Highlights

  • Antofagasta shares fall by 4.51% on 17 February 2026, despite reporting favourable financials in FY25.
  • Antofagasta posted record 52% annual increase in EBITDA
  • Revenue rose 30% to USD 8.6 billion in FY25.
  • EBITDA climbed 52% to USD 5.2 billion, margin at 60%.
  • Underlying EPS surged 106% to 129.3 cents per share.
  • Final dividend of 48 cents per share recommended for FY25.
  • 2026 copper production guidance maintained at 650,000–700,000 tonnes.

Antofagasta plc (LSE:ANTO) shares are down by 4.51% to GBX 3577 during the morning trading session on 17 February 2026, although the share price is up by 94.83% over the past one-year. Today’s decline came despite the copper producer reported record EBITDA for the year ended 31 December 2025, supported by favourable realised copper prices and continued cost discipline.

Record EBITDA on Favourable Copper Pricing

Revenue increased 30% year-on-year to USD 8,620.3 million in FY25, reflecting higher realised copper and by-product prices alongside increased sales volumes. The average realised copper price rose 18% to USD 4.93 per pound during the year.

Group EBITDA climbed 52% to USD 5,201.9 million, with the EBITDA margin widening by nine percentage points to 60.3%. Management attributed the performance to favourable revenues, high by-product credits from gold and molybdenum, and continued cost control.

Profit before tax (excluding exceptional items) rose 92% to USD 3,159.5 million. Earnings per share excluding exceptional items increased 106% to 129.3 cents, while reported EPS stood at 134.8 cents, up 60% year-on-year.

Cash Generation and Balance Sheet Strength

Cash flow from operations increased 30% to USD 4,252.9 million, partially offset by a negative working capital movement of USD 766.4 million, largely linked to higher receivables at year-end.

The balance of cash, cash equivalents and liquid investments rose 14% to USD 4,909.9 million as of 31 December 2025. Net debt to EBITDA remained low at 0.53x, broadly stable year-on-year despite peak capital expenditure of USD 3.7 billion during the year.

The Board proposed a final dividend of 48.0 cents per share. If approved, total FY25 distributions would represent a 50% pay-out of underlying earnings per share, in line with the company’s dividend policy.

Production Performance and Cost Trends

Copper production for FY25 totalled 653,700 tonnes, 2% lower year-on-year, reflecting mixed output across operations. Gold production increased 13% to 211,300 ounces, while molybdenum output rose 48% year-on-year.

Cash costs before by-product credits were USD 2.38 per pound, broadly unchanged from 2024. Net cash costs declined 27% to USD 1.19 per pound, supported by higher by-product production and favourable gold prices.

2026 Outlook and Project Pipeline

Copper production guidance for 2026 remains unchanged at 650,000–700,000 tonnes. Cash costs before by-product credits are expected between USD 2.30 and USD 2.50 per pound, while net cash costs are guided at USD 1.15–1.35 per pound.

Consolidated capital expenditure, excluding Zaldívar, is expected at USD 3.4 billion in 2026. Major construction projects at Centinela and Los Pelambres remain on time and on budget, positioning the group for approximately 30% production growth over the medium term.

Market Implications of FY25 Performance

Despite the short-term pullback, the company’s FY25 update reinforces investor confidence by underscoring operational discipline and pricing leverage, with record EBITDA, margin expansion and a 106% rise in underlying EPS reinforcing investor confidence. Despite peak capex, leverage remains contained and cash balances strengthened, while a 50% pay-out ratio signals continued focus on shareholder returns.

With major growth projects progressing on schedule and copper fundamentals supported by electrification and energy security trends, Antofagasta enters 2026 with strengthened financial flexibility and clear medium-term production ambitions.

FAQs

  1. Why did Antofagasta shares fall despite record FY25 results?

Antofagasta shares declined 2.99% on 17 February 2026 despite reporting record EBITDA and strong earnings growth, suggesting short-term market reaction or profit-taking, even as the stock remains up nearly 98% over the past year.

  1. What drove Antofagasta’s record EBITDA in FY25?

The 52% rise in EBITDA to USD 5.2 billion was primarily supported by an 18% increase in realised copper prices, higher by-product credits from gold and molybdenum, increased revenue, and continued cost discipline.

  1. What is Antofagasta’s production and cost outlook for 2026?

The company has maintained its 2026 copper production guidance at 650,000–700,000 tonnes, with expected cash costs before by-product credits of USD 2.30–2.50 per pound and net cash costs of USD 1.15–1.35 per pound.