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Highlights

  • Anglo American’s Continuing operations underlying EBITDA rose 2% to USD6.4 billion in FY2025, supported by favourable copper and iron ore prices.
  • Net debt reduced by USD2.1 billion year-on-year to USD8.6 billion at 31 December 2025.
  • Copper production declined 10% in FY2025 due to lower ore grades and planned plant changes in Chile.
  • Manganese production surged 30% in FY2025 following recovery from prior cyclone-related disruption.
  • Group reported a USD3.7 billion loss attributable to shareholders, including a USD2.3 billion impairment at De Beers.
  • 23 per share dividend declared for FY2025, consistent with the 40% payout policy.

Anglo American plc (LSE:AAL) shares rose 1.20% to GBX 3620.79 during the morning session on 20 February 2026 after the company released its Preliminary Results for the year ended 31 December 2025, outlining a year marked by strategic restructuring, operational resilience and mixed financial performance. Additionally, the stock remains up by ~72.47% over the past year.

Underlying Earnings Edge Higher Despite Operational Headwinds

For the year ended 31 December 2025 (FY2025), continuing operations underlying EBITDA increased by 2% to USD 6.4 billion, compared to USD 6.3 billion in FY2024. The improvement was driven by USD 1.0 billion in favourable realised price benefits from copper and premium iron ore, alongside delivery of the company’s USD 1.8 billion cost savings run-rate, including USD 0.6 billion in additional gross cost savings achieved in 2025.

These gains helped offset USD 0.5 billion lower EBITDA from De Beers due to challenging rough diamond trading conditions, as well as lower sales volumes at Collahuasi in Copper Chile, inflationary pressures and foreign exchange impacts. EBITDA margin for continuing operations stood at 33% in FY2025, broadly in line with 34% in FY2024.

On a Group basis, Anglo American reported a loss attributable to equity shareholders of USD 3.7 billion in FY2025, compared with a USD 3.06 billion loss in FY2024, representing a 22% increase in losses year-on-year. The FY2025 result included a pre-tax impairment of USD 2.3 billion relating to De Beers.

Basic underlying earnings per share from continuing operations declined 28% to USD 0.80 in FY2025 from USD 1.11 in FY2024. Total dividend per share was reduced by 64% to USD 0.23 in FY2025 from USD 0.64 in FY2024, consistent with the company’s 40% payout policy.

Production Performance: Strength in Manganese, Weakness in Copper and Diamonds

Production from continuing operations decreased by 5% on a copper equivalent basis in FY2025 compared to FY2024, primarily reflecting lower output in Copper Chile and De Beers.

Copper production fell 10% year-on-year to 695 kt in FY2025 from 773 kt in FY2024. The decline was mainly due to lower ore grades and copper recovery at Collahuasi, as well as reduced plant throughput at Los Bronces following the planned care and maintenance of the smaller processing plant at the end of July 2024. This was partly offset by favourable plant performance and higher throughput in Copper Peru.

Premium iron ore production remained flat year-on-year at 60.8 Mt in FY2025, with Kumba increasing production marginally by 1%, while Minas-Rio maintained broadly stable output despite a 23-day planned pipeline shutdown for inspection activities.

Manganese production increased 30% to 2,975 kt in FY2025 from 2,288 kt in FY2024, reflecting a return to more normalised production levels after the temporary suspension caused by Tropical Cyclone Megan in March 2024.

Rough diamond production at De Beers declined 12% to 21.7 Mct in FY2025 from 24.7 Mct in FY2024, as operations aligned output with prevailing demand amid challenging trading conditions.

Cash Flow and Balance Sheet Strengthening

Cash flow from continuing operations was supported by the release of USD 0.6 billion in working capital during FY2025, primarily through inventory management, as well as proceeds from the accelerated bookbuild offering of the remaining Valterra Platinum shareholding, disposal of Jellinbah and lower capital expenditure.

Net debt decreased by USD 2.1 billion year-on-year to USD 8.6 billion at 31 December 2025, compared to USD 10.6 billion at 31 December 2024, reflecting portfolio optimisation proceeds and favourable cash conversion of 107% in continuing operations.

Strategic Transformation and Teck Merger

FY2025 was also defined by portfolio simplification, including the successful demerger of Valterra Platinum in May and subsequent sale of the residual holding in September. The company continues to progress the sale of its Steelmaking Coal business, the agreed sale of Nickel (subject to regulatory approval), and the separation of De Beers.

Anglo American also agreed to merge with Teck to form Anglo Teck, positioning the combined entity as a critical minerals-focused group with significant exposure to copper. The transaction received Investment Canada Act approval in December 2025 and secured overwhelming shareholder support from both companies.

What This Means for Investors?

Anglo American’s FY2025 results reflect a mixed performance, with modest underlying EBITDA growth and balance sheet improvement offset by lower copper volumes, weaker diamond markets and a larger reported loss driven by impairment charges.

 While operational execution in copper and premium iron ore supported earnings resilience and debt reduction, production pressures and dividend cuts highlight ongoing sector challenges. Investors may continue to track portfolio divestments, deleveraging progress and regulatory milestones tied to the proposed Teck merger as key drivers heading into 2026.

Frequently Asked Questions (FAQs)

1. How did Anglo American perform in FY2025?

For the year ended 31 December 2025, continuing operations underlying EBITDA increased 2% to USD6.4 billion, while the Group reported a USD3.7 billion loss attributable to shareholders, including a USD2.3 billion impairment at De Beers.

2. Why did copper production decline in FY2025?

Copper output fell 10% year-on-year due to lower ore grades and recoveries at Collahuasi and reduced throughput at Los Bronces, partially offset by improved performance in Peru.

3. What happened to Anglo American’s net debt?

Net debt decreased by USD2.1 billion to USD8.6 billion at 31 December 2025, supported by portfolio optimisation proceeds and strong cash conversion.