Anglo American plc (LON:AAL) has announced its Preliminary Results 2025.
Portfolio progress highlights quality of Copper and Premium Iron Ore business performance
• A transformational year of portfolio optimisation and strategic progress to merge with Teck, unlocking material value for shareholders
• Strong production and cost performance from continuing operations, delivering:
◦ Underlying EBITDA* of $6.4 billion (2024: $6.3 billion)
◦ EBITDA margins* of 49% in Copper and 43% in Premium Iron Ore
• $1.8 billion of run-rate cost savings delivered on schedule by the end of 2025
• Strong cash conversion* for continuing operations at 107% with further reductions in working capital delivered
• Net debt* decreased to $8.6 billion (2024: $10.6 billion) reflecting proceeds from sale of residual Valterra Platinum shareholding, with proceeds from planned divestments expected to support further deleveraging
• Loss attributable to equity shareholders of $3.7 billion – including a pre-tax impairment of $2.3 billion relating to De Beers
• $0.2 billion total cash dividends, equal to $0.23 per share, consistent with our 40% payout policy
Duncan Wanblad, CEO of Anglo American, said: “2025 was a transformational year for Anglo American as we progressed our portfolio simplification and set the course for the future of our company by agreeing to merge with Teck to form a global critical minerals champion – as Anglo Teck. In parallel, we continued to accelerate delivery of our own strategic priorities of operational excellence, portfolio optimisation and growth, making great strides during the year and unlocking material value for our shareholders.
“I am delighted with the continued strong operational and cost performance in Copper and Premium Iron Ore in 2025, with improved underlying EBITDA in both businesses. Underlying EBITDA from continuing operations increased to $6.4 billion, reflecting our unwavering focus on cost discipline and operational excellence, while also hitting our targeted $1.8 billion cost savings run-rate. We are continuing to strengthen our balance sheet, driven by the early proceeds from our portfolio optimisation and our continued focus on cash conversion.
“Safety is our number one value and our first priority, always. We saw further improvement in key leading safety indicators, with a continuation of the downward trend in injury frequency, recording our lowest ever rate in 2025. I am, however, sorry to report that we lost two colleagues following accidents in Brazil and Zimbabwe, in the first half of the year. We extend our sincerest condolences to their families, friends and colleagues and we will be relentless in our efforts to create a workplace where everyone returns home safely.
“We are committed to seeing our portfolio changes through to their conclusion, following the successful demerger of Valterra Platinum in May and the sale of our residual holding in the business in September. We continue to progress the sale of our Steelmaking Coal business, the agreed sale of our Nickel business is moving through regulatory approval, and we are progressing the separation of De Beers.
“Our merger agreement to form Anglo Teck marks a defining moment in our long history – a compelling combination that is designed to unlock significant value both in the near and long term, while offering our shareholders more than 70% exposure to copper. Having received Investment Canada Act approval in December, following overwhelming support from both companies’ shareholders, we continue to secure key regulatory approvals ahead of being in a position to deliver the exceptional value that we have identified as we take shape as a critical minerals powerhouse.”
Stuart Chambers, Chair of Anglo American, commented: “On behalf of the Board, I commend the entire leadership team and all our employees, led by Duncan, for an exceptional year of strategic delivery on so many fronts. Shareholders have benefited from considerable returns as the inherent value of Anglo American is brought to the fore, including via the successful demerger of Valterra Platinum. The progress to simplify our portfolio, in parallel with agreeing the merger with Teck and progressing the transaction so quickly and with such overwhelming shareholder support, together highlight the determination and energy with which we have been repositioning Anglo American to the forefront of our industry in terms of value-accretive growth.”
| Year ended | 31 December 2025 | 31 December 2024(re-presented)(1) | Change | ||||||
| US$ million, unless otherwise stated | |||||||||
| Continuing operations | |||||||||
| Revenue | 18,546 | 17,745 | 5 | % | |||||
| Underlying EBITDA* | 6,417 | 6,322 | 2 | % | |||||
| EBITDA margin* | 33 | % | 34 | % | |||||
| Attributable free cash flow* | 790 | (209 | ) | n/a | |||||
| Basic underlying earnings per share*($) | 0.80 | 1.11 | (28 | %) | |||||
| Attributable ROCE* | 12 | % | 12 | % | 0 | % | |||
| Total (including discontinued operations) | |||||||||
| Loss attributable to equity shareholders of the Company | (3,741 | ) | (3,068 | ) | 22 | % | |||
| Basic underlying earnings per share* ($) | 0.54 | 1.60 | (66 | %) | |||||
| Loss per share ($) | (3.30 | ) | (2.53 | ) | 30 | % | |||
| Interim dividend per share ($) | 0.07 | 0.42 | (83 | %) | |||||
| Final dividend per share ($) | 0.16 | 0.22 | (27 | %) | |||||
| Total dividend per share ($) | 0.23 | 0.64 | (64 | ) | % | ||||
Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 95.
(1) Comparative figures are re-presented to exclude results from discontinued operations, see note 8.
Note: Continuing operations includes Anglo American’s future portfolio (Copper, Premium Iron Ore, Manganese and Crop Nutrients) and De Beers, per accounting requirements; discontinued operations includes the Steelmaking Coal, Nickel and PGMs businesses.
Sustainability performance
Key sustainability performance indicators(1)
Anglo American tracks its strategic progress using KPIs that are based on our seven pillars of value: safety and health, financial, cost, environment, people, production and socio-political. In addition to the financial and cost performance set out above and our operational performance on pages 19-34, our performance for the remaining four pillars is set out below, with further detail on pages 13-16.
Our basis of preparation for sustainability reporting is to account for 100% of managed operations (including both continuing and discontinued operations) until the date of divestment. The performance against targets set out below therefore includes the performance of our Platinum business until it was divested at the end of May 2025. The exceptions to this are GHG emissions – Scopes 1 & 2 – where data is prepared in line with GHG Protocol guidance on the treatment of divestments – and Fresh water withdrawals. For these two metrics, for comparative purposes, full year 2025 and 2024 data, as well as the target baseline, excludes our PGM business.
| Pillar of value | Metric | 31 December 2025 | 31 December 2024 | Target(2) | Target achieved | ||
| Safety and health | Work-related fatal injuries(3) | 2 | 3 | Zero | Not achieved | ||
| Total recordable injury frequency rate (TRIFR) per million hours | 1.26 | 1.57 | Reduction year on year | Achieved | |||
| New cases of occupational disease | 16 | 19 | Reduction year on year | Achieved | |||
| Environment | GHG emissions – Total Scopes 1 & 2 (Mt CO2e) | 6.3 | 7.3 | Reduce absolute GHG emissions by 30% by 2030 | On track | ||
| Fresh water withdrawals (ML) | 20,955 | 25,394 | Reduce fresh water abstraction in water scarce areas by 50% by 2030 | On track | |||
| Level 4-5 environmental incidents | 0 | 0 | Zero | Achieved | |||
| People | Women in management(4) | 36 | % | 35 | % | To achieve 40% by 2030 | On track |
| Women in the workforce | 27 | % | 26 | % | |||
| Voluntary labour turnover | 4.2 | % | 4 | % | < 5% | Achieved | |
| Socio-political | Number of jobs supportedoff site(5) | 165,286 | 157,199 | ||||
| Local procurement spend ($bn)(6) | 10.6 | 12.1 | |||||
| Taxes and royalties ($m)(7) | 3,738 | 3,950 | |||||
(1) The following sustainability performance indicators for the 12 months ended 31 December 2025 and the comparative period are externally assured: work-related fatal injuries; TRIFR; GHG emissions; Fresh water withdrawals; Level 4-5 environmental incidents; and Number of jobs supported off site. Refer to the Assurance Statement in the Integrated Annual Report for further details.
(2) Environment targets reflect the Sustainable Mining Plan’s commitments and goals, which were in place to the end of 2025. Our updated Sustainability ambitions and targets, which apply from 2026, can be found on page 17.
(3) 2025 reported performance includes one work-related fatality at the PGMs business.
(4) Management includes middle and senior management across the Group.
(5) Jobs supported since 2018, in line with the Sustainable Mining Plan’s Livelihoods stretch goal.
(6) Local procurement is defined as procurement from businesses that are registered and based in the country of operation – also referred to as in-country procurement – and includes local procurement expenditure from the Group’s subsidiaries and a proportionate share of the Group’s joint operations, based on shareholding.
(7) Taxes and royalties include all taxes and royalties borne and taxes collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (e.g. customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, being the amounts remitted by entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by equity accounted associates and joint ventures are not included.
