Anglo American plc (LON:AAL) has announced its Interim Results 2026
Strategic progress unlocking higher margin, higher quality business
• Further strategic progress:
◦ agreed sale of Steelmaking Coal for up to $3.875 billion in cash, including upfront cash consideration of $2.3 billion and potential additional payments linked to future coal prices
◦ sale of De Beers advancing
◦ integration planning well-advanced for merger with Teck
• Solid production and cost performance from continuing operations and favourable copper price, delivering:
◦ Underlying EBITDA* of $4.0 billion, a 35% increase
• Loss attributable to equity shareholders of $0.9 billion – including the impact of a reduction in the carrying value of the Steelmaking Coal business to reflect the agreed sale terms
• Net debt* decreased to $8.2 billion (31 December 2025: $8.6 billion); Net debt to underlying EBITDA ratio of 1.0x
• $0.2 billion interim dividend, equal to $0.23 per share (30 June 2025: $0.07 per share), consistent with our 40% payout policy
Duncan Wanblad, CEO of Anglo American, said: “We are unlocking the full potential of Anglo American – anchored in copper, premium iron ore and crop nutrients – with a focus on delivering material value for our shareholders, while we prepare to complete our merger with Teck to create a global metals and minerals champion.
“As ever, we remain resolute in our focus on safety – our number one value and our first priority. We saw further improvement in key leading safety indicators, with injury frequency rates remaining at record low levels. While these trends are encouraging, this is not an area where we can ever be complacent, and we are focused on everyone going home safely every day.
“We made further progress with our portfolio optimisation during the first half, agreeing the sale of our Steelmaking Coal business to Dhilmar for up to US$3.875 billion in cash, including an upfront cash consideration of $2.3 billion and potential for additional payments linked to future coal prices. We continue to work through the European Commission’s anti-trust approval process for the sale of our Nickel business, while we are also advancing the sale process for De Beers alongside streamlining opportunities to improve its cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets.
“I am delighted with the solid operational and cost performance for our continuing operations in the first half of 2026, with the see-through value of our simplified business now coming to the fore. For continuing operations, underlying EBITDA increased by 35% to $4.0 billion, reflecting our unwavering focus on operational excellence, cost control despite inflationary pressures and realisation of run-rate cost-out programme benefits delivered in 2025, in addition to management actions to reduce losses at De Beers. In Copper – the backbone of our forward portfolio – our performance coupled with favourable prices generated underlying EBITDA of $2.9 billion with a margin of 60%.
“This performance stands us in very good stead as we progress the merger to form Anglo Teck – a global metals and minerals champion. We continue to progress towards completion within our original September 2026 to March 2027 window, with anti-trust approval from China the final outstanding regulatory milestone. Integration planning is well-advanced, ensuring that we will be ready to begin to realise the material value and synergies we have identified from Anglo Teck, once the transaction closes.
“We are very much on track to deliver our next phase of transformation. On the back of our robust operational and financial performance in the first half of the year, we have every confidence that we are making the right choices in terms of realising full value from our portfolio, both now and looking towards completion of our compelling combination with Teck.”
| Six months ended | 30 June 2026 | 30 June 2025 | Change | |||||
| US$ million, unless otherwise stated | ||||||||
| Continuing operations | ||||||||
| Revenue | 9,926 | 8,954 | 11 | % | ||||
| Underlying EBITDA* | 4,002 | 2,955 | 35 | % | ||||
| EBITDA margin* | 38 | % | 32 | % | ||||
| Attributable free cash flow* | 803 | 322 | 149 | % | ||||
| Basic underlying earnings per share*($) | 0.77 | 0.32 | 141 | % | ||||
| Attributable ROCE* | 15 | % | 9 | % | 6 | % | ||
| Total (including discontinued operations) | ||||||||
| Loss attributable to equity shareholders of the Company | (858 | ) | (1,879 | ) | (54 | %) | ||
| Basic underlying earnings per share* ($) | 0.58 | 0.15 | 287 | % | ||||
| Loss per share ($) | (0.80 | ) | (1.58 | ) | (49 | %) | ||
| Interim dividend per share ($) | 0.23 | 0.07 | 229 | % | ||||
Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 89.
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 up to demerger on 31 May 2025.
Sustainability performance
Key sustainability performance indicators(1)
In addition to the financial and cost performance set out above and our operational performance on pages 4-12, Anglo American tracks progress against our Sustainability Strategy targets across three themes of Trusted Corporate Leader, Healthy Environment and Thriving Communities. Our targets are set out on page 16 and performance is captured below, with further detail on pages 13-15.
Our updated Sustainability Strategy and targets, released in February 2026, apply to our simplified portfolio(2) only, and the performance in the table below reflects this. Our basis of preparation for wider sustainability reporting continues to account for 100% of managed operations (including both continuing and discontinued operations)(3) and performance against additional KPIs is detailed on pages 13-15.
| Theme(2) | Metric | 30 June 2026 | 30 June 2025(represented)(2) | Target | Target achieved | ||
| Trusted Corporate Leader | Work-related fatal injuries | 0 | 1 | Eliminate all work-related fatalities and foster a safe and resilient operating environment | On track | ||
| Exposed Worker Rate (EWR)(4) | 637 | n/a | Ongoing reduction in % workforce potentially exposed to workplace health hazards | See footnote 4 | |||
| Women in management(5) | 36.3 | % | 36.1 | % | Increased representation, including 40% women in leadership by 2030 | On track | |
| Healthy Environment | GHG emissions – Total Scopes 1 & 2 (Mt CO2e)(6) | 0.71 | 0.68 | Reduce operational emissions by 30% by 2030 (vs. 2020) | On track | ||
| GHG emissions – Scope 3 (Mt CO2e)(7) | 86.4 | 92.0 | Support a Paris-aligned trajectory for the steel industry: targeting an average emissions intensity of 1.3 tCO₂ per tonne of crude steel made from our iron ore by 2040 | On track | |||
| Thriving Communities | Jobs supported(7) | 100,678 | 93,245 | Support at least 120,000 off-site jobs by 2030 (vs. 2018) | On track | ||
(1) Sustainability performance indicators for the six months ended June 2026 and the comparative period are not externally assured.
(2) Simplified portfolio includes Kumba, Minas-Rio, Quellaveco and Chile managed operations and excludes Platinum operations divested in May 2025, Steelmaking Coal operations, Nickel operations and De Beers. Comparative data has been represented to be based on the simplified portfolio to align with our strategy targets.
(3) If divestments are made in year, sustainability performance is measured and reported up until the date of divestment.
(4) Exposed worker rate is the number of potentially exposed workers in each hazard exposure group (carcinogens, inhalables and noise) per million hours worked for all workers. We are in the process of rebaselining exposure counts to align with increased regulatory thresholds and expanding scope to include contractors. 2026 is therefore a baseline year against which progress will be measured.
(5) Management includes middle and senior management across the Group.
(6) Data for current and prior period is the five months to 31 May 2026 and 31 May 2025, respectively.
(7) Current and prior period data represented is at 31 December 2025 and 31 December 2024, respectively.
Operational and financial review of Group results for the six months ended 30 June 2026
Operational performance
| Production – continuing operations | Six months ended 30 June 2026 | Six months ended 30 June 2025 | Change | |
| Copper (kt)(1) | 344 | 342 | 0 | % |
| Premium iron ore (Mt)(2) | 30.6 | 31.4 | (2 | %) |
| Manganese ore (kt)(3) | 1,667 | 1,094 | 52 | % |
| Diamonds (Mct)(4) | 14.9 | 10.2 | 46 | % |
(1) Contained metal basis.
(2) Wet basis.
(3) Anglo American’s 40% attributable share of saleable production.
(4) Production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis.
Continuing operations
Production volumes increased by 6% on a copper equivalent basis compared to the prior period, reflecting higher production at De Beers and Manganese.
Copper production was flat, with an increase of 5% at Copper Chile driven by higher production at Los Bronces following the restart of the operation’s second processing plant offset by a 5% decrease at Copper Peru due to anticipated lower ore grades.
Premium iron ore production decreased by 2%, driven by a 3% reduction at Kumba due to the planned drawdown of available finished stocks and planned plant maintenance at Kolomela partially offset by increased plant availability at Sishen. Minas-Rio production was broadly flat as enhanced plant utilisation and operational rates, supported by higher stability in the ore feed, offset the lower ore grade and mass recovery.
Manganese production increased by 52%, reflecting more normalised production levels following the impact of the temporary suspension caused by tropical cyclone Megan in March 2024, with the resumption of mining activities only occurring in the first half of 2025.
At De Beers, rough diamond production increased by 46% driven by the combination of the impact of the extended plant maintenance at Orapa in the prior period and the planned ore release from Gahcho Kué in Canada.
For more information on each Business’ production and unit cost performance, please refer to the following pages 18-31.
Discontinued operations
For operational information on each Business’ production and unit cost performance, please refer to the following pages 32-33.
