Wrap Text
Anglo American Preliminary Results for the Year ended 31 December 2025 and Notice of Dividend
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
20 February 2026
Anglo American Preliminary Results for the Year ended 31 December 2025 and Notice of Dividend
Portfolio progress highlights quality of Copper and Premium Iron Ore business performance
• A transformational year of portfolio optimisation and strategic progress to merge with Teck, unlocking
material value for shareholders
• Strong production and cost performance from continuing operations, delivering:
o Underlying EBITDA* of $6.4 billion (2024: $6.3 billion)
o EBITDA margins* of 49% in Copper and 43% in Premium Iron Ore
• $1.8 billion of run-rate cost savings delivered on schedule by the end of 2025
• Strong cash conversion* for continuing operations at 107% with further reductions in working capital
delivered
• Net debt* decreased to $8.6 billion (2024: $10.6 billion) reflecting proceeds from sale of residual Valterra
Platinum shareholding, with proceeds from planned divestments expected to support further deleveraging
• Loss attributable to equity shareholders of $3.7 billion – including a pre-tax impairment of $2.3 billion
relating to De Beers
• $0.2 billion total cash dividends, equal to $0.23 per share, consistent with our 40% payout policy
• Basic headline earnings per share of $0.39 per share compared to $0.72 in the prior comparative period
Duncan Wanblad, CEO of Anglo American, said: "2025 was a transformational year for Anglo American as we
progressed our portfolio simplification and set the course for the future of our company by agreeing to merge with
Teck to form a global critical minerals champion – as Anglo Teck. In parallel, we continued to accelerate delivery of
our own strategic priorities of operational excellence, portfolio optimisation and growth, making great strides during
the year and unlocking material value for our shareholders.
"I am delighted with the continued strong operational and cost performance in Copper and Premium Iron Ore in
2025, with improved underlying EBITDA in both businesses. Underlying EBITDA from continuing operations increased
to $6.4 billion, reflecting our unwavering focus on cost discipline and operational excellence, while also hitting our
targeted $1.8 billion cost savings run-rate. We are continuing to strengthen our balance sheet, driven by the early
proceeds from our portfolio optimisation and our continued focus on cash conversion.
"Safety is our number one value and our first priority, always. We saw further improvement in key leading safety
indicators, with a continuation of the downward trend in injury frequency, recording our lowest ever rate in 2025. I
am, however, sorry to report that we lost two colleagues following accidents in Brazil and Zimbabwe, in the first half
of the year. We extend our sincerest condolences to their families, friends and colleagues and we will be relentless
in our efforts to create a workplace where everyone returns home safely.
"We are committed to seeing our portfolio changes through to their conclusion, following the successful demerger
of Valterra Platinum in May and the sale of our residual holding in the business in September. We continue to progress
the sale of our Steelmaking Coal business, the agreed sale of our Nickel business is moving through regulatory
approval, and we are progressing the separation of De Beers.
"Our merger agreement to form Anglo Teck marks a defining moment in our long history – a compelling combination
that is designed to unlock significant value both in the near and long term, while offering our shareholders more than
70% exposure to copper. Having received Investment Canada Act approval in December, following overwhelming
support from both companies' shareholders, we continue to secure key regulatory approvals ahead of being in a
position to deliver the exceptional value that we have identified as we take shape as a critical minerals powerhouse."
Stuart Chambers, Chair of Anglo American, commented: "On behalf of the Board, I commend the entire leadership
team and all our employees, led by Duncan, for an exceptional year of strategic delivery on so many fronts.
Shareholders have benefited from considerable returns as the inherent value of Anglo American is brought to the
fore, including via the successful demerger of Valterra Platinum. The progress to simplify our portfolio, in parallel
with agreeing the merger with Teck and progressing the transaction so quickly and with such overwhelming
shareholder support, together highlight the determination and energy with which we have been repositioning Anglo
American to the forefront of our industry in terms of value-accretive growth."
Year ended 31 December 2025 31 December 2024 Change
US$ million, unless otherwise stated (re-presented)(1)
Continuing operations
Revenue 18,546 17,745 5%
Underlying EBITDA* 6,417 6,322 2%
EBITDA margin* 33% 34%
Attributable free cash flow* 790 (209) n/a
Basic underlying earnings per share*($) 0.80 1.11 (28%)
Attributable ROCE* 12% 12% 0%
Total (including discontinued operations)
Loss attributable to equity shareholders of the Company (3,741) (3,068) 22%
Basic underlying earnings per share* ($) 0.54 1.60 (66%)
Loss per share ($) (3.30) (2.53) 30%
Interim dividend per share ($) 0.07 0.42 (83%)
Final dividend per share ($) 0.16 0.22 (27%)
Total dividend per share ($) 0.23 0.64 (64%)
ANGLO AMERICAN plc
(Incorporated in England and Wales – Registered number 03564138)
(the Company)
Notice of Dividend
(Dividend No. 48)
Notice is hereby given that a final dividend on the Company's ordinary share capital in respect of year ended 31 December 2025 will be paid
as follows:
Amount (United States currency) (note 1) 16 cents per ordinary share
Amount (South Africa currency) (note 2) 257.43680 cents per ordinary share
Amount (Botswana currency) (note 3) 219.78080 thebes per ordinary share
Last day to effect transfer of shares between the United Kingdom (UK) and branch share
registers Monday, 9 March 2026
Last day to trade on the JSE Limited (JSE) to qualify for dividend Tuesday, 10 March 2026
Ex-dividend on the JSE from the commencement of trading (note 4) Wednesday, 11 March 2026
Ex-dividend on the Botswana Stock Exchange (BSE) from the commencement of trading Wednesday, 11 March 2026
Ex-dividend on the London Stock Exchange from the commencement of trading Thursday, 12 March 2026
Record date (applicable to both the principal register and branch registers) Friday, 13 March 2026
Movement of shares between the principal and branch registers permissible from Monday, 16 March 2026
Last day for receipt of Dividend Reinvestment Plan (DRIP) mandate forms by Central Securities
Depository Participants (CSDPs) (notes 5, 6 and 7) Tuesday, 14 April 2026
Last day for receipt of US$:£/€ currency elections by the UK Registrars (note 1) Tuesday, 14 April 2026
Last day for receipt of DRIP mandate forms by the UK Registrars (notes 5, 6 and 7) Tuesday, 14 April 2026
Last day for receipt of DRIP mandate forms by the South African Transfer Secretaries (notes 5, 6 and 7) Thursday, 16 April 2026
Currency conversion US$:£/€ rates announced on (note 8) Tuesday, 21 April 2026
Payment date of dividend Wednesday, 6 May 2026
Results of Dividend Reinvestment Plan released Thursday, 21 May 2026
Notes
1. Shareholders on the UK register of members with an address in the UK will be paid in Sterling and those with an address in a country in the European Union
which has adopted the Euro will be paid in Euros. Such shareholders may, however, elect to be paid their dividends in US dollars provided the UK Registrars
receive such election by Tuesday, 14 April 2026. Shareholders with an address elsewhere will be paid in US dollars except those registered on the South African
branch register who will be paid in South African rand and those registered on the Botswana branch register who will be paid in Botswana Pula.
2. Dividend Tax will be withheld from the amount of the gross dividend of 257.43680 Rand cents per ordinary share paid to South African shareholders at the rate
of 20% unless a shareholder qualifies for exemption. After the Dividend Tax has been withheld, the net dividend will be 205.94944 Rand cents per ordinary
share. Anglo American plc had a total of 1,178,050,272 ordinary shares in issue as at Thursday, 19 February 2026. In South Africa the dividend will be
distributed by Anglo American South Africa Proprietary Limited, a South African company with tax registration number 9030010608, or one of its South African
subsidiaries, in accordance with the Company's dividend access share arrangements. The dividend in South African rand is based on an exchange rate of
USD1:ZAR16.08980 taken on Thursday, 19 February 2026 , being the currency conversion date.
3. The dividend in Botswana Pula is based on an exchange rate of USD1:BWP13.73630 taken on Thursday, 19 February 2026, being the currency conversion date.
4. Dematerialisation and rematerialisation of registered share certificates in South Africa will not be effected by CSDPs during the period from the JSE ex-dividend
date to the record date (both days inclusive).
5. Those shareholders who already participate in the DRIP need not complete a DRIP mandate form for each dividend as such forms provide an ongoing authority
to participate in the DRIP until cancelled in writing. Shareholders who wish to participate in the DRIP should obtain a mandate form from the UK Registrars, the
South African Transfer Secretaries or, in the case of those who hold their shares through the STRATE system, their CSDP.
6. In terms of the DRIP, and subject to the purchase of shares in the open market, share certificates/CREST notifications are expected to be mailed and CSDP
investor accounts credited/updated on or around Wednesday, 20 May 2026. CREST accounts will be credited on Monday, 11 May 2026.
7. Copies of the terms and conditions of the DRIP provided by Equiniti Financial Services Limited are available from the UK Registrars at
www.shareview.co.uk/info/drip or the South African Transfer Secretaries for the South African Branch Register DRIP.
8. The US$:£/€ conversion rates will be determined by the actual rates achieved by Anglo American buying forward contracts for those currencies, during the
three days preceding the announcement of the conversion rates, for delivery on the dividend payment date.
Registered office UK Registrars South African Transfer Secretaries Transfer Secretaries in Botswana
17 Charterhouse Street EQ (formerly Equiniti) Computershare Investor Services (Pty) Limited Central Securities in Depository Botswana (PTY)
London Aspect House Rosebank Towers, 15 Biermann Avenue LTD
EC1N 6RA Spencer Road Rosebank, 2196, South Africa Plot 70667, Fairscape, Precinct,
United Kingdom Lancing Private Bag X9000 Fargrounds, Gaborone, Botswana
West Sussex Saxonwold, 2132 Private Bag 00417, Gaborone
BN99 6DA South Africa Botswana
United Kingdom
Basis of preparation
The Condensed financial statements for the year ended 31 December 2025 do not constitute statutory accounts
as defined in section 435 (1) and (2) of the Companies Act 2006. The results for the year to 31 December 2025 have
been extracted from the 31 December 2025 audited Consolidated Financial Statements which have been approved
by the Board of Directors. Statutory accounts for the year ended 31 December 2024 have been delivered to the
Registrar of Companies and those for 2025 will be delivered following the Company's Annual General Meeting
convened for 29 April 2026. The auditors (PricewaterhouseCoopers LLP) have reported on these accounts; their
reports were unqualified, did not include a reference to any matters to which the auditors drew attention by way of
emphasis of matter and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
Whilst the preliminary announcement (the Condensed financial statements) has been prepared in accordance with
UK-adopted International Accounting Standards, with those parts of the Companies Act 2006 applicable to
companies reporting under those standards and the requirements of the Listing Rules of the Financial Conduct
Authority in the United Kingdom, these Condensed financial statements do not contain sufficient information to
comply with UK-adopted International Accounting Standards. The Group will publish full financial statements that
comply with UK-adopted International Accounting Standards in March 2026.
Results announcement
This results announcement is the responsibility of the directors of Anglo American plc and is a summary
of the information in the Condensed financial statements available on
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ANAAL/FY2025.pdf and on the group's website
https://www.angloamerican.com/investors/results-centre-and-presentations
This announcement does not contain full details and any investment decision in relation to the Company's
shares should be based on the Condensed financial statements.
The Condensed financial statements are available on the Company's website
https://www.angloamerican.com/investors/results-centre-and-presentations and the office of the Sponsor
during standard office hours.
The financial data disclosed above relates to Anglo American and/or its shares.
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary
listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock
Exchange and the SIX Swiss Exchange.
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Cnr Fredman Drive and Rivonia Road, Sandton, 2196
20 February 2026
Date: 20-02-2026 09:00:00
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