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• EBITDA: $6.4 billion from continuing operations.
• Underlying Earnings: $1.6 billion for the simplified portfolio.
• EBITDA Margin: 44% for the simplified business focused on copper and premium iron ore.
• Cost Savings: $1.8 billion cost out program achieved, with $1.6 billion realized in 2025.
• Net Debt: Reduced by $2 billion to $8.6 billion.
• Dividend: $0.23 per share, in line with a 40% payout policy.
• De Beers EBITDA: Negative $0.5 billion.
• Capital Expenditure: $3.3 billion for continuing operations, a 16% decrease.
• Free Cash Flow: $1.4 billion sustaining attributable free cash flow.
• Production Guidance: Copper business met its 2025 production guidance.
• Iron Ore Production: Expected to be down by 4 million tons during UHDMS tie-in at Khumba.
• Special Dividend: $4.5 billion payable to Anglo American shareholders upon merger completion.

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Release Date: February 20, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Anglo American PLC (AAUKF) recorded its lowest ever total recordable injury frequency rate, indicating significant progress in safety measures.
• The company executed major portfolio changes, unlocking substantial value for shareholders and paving the way for strategic growth.
• Successful demerger of Volterra and the full sell-down of a 19.99% stake raised approximately $2.5 billion, aiding in balance sheet improvement.
• The merger with tech is expected to create a global critical minerals champion, positioning the company as a leading copper producer.
• Strong operational performance in the copper and iron ore businesses, with effective cost control and delivery on production guidance.

Negative Points

• Despite safety improvements, the company reported two workplace fatalities, highlighting ongoing safety challenges.
• De Beers reported a negative EBITDA of half a billion dollars, reflecting challenging market conditions and lower diamond prices.
• The company's effective tax rate for continuing operations was high at 52%, influenced by De Beers' performance.
• Copper unit costs are expected to increase due to stronger currencies and changes in production mix, impacting profitability.
• The company faces regulatory hurdles in completing the merger with tech, with approvals still pending from South Korea and China.

Q & A Highlights

Q: Can you provide an update on the timing and process for the Kolosi and QB projects, and the potential partnership with Glencore? A: Duncan Wanblad, CEO, explained that the key milestone for growth at Kolosi is the development of the fourth line by the end of 2027. The combined QB option is more attractive due to lower complexity and capital intensity. Discussions with Glencore are ongoing, and while no visits have been made since the due diligence, technical assistance has been provided to QB.

Q: What is the status of the Woodsmith feasibility study and the potential partnership with Mitsubishi? A: Duncan Wanblad, CEO, stated that the feasibility study is progressing well, with significant tunnel progress. Mitsubishi has an option for a 25% stake, and the focus is on understanding the ore body to develop a mining plan. The project is running as per the slowdown plan, with no final investment decision expected before 2028.

Q: How do you plan to manage De Beers' cash flow in a challenging market, and what is the strategy for its sale? A: Duncan Wanblad, CEO, noted that while working capital release helped in 2025, other cash preservation mechanisms are being explored for 2026. The divestment process involves strategic buyers who understand the diamond market, and the sale structure may include upfront and contingent payments based on market recovery.

Q: What are the potential regulatory hurdles for the Anglo tech merger, particularly with Chinese regulators? A: Duncan Wanblad, CEO, indicated that the regulatory process with China is proceeding as expected, with no unusual requests. The merger is anticipated to take 12 to 18 months, with no changes to this timeline currently expected.

Q: Can you elaborate on the potential for streaming or other financial optimizations within the portfolio? A: Duncan Wanblad, CEO, mentioned that while streaming opportunities are limited due to the lack of precious metals in their resources, the company continuously evaluates value-accretive opportunities within the portfolio, including infrastructure optimization.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.