52% higher on stronger revenues and robust cost control, which helped to increase the Group’s EBITDA margin^1,2, to 60.3%.
• Cash flow from operations increased by 30% to $4.3 billion, with the same drivers as described above, partially offset by a negative working capital movement of $766.4 million, mainly due to an increase in receivables associated with the high year-end copper price.
• Capital expenditure peaked in 2025 at $3.7 billion (2024: $2.4 billion), with major capital projects continuing in line with expectations.
• The Competitiveness Programme generated savings and productivity improvements of $115 million in 2025 (2024: $248 million), exceeding the Group’s original target of $100 million for the year.
• The balance sheet remains strong, with a cash, cash equivalents and liquid investment balance of $4.9 billion (31 December 2024: $4.3 billion), and the net debt to EBITDA ratio continues to be robust at 0.53x (31 December 2024: 0.48x).
• Recommended final dividend of 48.0 cents per share. If approved, this would take full year distributions to the equivalent of a pay-out ratio of 50% of underlying net earnings per share, in line with the Company’s dividend policy.
• The Group’s copper production guidance for 2026 remains unchanged at 650,000-700,000 tonnes. Cash costs before by-product credits and net cash costs are expected to be between $2.30/lb and $2.50/lb and between $1.15/lb and $1.35/lb, respectively.
• In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is expected to be $3.4 billion.

_{1 Non-IFRS measures. Refer to the alternative performance measures section on page 61 in the full year financial report below.
2 Calculated as EBITDA/Revenue. Excluding Associates and JVs’ EBITDA, EBITDA Margin was 58.2% in 2025 and 48.6% in 2024}

Download Results (PDF)

Download Presentation (PDF)

View Webcast

A copy of the 2025 full year results presentation is available for download from the Group’s website (http://www.antofagasta.co.uk/investors/reports-presentations/).

There will be a presentation and Q&A at 9:00am (UK) today, which will be hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer and Alejandra Vial - Vice President Sustainability. Attendance can be in-person or virtual. Further details can be found here.

Investors – London

Rosario Orchard rorchard@antofagasta.co.uk 

Robert Simmons rsimmons@antofagasta.co.uk

Telephone +44 20 7808 0988  

Media – London

Sara Powell
Ben Brewerton
Nick Hennis
antofagasta@fticonsulting.com

Telephone +44 20 3727 1000

Media – Santiago

Pablo Orozco porozco@aminerals.cl 

Carolina Pica cpica@aminerals.cl

Telephone +56 2 2798 7000