HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026

DISCIPLINED DELIVERY DRIVES 27% EBITDA GROWTH AND MARGIN INCREASE TO 63%

MAJOR GROWTH AND DEVELOPMENT PROJECTS CONTINUE TO ADVANCE

Antofagasta plc CEO Iván Arriagada said:

“We are pleased to have delivered strong growth in earnings in the first half, with EBITDA rising 27% and operating cash flow 53% higher, supported by higher realised prices and our continued focus on productivity and cash cost discipline. Having passed peak levels of capital expenditure for our current phase of growth, we remain well positioned for the future with a resilient balance sheet and low levels of net debt.

“Safety remains the foundation of our business, and I am pleased to report another period with no fatalities. This performance reflects the commitment of our people and the disciplined approach that underpins our strategy. The resumption of operations at Los Pelambres, following the precautionary shutdown due to exceptional adverse weather conditions, has progressed in a safe and orderly manner – which is a testament to the resilience of the operation, commitment of our team and robust planning processes. As a result, the impact on production has been contained, with the Group now expecting full year copper production to be in the range of 625,000-655,000 tonnes.

“We continue to advance our major projects at Centinela and Los Pelambres towards the completion of commissioning in 2027, which are collectively expected to deliver a 30% increase in copper production and strengthen the long-term resilience of our portfolio. At Zaldívar, we recently announced our investment decision for our transition away from continental water sourcing, which will enhance the long-term sustainability of this operation and enable a potential mine life extension to 2051. Together, these long-term investments position the Group well to benefit from growing copper demand, driven by global trends including energy security, electrification, digital infrastructure and AI."

HIGHLIGHTS

• Strong safety performance recorded in H1 2026, with operations remaining fatality-free and the Group-level lost time injury frequency rate continuing below 1.0 (H1 2026: 0.68).
• EBITDA was $2,840.5 million, 27% higher than in H1 2025, driven by higher revenues, partially offset by an increase in operating costs.
• The Group’s EBITDA margin² increased by 5 percentage points to 63.4% in H1 2026, maintaining the Group’s position towards the top end of global pure-play copper producers.³
• Interim dividend of 30.1 cents per share announced, equivalent to a pay-out ratio of 35% of underlying net earnings, in line with the Group’s capital allocation framework and dividend policy.
• Cash flow from operations increased by 53% to $2,772.9 million, with the drivers as described above and a decrease in working capital in relation to lower receivables and higher payables.
• The Group’s balance sheet remains resilient, with a net debt to EBITDA ratio of 0.68x as at 30 June 2026 (0.53x as at 31 December 2025).
• The Competitiveness Programme generated savings and productivity improvements of $67 million in H1 2026 (H1 2025: $60 million), and the Group is on track to meet its full year target of $110 million.
• The Group’s major growth projects continue to advance towards the completion of commissioning next year. At the Centinela Second Concentrator Project, pre-commissioning activities continued during H1 2026 alongside key construction milestones. Following detailed geotechnical work, additional works are planned in the flotation cell area of the concentrator, within the overall schedule for the project. At Los Pelambres, progress also advanced on the infrastructure projects to install a new concentrate pipeline and expand the existing desalination plant to 800 litres per second.
• As previously disclosed on 24 July 2026, Los Pelambres has resumed operations following an orderly shutdown in response to extraordinarily severe weather conditions in Chile, during which Coquimbo Region was officially declared as a ‘state of catastrophe’ by the Chilean Government. Mining and processing activities have continued to gradually increase, with the level of mine movement ramping up as conditions permit. While there has been no material impact on key equipment and infrastructure, detailed inspections have identified the need for repairs to certain pipeline platforms and water management systems.
• As a result, total Group production for 2026 is expected to be in the range of 625,000-655,000 tonnes, with cash cost and capital expenditure guidance as previously disclosed in the Group’s Q2 2026 Production Report.
• As previously disclosed in the Group’s Q2 2026 Production Report, Group copper production was 285,000 tonnes in H1 2026, representing a decrease of 9% year-on-year, principally driven by lower output at Los Pelambres and Centinela. Quarterly production is expected to increase sequentially over the remainder of the year.
• As inflationary pressures continue to persist across the mining industry, the Group remains focused on its supply chains to ensure security of sourcing, disciplined cost control, operational excellence and project execution, in addition to the significant benefit provided through by-product credits. During H1 2026, net cash costs were 8% lower on a year-on-year basis at $1.22/lb, following stronger by-product credits and disciplined cost control, with the main offsetting factor being lower production at both Los Pelambres and Centinela, in addition to higher input costs and the settlement of a three-year labour agreement at Centinela.
• The Group announced approval during Q2 2026 of an investment of approximately $0.9 billion in a water pipeline and pumping system for Zaldívar, enabling the transition away from continental water from mid-2028 and supporting a potential mine life extension to 2051.

_{1. Non-IFRS measures. Refer to the Alternative Performance Measures section on page 56 in this half year financial report.}

_{2. Calculated as EBITDA/revenue. If revenue from Associates and JVs is included, EBITDA margin was 60.2% in H1 2026 and 56.2% in H1 2025.}

_{3. Peer group composed of pure-play copper producers as defined by Visible Alpha.}

A recording and copy of the 2026 Half Year Results presentation is available for download from the Group’s website www.antofagasta.co.uk.

There will be a Q&A video conference call at 2:00 pm (UK) today, hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer, and Alejandra Vial - Vice President Sustainability. Participants can join the conference call via the following link: https://antofagasta-2026-hy-results.open-exchange.net/

Download Results (PDF)

Download Presentation (PDF)

Investors – London

Juan Esteban Dides jdides@aminerals.cl

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 7404 5959

Media – Santiago

Pablo Orozco porozco@aminerals.cl 

Carolina Pica cpica@aminerals.cl

Telephone +56 2 2798 7000

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