Antofagasta Plc · LSE:ANTO
Antofagasta — H1 2026 Earnings Presentation
33 slides from Antofagasta's earnings presentation, Aug 13, 2026
Slide 1: Copper Growth Delivery: 2026 Half Year Results
COPPER GROWTH DELIVERY 2026 Half Year Results London, August 2026
Slide 2: Who we are: Delivering today, growing for tomorrow
Introduction Financial Performance Growth and Resilience Appendices Antofagasta | Who we are Delivering today, growing for tomorrow Focused on Global pure-play producer Strong track record Copper Growth Delivery Centinela Chile Antucoya Zaldívar #1 Country for copper supply for more than 20 years AI
Slide 3: Copper: Essential to the world's growth
Introduction Financial Performance Growth and Resilience Appendices Antofagasta | Copper demand drivers Copper: Essential to the world's growth Electrification Expected copper demand Expected mine supply (including scrap) (concentrates and cathodes) EV copper demand set to double by 20351 +8 Mt +4 M
Slide 4: Safety culture underpins disciplined delivery
Introduction Financial Performance Growth and Resilience Appendices Health and safety | Continued strong performance Safety culture underpins disciplined delivery Safety Strong safety performance track record H1 2026: Fatalities H1 2026: Lost time injury frequency rate Zero Operating five years fata
Slide 5: Key highlights H1 2026: Disciplined delivery driving real growth
Introduction Financial Performance Growth and Resilience Appendices Key highlights | H1 2026 Disciplined delivery driving real growth Record realised pricing Strong financial performance Net cash cost discipline $6.19/lb Strong market fundamentals continue, with energy $2.8 bn EBITDA result in H1 20
Slide 6: Advancing our long-term priorities
Introduction Financial Performance Growth and Resilience Appendices Strategic pillars | Progress and milestones Advancing our long-term priorities Priority area Key metric Progress achieved in H1 2026 Safety and sustainability 5 years Marking five fatality-free years across the Group in July 2026 Gr
Slide 7: Financial Performance
Introduction Financial Performance Growth and Resilience Appendices Financial Performance Mauricio Ortiz, CFO Financial highlights 8 Commodity pricing 9 Production and cash costs 10 Financial statements 13 Image: Centinela’s expanded water facility, which delivered its first Capital allocation frame
Slide 8: Financial performance: Key highlights H1 2026
Introduction Financial Performance Growth and Resilience Appendices Financial performance: Key highlights H1 2026 Strong first-half earnings Revenue Operating cash flow Profit before tax +18% +53% +72% Revenue increase to $4.5 billion, Increase to $2.8 billion, driven by higher Increase to $2.0 bill
Slide 9: Market review: Strong pricing environment continues
Introduction Financial Performance Growth and Resilience Appendices Market review | Copper and by-products Strong pricing environment continues Revenue by product Market pricing: Copper ($/lb)1 Realised pricing 7.0 (H1 2026) 6.0 Silver Other 3% 1% 5.0 Molybdenum Copper 10% 4.0 +36% YoY 3.0 Gold H1 2
Slide 10: Cash cost discipline in an inflationary environment
Introduction Financial Performance Growth and Resilience Appendices Financial performance: Production and cash costs Cash cost discipline in an inflationary environment Copper production 314.9 (9.9) (3.5) (1.6) 285.0 (13.6) (1.3) HY 2025 Grades Throughput Recoveries Work in progress ROM / Others HY
Slide 11: Production and cost guidance reflects macro environment
Introduction Financial Performance Growth and Resilience Appendices Group-level guidance 2026 Production and cost guidance reflects macro environment Group-level guidance 2026 Copper 625,000-655,000 tonnes Material YTD cost impact: Limited YTD cost impact: production (previous: 650,000-700,000) Dies
Slide 12: Competitiveness Programme: Focus on cost discipline and productivity
Introduction Financial Performance Growth and Resilience Appendices Competitiveness Programme Focus on cost discipline and productivity Competitiveness Programme: Long-standing Competitiveness Programme: H1 2026 results 2015-2026 On track for FY 2026 target of $110m Over 10 years of delivering value
Slide 13: Income statement: Key role of by-products
Introduction Financial Performance Growth and Resilience Appendices Financial performance: Income statement Key role of by-products in current environment EBITDA margin 58.8% 63.4% +$0.6 bn +27% 1,275 112 2,841 (594) (102) (72) (12) $, million 2,234 Key factors Copper price: +36% Gold price: +46% Mo
Slide 14: Strong balance sheet supports capex and dividends
Introduction Financial Performance Growth and Resilience Appendices Financial performance: Balance sheet Strong balance sheet supports capex and dividends Net debt / EBITDA ratio 0.53x 0.68x 143 ($1.2 bn) 2,630 +44% (927) Key factors Centinela Second Concentrator Project $, million Los Pelambres Gro
Slide 15: Portfolio investments continue to deliver
Introduction Financial Performance Growth and Resilience Appendices Financial performance: Track record of delivery Portfolio investments continue to deliver Antofagasta portfolio: Delivering robust earnings generation Consistently delivering margins at top end of peer group Group EBITDA Group EBITD
Slide 16: Consistent delivery of growth and returns
Introduction Financial Performance Growth and Resilience Appendices Capital allocation framework Consistent delivery of growth and returns Capital allocation (past 5 years) CONSISTENT APPROACH TO CAPITAL ALLOCATION OPERATING CASH FLOW +$5 billion OUTFLOW SUSTAINING CAPEX & MINE DEVELOPMENT CAPITAL C
Slide 17: Growth and Resilience
Introduction Financial Performance Growth and Resilience Appendices Growth and Resilience Iván Arriagada, CEO Organic growth: Significant optionality 18 Centinela Second Concentrator Project 20 Los Pelambres Future Growth Enablers 21 Zaldívar Water Transition Project 22 Image: Los Pelambres Future G
Slide 18: Organic growth: Applying our capital allocation framework
Introduction Financial Performance Growth and Resilience Appendices Organic growth: Significant optionality Applying our capital allocation framework Our process for developing optionality Project factors Capital allocation framework Lower Known Attractive Lower capital legislative Conservative Cons
Slide 19: Organic growth: Applying our capital allocation framework
Introduction Financial Performance Growth and Resilience Appendices Organic growth: Significant optionality Applying our capital allocation framework Our process for developing optionality Project factors Capital allocation framework Lower Known Attractive Lower capital legislative Conservative Cons
Slide 20: Pre-commissioning advances ahead of 2027 completion
Introduction Financial Performance Growth and Resilience Appendices Construction update | Centinela Second Concentrator Project Pre-commissioning advances ahead of 2027 completion Image: Primary crusher, July 2026 Image: Concentrator area, July 2026 Antofagasta plc | 2026 Half Year Results 20
Slide 21: Key infrastructure now installed
Introduction Financial Performance Growth and Resilience Appendices Construction update | Los Pelambres Future Growth Enablers Key infrastructure now installed Image: Desalination plant site, June 2026 Image: Installation works along new concentrate pipeline route, June 2026 Antofagasta plc | 2026 H
Slide 22: Investment approved and initial works underway
Introduction Financial Performance Growth and Resilience Appendices Progress update | Zaldívar Long Term Water Supply Project Investment approved and initial works underway Established operation with a +1 billion tonne resource base • Mineral Resource of 1.1 billion tonnes grading 0.37% copper • Pot
Slide 23: Key messages: H1 2026 results achieved via disciplined delivery
Introduction Financial Performance Growth and Resilience Appendices Key messages H1 2026 results achieved via disciplined delivery 01 02 03 Strong earnings Project construction Disciplined capital growth in H1 2026 completing in 2027 allocation With industry-leading margins +30% growth and increased
Slide 24: Antofagasta's investment case
Introduction Financial Performance Growth and Resilience Appendices Delivering Energy security and electrification Pure-play Antofagasta’s investment case copper Delivering With Attractive attributes High Strong Lower copper growth margins growth Built on Solid foundations risk Leaders in Strong Div
Slide 25: Appendices
Introduction Financial Performance Growth and Resilience Appendices Appendices Cautionary statement 26 Financial performance: Charts 27 Operating data: Production and prices 31 Operating data: Unit cash costs 32 Antofagasta plc | 2026 Half Year Results Image: ICMM event hosted at Antofagasta’s offic
Slide 26: Cautionary Statement
Introduction Financial Performance Growth and Resilience Appendices CAUTIONARY STATEMENT This presentation has been prepared by Antofagasta plc. By reviewing and/or attending this presentation you agree to the following conditions: This presentation contains forward-looking statements. All statement
Slide 27: Revenue – HY 2025 vs HY 2026
Introduction Financial Performance Growth and Resilience Appendices Revenue – HY 2025 vs HY 2026 $680m +18% 904 75 4,479 138 81 49 (1) 3,799 (566) $, million HY 2025 Realised copper - Copper sales - Copper sales - Molybdenum sales Silver sales - Gold sales - Transport sales HY 2026 price volume TC/R
Slide 28: Net earnings – HY 2025 vs HY 2026
Introduction Financial Performance Growth and Resilience Appendices Net earnings – HY 2025 vs HY 2026 $380m +81% 81 131 680 127 (83) (102) (294) 847 0 847 $, million (160) 522 467 (55) HY 2025 Net Exceptional item HY 2025 Revenues Mining on-site Depreciation Other costs Associates and Finance items
Slide 29: Cash flow – December 2025 to June 2026
Introduction Financial Performance Growth and Resilience Appendices Cash flow – 31 December 2025 to 30 June 2026 -$750m -15% 2.630 143 (927) (164) (180) 0 0 1 48 (473) (160) 4,910 $, million 0 5 4,160 (1.672) Cash at 31 dic EBITDA from Working Tax outflow Net Interest Net new Dividends to Dividends
Slide 30: H1 2026 production cost breakdown
Introduction Financial Performance Growth and Resilience Appendices H1 2026 production cost breakdown Explosives 0.76 $3.50 /lb Sulphuric Acid 3% $2.85/lb Other inputs 5% 1.63 6% Services (0.11) & Others Fuel and lubricants 35% 10% $ 1.22/lb $2,197m 11% Energy 13% 16% Net cash By-products Gross cash
Slide 31: Production and metals prices
Introduction Financial Performance Growth and Resilience Appendices Production and metals prices Group production Metal prices 2021 2022 2023 2024 2025 H1 2026 2026E1 2021 2022 2023 2024 2025 H1 2026 Copper ('000 tonnes) Copper ($/lb) Los Pelambres 324.7 275.0 300.3 319.6 295.3 133.8 340 - 360 Reali
Slide 32: Unit cash costs
Introduction Financial Performance Growth and Resilience Appendices Unit cash costs Group cash costs 2021 2022 2023 2024 2025 H1 2026 2026E1 Group cash costs ($/lb) Los Pelambres 1.59 1.84 1.92 2.09 2.21 2.61 2.00 - 2.20 Centinela 1.87 2.44 2.57 2.60 2.27 2.95 2.45 - 2.65 Antucoya 2.04 2.50 2.63 2.5
Slide 33: Antofagasta plc | 2026 Half Year Results
Antofagasta plc | 2026 Half Year Results 33