Anglo American Plc · LSE:AAL

Anglo American — FY2025 Earnings Presentation

57 slides from Anglo American's earnings presentation, Feb 20, 2026

1. Slide 1: 2025 results

   AngloAmerican 2025 results 20 February 2026

2. Slide 2: Cautionary statement

   [OFFICIAL] Results 2025 Cautionary statement Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s materi

3. Slide 3: Introductory comments

   [OFFICIAL] Results 2025 Introductory comments Stuart Chambers Chair © Anglo American, 2026 3

4. Slide 4: Agenda

   [OFFICIAL] Results 2025 Agenda Delivering a transformational strategy Duncan Wanblad, Chief Executive Officer Financial performance & guidance John Heasley, Chief Financial Officer Unlocking copper value growth, sustainably Duncan Wanblad © Anglo American, 2026 4

5. Slide 5: Delivering a transformational strategy

   [OFFICIAL] Results 2025 Delivering a transformational strategy 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: Significant achievements in executing our strategy

   [OFFICIAL] Results 2025 Significant achievements in executing our strategy Operational excellence Portfolio optimisation Growth  Copper & Premium Iron Ore  Successfully demerged businesses delivered 2025 Valterra Platinum  Finalised agreement with production guidance Codelco to implement  Succes

7. Slide 7: Anglo Teck – creating a critical minerals champion

   [OFFICIAL] Results 2025 Anglo Teck – creating a critical minerals champion Integration Estimated completion: Merger planning Sep 2026 – Mar 2027 announcement Investment Canada Act (12-18 months post (“ICA”) approval announcement) Payment of 9 Sep 9 Dec 16 Dec Ongoing ~$4.5bn 2025 2025 2025 special d

8. Slide 8: Safety is our No.1 value and first priority

   [OFFICIAL] Results 2025 Safety is our No.1 value and first priority Continuing to drive down injury rates TRIFR3,4 Critical action programme further enhancing our focus on the most impactful safety actions 2.19 1.78 Sustained focus on leaders spending time in the 1.57 field and on oversight 1.26 Dis

9. Slide 9: Lower risk copper growth in our high quality assets

   [OFFICIAL] Results 2025 Lower risk copper growth in our high quality assets Copper (kt)5 ~125kt of copper growth +18% expected through 2028 Collahuasi setting up for mean reversion on grade 750- 790- 850 Improved Los Bronces flexibility 700- 695 760 810 allows for 2026 plant restart Quellaveco maint

10. Slide 10: Stable iron ore business provides cash flow underpin

    [OFFICIAL] Results 2025 Stable iron ore business provides cash flow underpin 5 Premium Iron Ore (Mt) Attractive premium iron ore niche Kumba production ~4Mt lower in 2026 for UHDMS project tie-in – sales not impacted 59- 58- 61 55- 63 62 59 Operational improvements embedded at Minas-Rio enabling con

11. Slide 11: Committed to delivering portfolio transformation

    [OFFICIAL] Results 2025 Committed to delivering portfolio transformation Steelmaking Coal Nickel De Beers Divestment Divestment Divestment or demerger Progressing safe & structured Challenging market conditions Challenging diamond market return to normal longwall impacting business performance condi

12. Slide 12: Financial performance

    Financial performance John Heasley © Anglo American, 2026 12

13. Slide 13: Portfolio transformation unlocks a significantly higher margin, higher quality business

    [OFFICIAL] Results 2025 Portfolio transformation unlocks a significantly higher margin, higher quality business EBITDA Underlying Revenue7 EBITDA7 margin 8 earnings 7 Continuing operations6 $19.3bn $6.4bn 33% $0.9bn Simplified portfolio6 $15.8bn $6.9bn 44% $1.6bn De Beers $3.5bn $(0.5)bn (15)% $(0.7

14. Slide 14: Financial results – simplified portfolio

    [OFFICIAL] Results 2025 Financial results – simplified portfolio 6 Group basket price Production 11 Copper  2%  4% $4.0bn Revenue 7  4% EBITDA7  9% $15.8bn $15.2bn $6.9bn $6.3bn Strong EBITDA with 91% cash ROCE 9  1pp EBITDA margin 8  2pp conversion12 17% 16% 44% 42% Effective tax rate 10  4p

15. Slide 15: Strong cost management delivers flat year-on-year total costs in simplified portfolio

    [OFFICIAL] Results 2025 Strong cost management delivers flat year-on-year total costs in simplified portfolio 6 Despite 4% lower production,11 Focused on our total cost base unit cost increase contained maintaining flat cost 2025 vs 2024 unit costs Total costs $bn +1% Lower TC/RCs, partially Planned

16. Slide 16: Higher prices and disciplined cost control benefiting the simplified portfolio

    [OFFICIAL] Results 2025 Higher prices and disciplined cost control benefiting the simplified portfolio 6 EBITDA7 $0.6bn gross cost savings Mainly non-operational $bn $(0.2)bn cost headwinds, primarily at Collahuasi impacts of rehabilitation $0.2bn TC/RC benefit provisions (0.1) (0.2) 6.5 (0.4) 0.6 6

17. Slide 17: Delivered $1.8bn run rate for committed cost savings

    [OFFICIAL] Results 2025 Delivered $1.8bn run rate for committed cost savings Gross cost savings of $0.6bn realised in 2025 - ahead of target of $0.5bn; 2025 run rate achieved Cost savings 0.5 1.8 $bn 0.2 2024 2025 0.3 0.3 1.0 Realised cost savings $1.0bn $0.6bn $0.2bn Business savings $0.4bn Corpora

18. Slide 18: De Beers: navigating a challenging diamond market

    [OFFICIAL] Results 2025 De Beers: navigating a challenging diamond market Realised price Production17 Inventory release  7%  12% 21.7Mct vs 24.7Mct $0.9bn Sales volume18 Unit costs 19 Capex 20  17% 20.9Mct vs 17.9Mct  8% $86/ct vs $93/ct $0.4bn  34% ($0.5bn) Revenue7 EBITDA 7 Operating free cas

19. Slide 19: Discontinued operations

    [OFFICIAL] Results 2025 Discontinued operations SMC Underlying earnings7 $(0.2)bn $0.9bn $(0.3)bn $0.6bn Nickel Equity shareholders’ loss $0.0bn $0.1bn $(2.5)bn $0.1bn PGMs23 Capex20 $0.2bn $1.1bn $0.7bn $1.6bn EBITDA7 Net debt movement $0.1bn $2.1bn $(0.7)bn $0.7bn © Anglo American, 2026 19

20. Slide 20: Maintained strong cash conversion

    [OFFICIAL] Results 2025 Maintained strong cash conversion Cashflows – continuing basis6 $bn Working capital release Cash conversion – continuing12 Rebalancing of diamond 0.7 inventory Receivables largely offset by 107% 0.6 (0.9) 0.8 payables; both driven by high +9pp vs 2024 Inventories Receivables

21. Slide 21: Net debt benefit from Valterra sell-down proceeds

    [OFFICIAL] Results 2025 Net debt benefit from Valterra sell-down proceeds Net debt $bn 1.3x net debt:EBITDA7 Capex 0.7 10.6 Cash flow & net debt movements 0.4 Strong liquidity at $12.4bn (1.4) 0.3 Held for sale finance leases (0.1) 0.6 1.0 (2.4) 8.6 Will further benefit from disposal proceeds & stro

22. Slide 22: Proactive management delivered lower capex

    [OFFICIAL] Results 2025 Proactive management delivered lower capex Capex20 Growth Lifex $bn -16% Collahuasi desal Baseline sustaining 3.9 1.1 3.3 Focused on efficiency & 3.0 effectiveness of spend 0.6 0.5 0.6 0.3 0.3 0.2 $0.6bn capex reduction as spend 0.3 rationalised - lower growth capex at Woodsm

23. Slide 23: Guidance

    Guidance John Heasley © Anglo American, 2026 23

24. Slide 24: 2026 – Copper & Premium Iron Ore unit costs, and other guidance

    [OFFICIAL] Results 2025 2026 – Copper & Premium Iron Ore unit costs, and other guidance Copper (c/lb)5 Premium Iron Ore ($/t)5 FX moves into 2026 ZAR:USD PEN:USD Stronger producer currencies; Stronger producer currencies; CLP:USD BRL:USD higher processing costs from production mix in Chile (0)% tail

25. Slide 25: Simplified portfolio supports declining capex profile

    [OFFICIAL] Results 2025 Simplified portfolio supports declining capex profile Capex20 Growth Lifex $bn Collahuasi desal Baseline sustaining Production growth in 2027 and 2028 supported by efficient, low capital ~0.9 ~0.6 ~0.3 intensity projects ~0.1 ~0.1 Asset-level adjacencies unlock more capital-e

26. Slide 26: Key financial messages

    [OFFICIAL] Results 2025 Key financial messages Resilient Cost savings Strong cash Strong financial Financial EBITDA margins delivered conversion position resilience in simplified portfolio 49% $0.6bn 107% Copper realised savings (Continuing basis; $8.6bn Higher margins in 2025 2024: 98%)12 net debt

27. Slide 27: Unlocking copper value growth, sustainably

    Unlocking copper value growth, sustainably Duncan Wanblad © Anglo American, 2026 27

28. Slide 28: Sustained higher ROCEs needed to incentivise industry supply

    [OFFICIAL] Results 2025 Sustained higher ROCEs needed to incentivise industry supply Despite higher copper prices, this is not translating into higher industry ROCEs due to higher costs 27 Estimated global copper industry average ROCEs, % 200 150 100 50 1900 1910 1920 1930 1940 1950 1960 1970 1980 1

29. Slide 29: Copper industry consistently underestimates capex, underscoring value of lower capex pipeline

    [OFFICIAL] Results 2025 Copper industry consistently underestimates capex, underscoring the value of our lower capex pipeline 28 Despite declining copper grades… …the industry estimates lower capital intensities for future projects 28 Mill head grade Copper industry in 2024 Capital intensity Cu% Est

30. Slide 30: Anglo Teck - outstanding copper growth pathway

    [OFFICIAL] Results 2025 Anglo Teck - outstanding copper growth pathway 29 Near-term, low Capital efficient Disciplined approach capital-intensity growth adjacencies to future optionality Los Bronces plant restart Throughput increase from reopening the Los Bronces plant Collahuasi + Quebrada Blanca ~

31. Slide 31: Proven capabilities are key differentiators in growth delivery

    [OFFICIAL] Results 2025 Proven capabilities are key differentiators in growth delivery Projects & Development Sustainability Foundational to creating value Supports delivery of our strategy Delivers through differentiated Delivers tangible value know how and experience for our business & stakeholder

32. Slide 32: Sustainability strategy updated for simplified portfolio

    [OFFICIAL] Results 2025 Sustainability strategy updated for simplified portfolio 6 Our approach is anchored on three principles Protecting and creating value Sustainability priorities are aligned with business and stakeholder value Tailored to local context Each of our businesses focus on what matte

33. Slide 33: Wrap-up

    Wrap-up Duncan Wanblad © Anglo American, 2026 33

34. Slide 34: Delivering a transformational strategy

    [OFFICIAL] Results 2025 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 American

35. Slide 35: 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: 9527448

36. Slide 36: Footnotes

    [OFFICIAL] Results 2025 Footnotes 1. Synergies include $110m of recurring capex synergies and are expected to be realised by the end of the 20. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from fourth year following completion of the transaction (w

37. Slide 37: Appendix

    Appendix © Anglo American, 2026 37

38. Slide 38: Simplified earnings and guidance

    Simplified earnings and guidance © Anglo American, 2026 38

39. Slide 39: 2025 simplified earnings by Business

    [OFFICIAL] Results 2025 - appendix 2025 simplified earnings by Business $m (unless stated) Copper1 Premium De Beers - Other3 Steelmaking Nickel PGMs4 Total Iron Ore2 Diamonds Coal (discontinued) (discontinued) (demerged) Sales volume (mined share) 705kt 61.5Mt 20.9Mct5 7.9Mt6 40.2kt Average benchmar

40. Slide 40: 2025 simplified earnings by Business - notes

    [OFFICIAL] Results 2025 - appendix 2025 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. 2. Wet basis. Total of Kumba and Minas-Rio.

41. Slide 41: Guidance summary

    [OFFICIAL] Results 2025 - appendix Guidance summary Earnings Capex2,3 Other Simplified portfolio Continuing operations Production volumes See slide 42 Net debt:EBITDA: <1.5x at the bottom of the cycle 2026 ~$3.1bn (prev. ~$3.0bn) ~$3.6bn Growth ~$0.9bn (prev. ~$0.7bn) ~$0.9bn (prev. ~$0.7bn) Net deb

42. Slide 42: Production outlook – continuing operations

    [OFFICIAL] Results 2025 - appendix Production outlook – continuing operations 1 Units 2023 2024 2025 2026F 2027F 2028F Copper2 kt 826 773 695 700-760 750-810 790-850 Chile3 kt 507 466 385 390-420 450-480 500-530 Peru4 kt 319 306 310 310-340 300-330 290-320 Premium Iron Ore5 Mt 60 61 61 55-59 59-63 5

43. Slide 43: Unit costs outlook - continuing operations

    [OFFICIAL] Results 2025 - 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: 181 199 ~230 39 40 ~45 Peru: Peru: Peru: M-R: M-R: M-R: 105 89 ~100 30 32 ~36 ~172 37 ~41 93 151 150 35 86 ~80 2024 2

44. Slide 44: Earnings sensitivities – continuing operations

    [OFFICIAL] Results 2025 - appendix Earnings sensitivities – continuing operations Impact of 10% Sensitivity analysis – 20251 change in price / FX Commodity / Currency 31 Dec spot Average realised 12-month EBITDA ($m) Copper (c/lb)2 567 475 716 Iron Ore ($/t) 1213 934 564 Oil price ($/bbl) 61 68 44 C

45. Slide 45: Capex guidance

    [OFFICIAL] Results 2025 - appendix Capex guidance Capex1 ($bn) Baseline sustaining Lifex Collahuasi desal Growth Woodsmith ~0.25 (prev. nil) ~0.6 (prev. ~0.7) ~0.25 (prev. nil) ~0.25 (prev. nil) ~0.1 ~0.2 ~0.6 ~0.4 (prev. ~0.3) (prev. ~0.7) (prev. ~0.9) ~0.3 ~ 0.1 ~0.1 ~2.4 ~2.3 (prev. ~2.5) ~2.1 (p

46. Slide 46: Growth capex projects - simplified portfolio only

    [OFFICIAL] Results 2025 - appendix Growth capex projects - simplified portfolio only Major components of growth capex¹ ($bn) 2 Guidance ~0.9 ~0.6 ~0.3 (prev. ~0.7) (prev. ~0.9) Copper Projects3 ~0.1 (prev. ~0.2) Woodsmith4 ~0.25 (prev. nil) Quellaveco (Copper)5 ~0.1 ~0.1 (prev. ~0.6) Collahuasi (Cop

47. Slide 47: Key projects driving growth capex

    [OFFICIAL] Results 2025 - 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 Debottlenecking initi

48. Slide 48: Life extension capex

    [OFFICIAL] Results 2025 - appendix Life extension capex 1 Major components of lifex2 ($bn) Guidance ~0.2 ~0.0 ~0.1 (prev. ~0.3) (prev. ~0.3) ~0.1 Venetia3 (Diamonds) (prev. ~0.2) Jwaneng4 (Diamonds) ~0.1 ~0.1 Copper Projects6 2026F 2027F 2028F (new) Capex (pa) Volume (pa) From2 LOM extension Venetia

49. Slide 49: Liquidity

    Liquidity © Anglo American, 2026 49

50. Slide 50: Strong liquidity & balanced debt maturity profile

    [OFFICIAL] Results 2025 - appendix Strong liquidity & balanced debt maturity profile Liquidity1 Debt repayments ($bn)1,2 $12.4bn 1.6 1.4 1.8 1.6 +$6.4bn cash 1.2 1.0 1.0 1.0 0.9 +$6.0bn undrawn committed facilities 0.8 0.5 0.5 0.5 0.1 0.1 Solid Investment Grade credit metrics and ratings 2026 2027 2

51. Slide 51: Sustainability performance

    Sustainability performance © Anglo American, 2026 51

52. Slide 52: Sustainability strategy for the simplified portfolio

    [OFFICIAL] Results 2025 - 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 make mean

53. Slide 53: Our ESG ratings reflect our leading capabilities in sustainable mining

    [OFFICIAL] Results 2025 - appendix Our ESG ratings reflect our leading capabilities in sustainable mining AAA AA Anglo American A Peer 2 Teck BBB Peer 1 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 18 17 1

54. Slide 54: ESG integrated into management remuneration

    [OFFICIAL] Results 2025 - appendix ESG integrated into management remuneration SHE targets in ESG targets in LTIPs All employees under the Group bonus scheme 2025 annual bonus & local site-specific operational bonus schemes are incentivised on safety 30% strategic & individual measures in annual bon

55. Slide 55: Measuring our ESG progress

    [OFFICIAL] Results 2025 - appendix Measuring our ESG progress1 Pillar of value Metric FY 2025 FY 2024 Target2 Target achieved Safety & health Work-related fatal injuries3 2 3 Zero Not achieved Total recordable injury frequency rate per million hours 1.26 1.57 Reduction year on year Achieved New case

56. Slide 56: Sustainability summary

    [OFFICIAL] Results 2025 - appendix Sustainability summary Sustainability strategy panel discussion webcast FutureSmart MiningTM → Please use the below link to join the investor roundtable at 13:00 BST on To deliver on our Purpose, we are changing the way we mine through smart 20 February: angloameri

57. Slide 57: Investor Relations

    [OFFICIAL] Investor Relations Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470 Emma Waterworth emma.waterworth@angloamerican.com Tel: +44 (0)20 7968 8574 Asanda Malimba asanda.malimba@angloamerican.com Tel: +44 (0)20 7968 8480 © Anglo American, 2026 57

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