Antofagasta (LSE:ANTO) posted record EBITDA for 2025, supported by stronger copper pricing and improved by-product contributions that lifted earnings and operating cash flow. Despite the solid performance, the shares fell more than 3% in early trade, with results broadly matching market expectations.
Full-year revenue increased 30% to $8.62 billion, benefiting from higher realised copper prices and stronger by-product income. The total came in 2% ahead of consensus forecasts.
EBITDA rose 52% year-on-year to $5.20 billion, approximately 1% above company-compiled consensus estimates. The EBITDA margin expanded to 60.3%, up from 51.8% in the prior year.
Profit before tax reached $3.16 billion. Adjusted earnings per share of $129.3 exceeded consensus by 2%. Operating cash flow advanced 30% to $4.25 billion.
The board recommended a final dividend of 48.0 cents per share, taking total 2025 distributions to 64.6 cents per share, equivalent to a 50% payout of underlying earnings.
In a post-results commentary, Morgan Stanley analysts said Antofagasta’s full-year EBITDA was “just 1% above consensus” and broadly aligned with the bank’s own projections. The analysts added they expected “the shares to modestly outperform at the open.”
Copper output for the year totalled 653,700 tonnes, representing a 2% decline compared with the previous year. Net cash costs fell 27% to $1.19 per pound, supported by stronger by-product credits.
Capital expenditure reached $3.68 billion in 2025, up from $2.41 billion in 2024, reflecting continued investment in major development projects at Centinela and Los Pelambres. The balance sheet remained resilient, with net debt to EBITDA at 0.53x.
Looking ahead to 2026, Antofagasta reiterated its copper production target of between 650,000 and 700,000 tonnes. Cash costs before by-product credits are expected in the range of $2.30 to $2.50 per pound, with net cash costs forecast between $1.15 and $1.35 per pound. Capital spending for the year is projected at approximately $3.4 billion.
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