Antofagasta Plc (LON:ANTO) has announced it shalf year results for the six months ended 30 June 2025.
60% INCREASE IN EBITDA AND 25% MARGIN GROWTH
Antofagasta plc CEO Iván Arriagada said: “The robust financial performance announced today reflects our operating discipline, with higher copper production and materially lower costs, driving a 60% increase in EBITDA and a 25% increase in EBITDA margins. This places Antofagasta’s margins at the top end of global pure-play copper producers and the highest level achieved since 2021. Furthermore, underlying earnings per share doubled to 47.4 cents in H1 2025.
“Our growth programme continues to advance at Los Pelambres and Centinela, with capital investment expected to increase in the second half, and work on schedule to position Antofagasta as one of the highest copper growth companies amongst our pure-play peers, with an expected +30% growth in output in the medium-term.
“We remain committed to our consistent and disciplined approach to capital allocation, and the interim dividend announced today reflects our confidence in the business and our ongoing commitment to delivering a balance of sustainable shareholder returns and investments in growth.”
| UNAUDITED RESULTS SIX MONTHS ENDED 30 JUNE | H1 2025 | H1 2024 | % | |
| Revenue | $m | 3,799.4 | 2,955.2 | +29% |
| EBITDA[1] | $m | 2,234.2 | 1,394.4 | +60% |
| EBITDA margin2 | % | 58.8 | 47.2 | +12pp |
| Profit before tax (including exceptional items) | $m | 1,162.0 | 712.6 | +63% |
| Cash flow from operations | $m | 1,812.0 | 1,483.9 | +22% |
| Net debt / EBITDA1 | X | 0.54 | 0.46 | +17% |
| Earnings per share (including exceptional items) | cents | 52.9 | 26.3 | +101% |
| Underlying earnings per share (excluding exceptional items)1 | cents | 47.4 | 22.4 | +112% |
| Dividend per share | cents | 16.6 | 7.9 | +110% |
HIGHLIGHTS
| ● | Strong safety performance recorded in H1 2025, with no fatalities and injury frequency rates in line with 2024. |
| ● | EBITDA was $2,234.2 million, 60% higher than in H1 2024, driven by 29% higher revenues and a 12% reduction in cash costs before by-product credits. |
| ● | The Group’s EBITDA margin[2] increased 25% by 12 percentage points to 58.8% in H1 2025, placing the Group at the top end of global pure-play copper producers.[3] |
| ● | Cash flow from operations increased by 22% to $1,812.0 million, with the drivers as described above partially offset by an increase in working capital. |
| ● | The Group’s balance sheet remains resilient, with a net debt to EBITDA ratio of 0.54x as at 30 June 2025 (0.48x as at 31 December 2024), with shareholder returns and investments in growth and development projects maintained during the period. |
| ● | The Competitiveness Programme generated savings and productivity improvements of $60 million in H1 2025, with a full year target of $100 million in 2025. |
| ● | The Group’s copper growth programme remains on track, with full construction of the Centinela Second Concentrator now into its second year of activities. Initial groundworks have commenced at the Los Pelambres desalination plant expansion, and activities continue to advance along the route of the new concentrate pipeline. |
| ● | Full year guidance is maintained, with total Group production for 2025 expected to be in the range of 660-700,000 tonnes, with cash cost and capex guidance as previously disclosed. |
| ● | As previously disclosed, copper production reached 314,900 tonnes in the first half of 2025, representing an 11% year-on-year increase. This was mainly driven by higher output from the Group’s two concentrators (Centinela Concentrates and Los Pelambres). |
| ● | Cash costs before and after by-product credits were $2.32/lb and $1.32/lb respectively, 12% and 32% lower than H1 2024, due to increased production at both Los Pelambres and Centinela Concentrates.[4] |
| ● | As previously announced in May 2025, Zaldívar’s Environmental Impact Assessment (EIA) was formally approved during the period, which enables the mine life of this operation to be extended to 2051. |
| ● | Interim dividend of 16.6 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. |
| ● | The Group has recently announced a site visit to Centinela for investors and analysts later this year to provide direct access to this key project as construction progresses. |
A recording and copy of the 2025 Half Year Results presentation is available for download from the Company’s website www.antofagasta.co.uk.
There will be a Q&A video conference call at 2:00pm (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-2025-hy-results.open-exchange.net
