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Anglo American interim results for the six months ended 30 June 2025 and notice of dividend
Anglo American plc
Registered office: 17 Charterhouse Street London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GB00BTK05J60
JSE Share Code: AGL
NSX Share Code: ANM
("the Company")
31 July 2025
Anglo American Interim Results for the Six Months ended 30 June 2025 and Notice of Dividend
Copper and iron ore lead strong operational and cost performance
• Portfolio simplification: successful demerger of Valterra Platinum unlocked significant value for shareholders;
steelmaking coal and nickel sales agreed; and De Beers in process
• Strong production and cost performance: EBITDA margins of 48% in copper and 44% in premium iron ore
• Underlying EBITDA* of $3.0 billion from continuing operations, reflecting challenging rough diamond trading
conditions
• On track to deliver committed $1.8 billion of cost savings: $1.3 billion realised by the end of June 2025
• Strong cash conversion* at 108%, with further reductions in working capital delivered
• Net debt* of $10.8 billion, prior to receipt of majority of portfolio simplification proceeds
• $0.1 billion interim dividend, equal to $0.07 per share, consistent with our 40% payout policy, reflecting negative
earnings from discontinued operations and lack of contribution from De Beers
• Basic headline earnings per share of $0.23 compared to $0.73 in the prior comparative year
Note: Continuing operations includes Anglo American's future portfolio and De Beers, per accounting requirements; discontinued operations
includes the Platinum, Steelmaking Coal and Nickel businesses.
Duncan Wanblad, CEO of Anglo American, said: "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.
"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.
"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%).
"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 $2.6 billion – responsibly over time. We are also continuing to progress the agreed
steelmaking coal and nickel business sale transactions. We expect a material strengthening of our balance sheet
flexibility upon receipt of proceeds from these transactions. The work to separate De Beers is well under way, with
action taken to strengthen cash flow as we position De Beers for long-term success and value realisation.
"Our clear and decisive actions are transforming Anglo American into a highly attractive and differentiated value
proposition for the long term, offering strong cash generation to support sustainable shareholder returns combined
with the capabilities and longstanding relationship networks to deliver our full value and growth potential."
Six months ended 30 June 2025 30 June 2024 Change
US$ million, unless otherwise stated (re-presented)(2)
Continuing operations
Revenue 8,954 9,584 (7%)
Underlying EBITDA* 2,955 3,672 (20%)
EBITDA margin* 32% 37%
Attributable free cash flow* 322 191 69%
Basic underlying earnings per share*($) 0.32 0.71 (55%)
Attributable ROCE* 9% 12% (3%)
Total (including discontinued operations)
Loss attributable to equity shareholders of the Company (1,879) (672) 180%
Basic underlying earnings per share* ($) 0.15 1.06 (86%)
Loss per share ($) (1.58) (0.55) 187%
Interim dividend per share ($) 0.07 0.42 (83%)
Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 89.
(1) Pro forma basis represents reported performance of continuing operations excluding De Beers, adjusted for committed cost savings.
(2) Comparative figures are re-presented to show separately results from discontinued operations, see note 22.
ANGLO AMERICAN plc
(Incorporated in England and Wales – Registered number 03564138)
(the Company)
Notice of Dividend
(Dividend No. 47)
Notice is hereby given that an interim dividend on the Company's ordinary share capital in respect of the year to 31 December
2025 will be paid as follows:
Amount (United States currency) (note 1) 7 cents per ordinary share
Amount (South Africa currency) (note 2) 125.01720 cents per ordinary share
Amount (Botswana currency) (note 3) 99.29080 thebes per ordinary share
Last day to effect transfer of shares between the United Kingdom (UK) and branch
share registers Monday, 18 August 2025
Last day to trade on the JSE Limited (JSE) to qualify for dividend Tuesday, 19 August 2025
Ex-dividend on the JSE from the commencement of trading (note 4) Wednesday, 20 August 2025
Ex-dividend on the Botswana Stock Exchange (BSE) from the commencement
of trading Wednesday, 20 August 2025
Ex-dividend on the London Stock Exchange from the commencement of trading Thursday, 21 August 2025
Record date (applicable to both the principal register and branch registers) Friday, 22 August 2025
Movement of shares between the principal and branch registers permissible from Tuesday, 26 August 2025
Last day for receipt of Dividend Reinvestment Plan (DRIP) mandate forms by Central Monday, 8 September 2025
Securities Depository Participants (CSDPs) (notes 5, 6 and 7)
Last day for receipt of US$:£/€ currency elections by the UK Registrars (note 1) Monday, 8 September 2025
Last day for receipt of DRIP mandate forms by the UK Registrars (notes 5, 6 and 7) Monday, 8 September 2025
Last day for receipt of DRIP mandate forms by the South African Transfer Secretaries Wednesday, 10 September 2025
(notes 5, 6 and 7)
Currency conversion US$:£/€ rates announced on (note 8) Monday, 15 September 2025
Payment date of dividend Tuesday, 30 September 2025
Results of Dividend Reinvestment Plan released Wednesday, 15 October 2025
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 Monday, 8 September 2025. 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 Botswanan branch register who will be paid in Botswana Pula.
2. Dividend Tax will be withheld from the amount of the gross dividend of 125.01720 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 100.01376 Rand cents per ordinary share.
Anglo American plc had a total of 1,178,050,272 ordinary shares in issue as at Wednesday, 30 July 2025. 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:ZAR17.85960
taken on Wednesday, 30 July 2025, being the currency conversion date.
3. The dividend in Botswana Pula is based on an exchange rate of USD1:BWP14.18440 taken on Wednesday, 30 July 2025, 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 Tuesday, 14 October 2025. CREST accounts will be credited on Friday, 3 October 2025.
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 t hose 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 Central Securities in Depository Botswana
London Aspect House (Pty) Limited (PTY) LTD
EC1N 6RA Spencer Road Rosebank Towers, 15 Biermann Avenue Plot 70667, Fairscape, Precinct,
United Kingdom Lancing Rosebank, 2196, South Africa Fargrounds, Gaborone, Botswana
West Sussex Private Bag X9000 Private Bag 00417, Gaborone
BN99 6DA Saxonwold, 2132 Botswana
United Kingdom South Africa
©Anglo American plc 2025. All rights reserved.
Basis of preparation
This Condensed consolidated interim financial report for the six months ended 30 June 2025 has been prepared in
accordance with the UK-adopted International Accounting Standard IAS 34 Interim Financial Reporting and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority
('DTR').
The Condensed financial statements represent a 'condensed set of financial statements' as referred to in the DTR.
Accordingly, they do not include all of the information required for a full annual financial report and are to be read in
conjunction with the annual financial statements for the year ended 31 December 2024 which have been prepared
in accordance with UK-adopted international accounting standards in conformity with the requirements of the
Companies Act 2006, IFRS Interpretations Committee (IFRS IC) interpretations and those parts of the Companies Act
2006 applicable to companies reporting under International Financial Reporting Standards (IFRS).
The Condensed financial statements are unaudited and do not constitute statutory accounts as defined in section
434 of the Companies Act 2006. The financial information for the year to 31 December 2024 included in this report
was derived from the statutory accounts for the year ended 31 December 2024, a copy of which has been delivered
to the Registrar of Companies. The auditor's report on these accounts was unqualified, did not include a reference to
any matters to which the auditor drew attention by way of an emphasis of matter and did not contain a statement
under section 498 of the Companies Act 2006.
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/2025/JSE/ISSE/ANAAL/HY2025.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
31 July 2025
Date: 31-07-2025 08:00:00
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