Antofagasta FY EBITDA hits new high on strong copper prices

(Sharecast News) - Copper mining giant Antofagasta posted strong top‑line growth and delivered record underlying earnings on Monday, driven by increased commodity prices and higher sales volumes. Antofagasta said revenue rose 30% to $8.6bn, driven by higher pricing for copper and by‑products such as gold and molybdenum, alongside increased volumes, while underlying earnings jumped 52% to $5.2bn, lifting the group's EBITDA margin from 51.8% to 60.3%. Pre-tax profits were up 53% at just below $3.16bn.

Operating cash flow increased 30% to $4.3bn, although this was partly offset by a working‑capital outflow linked to higher year‑end copper prices, and capital expenditure peaked in 2025 at $3.7bn, up from $2.4bn in 2024, as major projects progressed in line with expectations.

The FTSE 100-listed group also said its competitiveness programme had delivered $115m of savings and productivity gains, beating its internal target, and noted that its balance sheet remained strong, with cash and liquid investments rising to $4.9bn, up from $4.3bn a year earlier, while its net debt to EBITDA ratio remained low at 0.53x.

Antofagasta recommended a final dividend of $0.48 per share, keeping its full‑year payout aligned with its 50% earnings‑based policy.

Looking ahead, Antofagasts reiterated its 2026 copper production guidance of 650,000-700,000 tonnes, with cash costs expected to fall within previously guided ranges. Capital expenditure for the year was forecast at $3.4bn, excluding its Zaldívar operation.

Reporting by Iain Gilbert at Sharecast.com