Anglo American Plc · LSE:AAL

Anglo American — H1 2026 Earnings Presentation

54 slides from Anglo American's earnings presentation, Jul 30, 2026

1. Slide 1: Interim results 2026

   AngloAmerican 2026 Interim results 30 July 2026

2. Slide 2: Cautionary statement

   [OFFICIAL] Interim results 2026 Cautionary statement Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written Anglo American’s assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where

3. Slide 3: Introductory comments

   Introductory comments Stuart Chambers Chair © Anglo American, 2026 3

4. Slide 4: Agenda

   [OFFICIAL] Interim results 2026 Agenda Delivering the next phase of transformation Duncan Wanblad, Chief Executive Officer Financial performance John Heasley, Chief Financial Officer Capital efficient growth for a tightening copper market Duncan Wanblad © Anglo American, 2026 4

5. Slide 5: Delivering the next phase of transformation

   [OFFICIAL] Interim results 2026 Delivering the next phase of transformation Operational excellence Portfolio optimisation Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses © Anglo American, 2026 5

6. Slide 6: Safety and Sustainability

   [OFFICIAL] Interim results 2026 Safety and Sustainability Injury frequency rates at record low levels Embedding safer work through stronger planning, TRIFR1,2 reconfigured standards and focus on critical actions Strengthening critical control checks in field to prevent 1.78 fatal and life-altering e

7. Slide 7: Stable operational performance

   [OFFICIAL] Interim results 2026 Stable operational performance On track for annual production guidance Copper (kt) Iron ore (Mt) 342 344 31 31 170 173 15 15 H1 2025 Q1 2026 Q2 2026 H1 2026 H1 2025 Q1 2026 Q2 2026 H1 2026 Los Bronces operational flexibility accelerating; second plant throughput addin

8. Slide 8: Anglo Teck: transaction progressing, integration planning advancing

   [OFFICIAL] Interim results 2026 Anglo Teck: transaction progressing, integration planning advancing Integration planning well advanced Dedicated teams from Anglo American and Teck preparing for a safe, disciplined, effective integration On track towards closing Preparing for Day 1 execution Post clo

9. Slide 9: Portfolio transformation continues to progress

   [OFFICIAL] Interim results 2026 Portfolio transformation continues to progress Steelmaking Coal Nickel De Beers Sale agreed with Dhilmar for up to Sale agreed with MMG for up to Progressing sale process US$3.875bn US$500m Working to satisfy outstanding European Commission Driving cost and capital cl

10. Slide 10: Financial performance

    Financial performance John Heasley © Anglo American, 2026 10

11. Slide 11: Portfolio transformation is delivering higher margin, higher quality business

    [OFFICIAL] Interim results 2026 Portfolio transformation is delivering higher margin, higher quality business EBITDA Underlying Revenue4 EBITDA4 margin 5 earnings 4 Continuing operations3 $10.5bn $4.0bn 38% $0.8bn Simplified portfolio3 $8.9bn $4.1bn 46% $1.0bn De Beers $1.6bn $(0.1)bn (7)% $(0.2)bn

12. Slide 12: Financial results – simplified portfolio

    [OFFICIAL] Interim results 2026 Financial results – simplified portfolio 3 Group basket price EBITDA margin 5  3pp Copper  22% 46% 43% $2.9bn Production 8 Effective tax rate 7  1pp  1% 40% 41% 70% EBITDA 4 driven by Revenue 4  22% Underlying earnings 4  60% Copper $8.9bn $7.3bn $1.0bn $0.6bn E

13. Slide 13: Solid cost performance across the simplified portfolio despite macro pressures

    [OFFICIAL] Interim results 2026 Solid cost performance across the simplified portfolio despite macro pressures Total costs up largely on macro factors Unit costs assisted by by-products Total costs H1 2026 vs H1 2025 unit costs $bn +15% Key drivers: • FX and CPI Copper (c/lb) Premium Iron Ore ($/t)

14. Slide 14: Copper price and cost discipline underpin EBITDA growth in the simplified portfolio

    [OFFICIAL] Interim results 2026 Copper price and cost discipline underpin EBITDA growth in the simplified portfolio EBITDA4 Higher copper and by-product $bn prices, partly offset by lower Corporate cost savings and realised iron ore prices Manganese normalisation favourable downstream costs partly,

15. Slide 15: De Beers – actions continuing to mitigate impact on Group

    [OFFICIAL] Interim results 2026 De Beers – actions continuing to mitigate impact on Group EBITDA4 vs prior period 2026 capex guidance vs previous $(0.1)bn $(0.2)bn $0.2bn 2026 guidance $0.5bn Previous guidance H1 2026 H1 2025 Actions taken Cash impact Venetia proposed production pause De Beers FY26

16. Slide 16: Discontinued operations

    [OFFICIAL] Interim results 2026 Discontinued operations EBITDA4: SMC Underlying earnings4 $(0.2)bn $(0.1)bn $(0.2)bn $(0.2)bn EBITDA4: Nickel Equity shareholders’ loss $0.0bn $0.0bn $(1.2)bn $(2.3)bn EBITDA4: PGMs14 Capex15 n/a $0.2bn $0.1bn $0.5bn EBITDA4: Disc. Operations Net debt movement $(0.2)b

17. Slide 17: Disciplined capital allocation supports lower capex

    [OFFICIAL] Interim results 2026 Disciplined capital allocation supports lower capex Capex15 Growth Lifex $bn Collahuasi desal Baseline sustaining -6% 1.6 1.5 0.3 1.4 Lower sustaining capex as major projects near completion 0.4 0.2 0.4 Growth capital remains focused 0.1 0.1 0.1 and targeted across th

18. Slide 18: Strong cash generation

    [OFFICIAL] Interim results 2026 Strong cash generation Cashflows – continuing basis3 $bn Commodity price increase offset by Mainly due to favourable timing timing of derivative benefits settlements 4.0 (0.2) (0.0) 3.5 (0.3) Up c.90% (0.5) (H1 2025: $0.6 bn) (0.3) (0.2) (1.1) 1.2 (0.1) EBITDA Less Wo

19. Slide 19: Simplified portfolio continues to support deleveraging

    [OFFICIAL] Interim results 2026 Simplified portfolio continues to support deleveraging Net debt Cash outflow from operations 0.1 Capex 0.1 $bn Capital repayment of lease obligations 0.1 Cash received for the deposit of SMC (0.1) 1.0x net debt:EBITDA4 8.6 0.2 8.2 0.2 Strong liquidity at $15.5bn (1.2)

20. Slide 20: 2026 Guidance update

    [OFFICIAL] Interim results 2026 2026 Guidance update 17 17 By-product & oil moves 18 Copper Peru unit cost Minas Rio ($/t) (c/lb) in 2026 Gold Silver Molybdenum Oil 100 33 36 65 45 2026 H1 2026 Adj.2026 H1 2026 2026 guidance actual guidance actual guidance 17 17 Copper Chile unit cost Kumba ($/t) 10

21. Slide 21: Key financial messages

    [OFFICIAL] Interim results 2026 Key financial messages Strong profit Controllable Higher Return Robust financial Financial growth costs well on capital position resilience in managed employed simplified portfolio Continuing Cu unit cost Simplified Net debt Copper-led EBITDA4 136c/lb ROCE6 $8.2bn gro

22. Slide 22: Capital efficient growth for a tightening copper market

    Capital efficient growth for a tightening copper market Duncan Wanblad © Anglo American, 2026 22

23. Slide 23: New copper supply is becoming more expensive and slower to bring online

    [OFFICIAL] Interim results 2026 New copper supply is becoming more expensive and slower to bring online Capital intensity20 in mining has risen well …While mining project development timelines ahead of inflation21… continue to extend22 Index, 2010 = 100, Average capital intensity Average years from

24. Slide 24: Low capital intensity provides differentiated growth

    [OFFICIAL] Interim results 2026 Low capital intensity provides differentiated growth Capital intensity of copper projects Estimate of average capital intensity23 ‘000 $/t Cu, real 2026$ ~29 ~26 ~22 ~11 Los Bronces & Andina Collahuasi & Estimates for future Estimates for peer Greenfield projects Queb

25. Slide 25: Collahuasi Quebrada Blanca – world-class opportunity for capital efficient copper growth

    [OFFICIAL] Interim results 2026 Collahuasi Quebrada Blanca – world-class opportunity for capital efficient, high-return copper growth Next milestone is technical studies Disciplined process to establish tangible details for stakeholder engagement and commercial alignment Asset integration to drive s

26. Slide 26: Los Bronces / Andina integration now progressing

    [OFFICIAL] Interim results 2026 Los Bronces / Andina integration now progressing from agreement to preparation period Feb 2025 Sep 2025 Jun 2026 ~2030 MoU Def. Agreements Conditions for Secure Agreed Signed Closing obtained Environmental • All conditions for closing satisfied Permits Competition and

27. Slide 27: Value maximisation is next phase for assets

    [OFFICIAL] Interim results 2026 Value maximisation is next phase for assets Guidance copper Near term growth EBITDA margin5 production17,27, kt Collahuasi / QB 790 - 850 Los Bronces / 51% Andina 750 - 810 38% Full potential optimisation Maximising grade profile at Quellaveco 700 - 760 Kumba producti

28. Slide 28: Wrap-up

    Wrap-up Duncan Wanblad © Anglo American, 2026 28

29. Slide 29: Delivering a transformational strategy

    [OFFICIAL] Interim results 2026 Delivering a transformational strategy Immediate & ongoing Working at pace Longer term 1. Operational excellence 2. Portfolio optimisation 3. Growth delivery Execution underpinned by our differentiated capabilities & disciplined approach to capital allocation © Anglo

30. Slide 30: Standard international dial-in

    Standard international dial-in: +44 20 3481 4247 South Africa: +27 105 348 155 United Kingdom: +44 20 3481 4247 USA & Canada: +1 800 715 9871 Conference ID: 1339536

31. Slide 31: Footnotes

    [OFFICIAL] Interim results 2026 Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management control. 22. Source: S&P Capital IQ. Data excludes results from De Beers’ joint operations in Namibia and Botswana. 23. Source: AA Group Strategy, Wood Mackenzie an

32. Slide 32: Appendix

    Appendix © Anglo American, 2026 32

33. Slide 33: Simplified earnings and guidance

    Simplified earnings and guidance © Anglo American, 2026 33

34. Slide 34: H1 2026 simplified earnings by Business

    [OFFICIAL] Interim results 2026 – appendix H1 2026 simplified earnings by Business $m (unless stated) Copper1 Premium De Beers - Other3 Steelmaking Nickel Total Iron Ore2 Diamonds Coal (discontinued) (discontinued) Sales volume (mined share) 317kt 31.6Mt 12.4Mct4 3.4Mt5 19kt Average benchmark price

35. Slide 35: H1 2026 simplified earnings by Business - notes

    [OFFICIAL] Interim results 2026 – appendix H1 2026 simplified earnings by Business - notes 1. Total of Chile and Peru. Prices and costs are the weighted average of Chile and Peru sales volumes. Unit costs are the weighted average of Chile and Peru production volumes. Copper sales volumes are on a pa

36. Slide 36: Guidance summary

    [OFFICIAL] Interim results 2026 – appendix Guidance summary Earnings Capex2,3 Other Simplified portfolio Continuing operations Production volumes See slide 37 Net debt:EBITDA: <1.5x at the bottom of the cycle 2026 ~$3.0bn (prev. ~$3.1bn) ~$3.2bn (prev. ~$3.6bn) Growth ~$0.9bn ~$0.9bn Net debt impact

37. Slide 37: Production outlook – continuing operations

    [OFFICIAL] Interim results 2026 – appendix Production outlook – continuing operations 1 Units 2024 2025 H1 2026 2026F 2027F 2028F Copper2 kt 773 695 344 700-760 750-810 790-850 Chile3 kt 466 385 195 390-420 450-480 500-530 Peru4 kt 306 310 148 310-340 300-330 290-320 Premium Iron Ore5 Mt 61 61 31 55

38. Slide 38: Unit costs outlook - continuing operations

    [OFFICIAL] Interim results 2026 – appendix Unit costs outlook - continuing operations Copper (C1 c/lb)1 Premium Iron Ore (FOB $/t)2 Diamonds ($/ct)3 Chile: Chile: Chile: Kumba: Kumba: Kumba: 199 206 ~210 40 46 ~45 Peru: Peru: Peru: M-R: M-R: M-R: 89 45 ~65 32 33 ~36 150 ~145 37 41 ~41 86 136 ~80 64

39. Slide 39: Earnings sensitivities – continuing operations

    [OFFICIAL] Interim results 2026 – appendix Earnings sensitivities – continuing operations Impact of 10% Sensitivity analysis – H1 20261 change in price / FX Commodity / Currency 30 Jun spot Average realised 6-month EBITDA ($m) Copper (c/lb) 605 608 429 Iron Ore ($/t) 1152 873 266 Oil price ($/bbl) 7

40. Slide 40: Capex guidance

    [OFFICIAL] Interim results 2026 – appendix Capex guidance Capex1 ($bn) Baseline sustaining Lifex Collahuasi desal Growth Woodsmith ~0.25 ~0.25 ~0.25 ~0.6 ~0.4 ~0.3 ~0.6 ~0.1 ~ 0.1 ~0.1 ~0.1 ~2.3 ~ 2.2 ~2.1 ~2.0 ~2.0 +Lifex 2026F 2026F 2027F 2028F Long-term2 (continuing) (simplified) (simplified) (si

41. Slide 41: Growth capex projects - simplified portfolio only

    [OFFICIAL] Interim results 2026 – appendix Growth capex projects - simplified portfolio only Major components of growth capex¹ ($bn) 2 Guidance ~0.9 ~0.6 ~0.3 Copper Projects3 ~0.1 Woodsmith4 ~0.25 Quellaveco (Copper)5 ~0.1 ~0.1 Collahuasi (Copper)6 ~0.2 ~0.25 ~0.1 ~0.1 Kumba (Premium Iron Ore)7 ~0.

42. Slide 42: Key projects driving growth capex

    [OFFICIAL] Interim results 2026 – appendix Key projects driving growth capex 1 Total Volume (pa) Growth optionality Capex1 3rd primary crusher & flotation cells, throughput from ~170ktpd to ~185ktpd; Collahuasi debottlenecking to ~185ktpd ~$0.2bn2 ~10ktpa2 production expected from 2026 Debottlenecki

43. Slide 43: Liquidity

    Liquidity © Anglo American, 2026 43

44. Slide 44: Strong liquidity & balanced debt maturity profile

    [OFFICIAL] Interim results 2026 – appendix Strong liquidity & balanced debt maturity profile Liquidity1 Debt repayments ($bn)1,2 $15.5bn 1.5 1.4 1.8 1.6 1.6 1.6 +$8.9bn cash 1.2 1.0 1.0 1.0 +$6.6bn undrawn committed facilities 0.8 0.5 0.5 0.5 0.1 0.1 Solid Investment Grade credit metrics and ratings

45. Slide 45: Sustainability performance

    Sustainability performance © Anglo American, 2026 45

46. Slide 46: Sustainability strategy for the simplified portfolio

    [OFFICIAL] Interim results 2026 – appendix Sustainability strategy for the simplified portfolio Trusted Healthy Thriving Corporate Leader Environment Communities Building trust through our people, with our stakeholders, Delivering positive environmental outcomes, minimising Acting as a catalyst to m

47. Slide 47: Climate emissions reduction pathway

    [OFFICIAL] Interim results 2026 – appendix Climate emissions reduction pathway Scope 1 and 2: Scope 3: Our operational GHG emissions Our value chain GHG emissions Interim target1 Long-term ambition1 Carbon intensity target 30% Carbon 1.3 t CO2e neutral absolute reduction by 2030 per tonne of crude s

48. Slide 48: Four key levers to mitigate our operational emissions

    [OFFICIAL] Interim results 2026 – appendix Four key levers to mitigate our operational emissions Energy productivity Renewable energy Diesel replacement Compensation Improving productivity of energy usage South American operations are Replacing diesel with lower Addressing residual emissions already

49. Slide 49: Scope 3 focus: steelmaking in a low-carbon world

    [OFFICIAL] Interim results 2026 – appendix Scope 3 focus: steelmaking in a low-carbon world Through a process of portfolio selection, growth, partnerships and customer selection, we will support a Paris-aligned trajectory for the steel industry, supporting the decarbonisation of the sector 2025 Scop

50. Slide 50: Our ESG ratings reflect our leading capabilities in sustainable mining

    [OFFICIAL] Interim results 2026 – appendix Our ESG ratings reflect our leading capabilities in sustainable mining AAA AA Teck Anglo American A Peer 1 Peer 2 BBB Peer 3 MSCI1 BB Peer 4 B CCC 1. MSCI ESG Ratings data and Sustainalytics ESG Risk Ratings obtained from 30 29 28 27 26 25 24 23 22 21 20 19

51. Slide 51: ESG integrated into management remuneration

    [OFFICIAL] Interim results 2026 – appendix ESG integrated into management remuneration Targets in ESG targets in LTIPs All employees under the Group bonus scheme 2026 annual bonus & local site-specific operational bonus schemes are incentivised on safety 30% strategic & individual measures that can

52. Slide 52: Measuring our ESG progress

    [OFFICIAL] Interim results 2026 – appendix Measuring our ESG progress1 Theme2 Metric HY 20263 HY 20252,3 Target Target achieved Trusted Corporate Eliminate all work-related fatalities and foster a safe and resilient Work-related fatal injuries 0 1 On track Leader operating environment Ongoing reduct

53. Slide 53: Sustainability summary

    [OFFICIAL] Interim results 2026 – appendix Sustainability summary Sustainability strategy panel discussion webcast FutureSmart MiningTM → Replay of our sustainability strategy panel discussion webcast: To deliver on our Purpose, we are changing the way we mine through smart Anglo American Sustainabi

54. Slide 54: Investor Relations

    [OFFICIAL] Investor Relations Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470 Emma den Hollander emma.denhollander@angloamerican.com Tel: +44 (0)20 7968 1452 Wade Haggarty wade.haggarty@angloamerican.com Tel: +44 (0)20 7968 1464 Nathan Morgan nathan.morgan@angloamerican.com Tel: +

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