Anglo American reported its interim results for 2025, highlighting strong operational and cost performance in copper and iron ore. The company completed the demerger of Valterra Platinum, which it says unlocked significant value for shareholders. Sales agreements have been reached for its steelmaking coal and nickel businesses, while work continues on the separation of De Beers.
Underlying EBITDA from continuing operations was $3.0 billion, reflecting ongoing challenges in rough diamond trading. Copper achieved an EBITDA margin of 48%, while premium iron ore posted a margin of 44%. Anglo American remains on track to deliver $1.8 billion in committed cost savings, with $1.3 billion realized by the end of June 2025.
Net debt stood at $10.8 billion before receiving most proceeds from portfolio simplification efforts. The company declared an interim dividend of $0.07 per share, consistent with its 40% payout policy.
CEO Duncan Wanblad stated: “We are delivering on our strategy, transforming Anglo American into a higher margin, more cash generative and more valuable mining company. By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders by delivering the see-through value of our portfolio, in which we expect copper to account for more than 60% of EBITDA.”
Wanblad also addressed safety performance: “Safety is our number one value and always our first priority. We continue to make progress towards our goal of zero harm, with a further major improvement in the first half on what was our lowest-ever injury rate in 2024. I am, though, sorry to report the loss of two colleagues following accidents in Brazil and Zimbabwe. We are unconditional in our commitment to safety and we extend our heartfelt condolences to their families, friends and colleagues.”
He added: “I am delighted that the first half saw our continued strong operational and cost performance in copper and iron ore, coupled with further momentum towards our committed $1.8 billion of cost savings. Group underlying EBITDA of $3.0 billion from continuing operations reflects this focus on cost discipline, despite the challenging rough diamond market conditions. While 2025 is very much a year of transition, we maintained a strong EBITDA margin for our go-forward business at 43% (consistent with the prior period, on a pro forma basis(1)), compared with our current overall margin position of 32% from continuing operations (2024: 37%).”
Discussing portfolio changes Wanblad said: “We have made further good progress towards our simplified portfolio. In May, we completed the demerger of the majority of our interest in Valterra Platinum to our shareholders and we expect to monetise our residual 19.9% interest – currently valued at $2.6 billion – responsibly over time. We are also continuing to progress the agreed steelmaking coal and nickel business sale transactions. We expect a material strengthening of our balance sheet flexibility upon receipt of proceeds from these transactions. The work to separate De Beers is well under way, with action taken to strengthen cash flow as we position De Beers for long-term success and value realisation.”
He concluded: “Our clear and decisive actions are transforming Anglo American into a highly attractive and differentiated value proposition for the long term, offering strong cash generation to support sustainable shareholder returns combined with the capabilities and longstanding relationship networks to deliver our full value and growth potential.”
The company’s revenue from continuing operations declined by seven percent compared to last year’s period ($8.95 billion versus $9.58 billion). Underlying EBITDA fell by twenty percent ($2.96 billion versus $3.67 billion), while attributable free cash flow increased sixty-nine percent ($322 million versus $191 million). Basic underlying earnings per share dropped fifty-five percent ($0.32 versus $0.71).
Including discontinued operations such as platinum group metals (PGMs), steelmaking coal, and nickel businesses now being divested or demerged as part of Anglo American’s portfolio simplification strategy — total loss attributable to equity shareholders widened significantly compared with last year.
The company expects copper will soon represent over sixty percent of group EBITDA as it completes its planned asset sales.
