Anglo American Plc · LSE:AAL

Anglo American — Q2 2025 Earnings Presentation

60 slides from Anglo American's earnings presentation, Jul 31, 2025

1. Slide 1: Interim results 2025

   2025 terim results 31 July 2025 Uva nh pupnvenii Ve iat 11 ul it tt "Uy f TT aT CO AMM :

2. Slide 2: Cautionary statement

   [OFFICIAL] Interim results 2025 Cautionary statement Disclaimer: This document has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-lookin

3. Slide 3: Agenda

   [OFFICIAL] Interim results 2025 Agenda Operating performance & portfolio simplification Duncan Wanblad, Chief Executive Officer Financial performance John Heasley, Chief Financial Officer Simplified Anglo American Duncan Wanblad © Anglo American, 2025 3

4. Slide 4: Delivering a transformational strategy

   [OFFICIAL] Interim results 2025 Delivering a transformational strategy Operational excellence Portfolio simplification Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses Creating a leading, future-

5. Slide 5: Operating performance

   Operating performance Duncan Wanblad © Anglo American, 2025 5

6. Slide 6: Safety is our No.1 value and first priority

   [OFFICIAL] Interim results 2025 Safety is our No.1 value and first priority Continuing to drive down injury rates Optimising planned work to deliver stable and capable TRIFR1,2 operations 2.19 Sustained impact of Visible Felt Leadership 1.78 1.57 Effective implementation of technical standards suppo

7. Slide 7: Operating Model underpins operational excellence

   [OFFICIAL] Interim results 2025 Operating Model underpins operational excellence; driving safe, cost-effective production & growth Drives stability and further improvement optionality Operational Generates higher excellence margins and ROCE Enables delivery of growth and capital returns © Anglo Amer

8. Slide 8: Operational excellence delivering stable performance

   [OFFICIAL] Interim results 2025 Operational excellence delivering stable performance Copper (kt) 3 Iron ore (Mt)3 342 31 169 173 15 16 Q1 2025 Q2 2025 H1 2025 Q1 2025 Q2 2025 H1 2025 Strong performance from Los Bronces; Strong performance from Minas-Rio; integrated with development of new phases als

9. Slide 9: Portfolio simplification

   Portfolio simplification Duncan Wanblad © Anglo American, 2025 9

10. Slide 10: Valterra Platinum successfully demerged

    [OFFICIAL] Interim results 2025 Valterra Platinum successfully demerged 31 May Valterra Platinum share price – LSE (VALT) £p/share Transaction highlights 4,000 3,500 Strong team effort from Anglo American and 3,000 Valterra drove 12 month demerger execution Jun 25 Jul 25 Demerger was structured to m

11. Slide 11: Committed to portfolio simplification

    [OFFICIAL] Interim results 2025 Committed to portfolio simplification Portfolio simplification now well advanced, unlocking significant shareholder value PGMs Steelmaking Coal Nickel De Beers Demerger Divestment Divestment Divestment or demerger Demerger successfully Sale agreed4, gross Sale agreed5

12. Slide 12: Financial performance

    Financial performance John Heasley © Anglo American, 2025 12

13. Slide 13: Transitioning to higher margins and strong financial position

    [OFFICIAL] Interim results 2025 Transitioning to higher margins and strong financial position EBITDA7 Underlying Revenue6 EBITDA6 Net debt margin earnings 6 Continuing operations $9.3bn $3.0bn 32% $0.4bn $10.8bn Discontinued operations $2.8bn $0.1bn 3% $(0.2)bn Less: Pro-forma simplified portfolio8

14. Slide 14: Financial results – continuing

    [OFFICIAL] Interim results 2025 Financial results – continuing Group basket price Production10 Unit costs 11 1% (ex diamonds) 9%  3% Revenue6 EBITDA 6 $9.3bn 7% ($10.0bn) $3.0bn x% 20% ($3.7bn) ROCE 9 EBITDA margin 7 9%  3pp 32% 5pp EPS 6 Cash conversion 12 $0.32/sh  55pp 108% 15pp © Angl

15. Slide 15: EBITDA impacted by De Beers and inflation

    [OFFICIAL] Interim results 2025 EBITDA impacted by De Beers and inflation but helped by continued cost control EBITDA – continuing basis6 $bn Prior year included 3.7 $0.1bn for royalty fair value adjustment (0.5) $0.3bn gross saving 3.2 $(0.1)bn Collahuasi incremental costs (0.0) (0.0) (0.1) 3.1 (0.

16. Slide 16: On track to deliver committed $1.8bn cost savings

    [OFFICIAL] Interim results 2025 On track to deliver committed $1.8bn cost savings $0.3bn incremental savings realised in H1 vs full year incremental target of $0.5bn Cost savings17 0.5 1.8 $bn To be realised in H1 2026 0.3 0.3 1.0 $0.2bn of prior year run-rate realised in H1 Operational & corporate

17. Slide 17: Solid EBITDA generated by the Copper and Iron Ore businesses

    [OFFICIAL] Interim results 2025 Solid EBITDA generated by the Copper and Iron Ore businesses in a transitory year Copper Unit costs impacted by $1.8bn lower production 48% margin H1 2025 vs H1 2024 unit costs Decision to lower production largely Iron Ore offset by cost reduction initiatives $1.4bn 2

18. Slide 18: Other financials - continuing

    [OFFICIAL] Interim results 2025 Other financials - continuing Effective tax rate18 Impacts from special items include: 48.7% vs 44.1% in H1 2024 • $0.1bn restructuring costs expensed in H1 linked to announced strategic changes • impacted by mix of profits • FY25 restructuring costs guidance • expect

19. Slide 19: Discontinued operations

    [OFFICIAL] Interim results 2025 Discontinued operations $bn PGMs 0.2 Steelmaking Coal (0.1) Nickel 0.0 Underlying EBITDA6 0.1 Depreciation and amortisation6 (0.2) Net finance costs, tax and non-controlling interests6 (0.1) Underlying earnings6 (0.2) Loss on PGMs demerger (net of $0.5bn taxes & trans

20. Slide 20: Continuing sustaining attributable free cash flow

    [OFFICIAL] Interim results 2025 Continuing sustaining attributable free cash flow benefitting from improved cash conversion Cashflows – continuing basis $bn Cash conversion - continuing12 Working capital release 0.2 Rebalancing of diamond inventory 108% 0.6 0.4 Partially offset by +15pp vs H1 2024 l

21. Slide 21: Net debt slightly higher with deleveraging

    [OFFICIAL] Interim results 2025 Net debt slightly higher with deleveraging to benefit from divestment proceeds Net debt Capex 0.5 $bn Cash flow & net debt movements 0.1 1.8x net debt:EBITDA6 - temporarily elevated as portfolio transitions Held for sale finance leases (0.1) 0.5 10.8 Future transactio

22. Slide 22: Significant reduction in capex

    [OFFICIAL] Interim results 2025 Significant reduction in capex – spend reprioritised Capex19 Growth Lifex $bn -26% Woodsmith Baseline sustaining 2.1 Collahuasi desal 0.1 0.5 $0.5bn capex reduction as spend 1.6 rationalised 0.1 1.4 0.3 0.2 0.1 Safety, asset integrity and reliability 0.2 0.2 prioritis

23. Slide 23: Financial results – simplified portfolio proforma

    [OFFICIAL] Interim results 2025 Financial results – simplified portfolio proforma 8 Group basket price Production10 Unit costs 11 1% 7%  4% Revenue6 EBITDA 6 $7.3bn $3.2bn x% Cash conversion 12 EBITDA margin 7 92% 43% ROCE 9 EPS 6 Capex 19 15% $0.60/sh $1.4bn © Anglo American, 2025 23

24. Slide 24: Key financial messages

    [OFFICIAL] Interim results 2025 Key financial messages Resilient Cost savings on Strong cash Strong financial Financial EBITDA margins track conversion position resilience in simplified portfolio 48% 108% $10.8bn Higher margins net debt to reduce Copper (H1 2024: 53%) $1.5bn (Continuing basis; H1 20

25. Slide 25: Simplified Anglo American

    Simplified Anglo American Duncan Wanblad © Anglo American, 2025 25

26. Slide 26: Our simplified portfolio daylights value

    [OFFICIAL] Interim results 2025 Our simplified portfolio daylights value of world class assets in future-enabling products Commodity Simplified investment Long life, low cost and exposure proposition expandable assets Copper Copper ~60% Resilient Collahuasi Quellaveco balance sheet Los Bronces Sakat

27. Slide 27: Copper returns are still too low

    [OFFICIAL] Interim results 2025 Copper: despite higher prices, industry returns are still too low to encourage required investment Higher copper prices are not translating into Copper unit costs expected to significantly elevated ROCE, due to higher operating and improve versus peers by 203025 capit

28. Slide 28: Indicative pathway to >1Mtpa of copper production

    [OFFICIAL] Interim results 2025 Indicative pathway to >1Mtpa of copper production ~1Mt 27 26 720kt 2025F Debottleneck 4th line Quellaveco LB plant Joint mine Sakatti27 Grade Los Bronces Endowment Collahuasi ~142ktpd restart28 plan: LB & decline30 underground potential Stage 1 Andina29 expansion Stud

29. Slide 29: Iron ore: Our premium portfolio

    [OFFICIAL] Interim results 2025 Iron ore: Our premium portfolio Anglo American well positioned to realise Premium iron ore portfolio with premium (DRI & BF) pricing31 Kumba and Minas-Rio Fe, % 69 Increased premium quality production at Kumba 68 2023 67 Minas-Rio through its UHDMS project 2025 66 65

30. Slide 30: Woodsmith: focus on preserving value

    [OFFICIAL] Interim results 2025 Woodsmith: focus on preserving value Three key conditions for a potential project restart Completion of studies: embedding optimisation opportunities and learnings from sandstone Syndication: positive engagement with potential partners De-leveraging of balance sheet:

31. Slide 31: Wrap-up

    Wrap-up Duncan Wanblad © Anglo American, 2025 31

32. Slide 32: Clear strategic priorities unlocking full value potential

    [OFFICIAL] Interim results 2025 Clear strategic priorities unlocking full value potential Immediate & ongoing Working at pace Longer term 1. Operational excellence 2. Portfolio simplification 3. Growth delivery Execution underpinned by our differentiated capabilities & disciplined approach to capita

33. Slide 33: 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: 6060108

34. Slide 34: Footnotes

    [OFFICIAL] Interim results 2025 Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management 18. ETR is presented on an underlying basis for continuing operations - excludes tax related to special control. Data excludes results from De Beers’ joint operatio

35. Slide 35: Appendix

    Appendix © Anglo American, 2025 35

36. Slide 36: Simplified earnings and guidance

    Simplified earnings and guidance © Anglo American, 2025

37. Slide 37: H1 2025 simplified earnings by Business

    [OFFICIAL] Interim results 2025 - appendix H1 2025 simplified earnings by Business $m (unless stated) Copper1 Iron Ore2 De Beers - Other3 Steelmaking Nickel PGMs4 Total Diamonds Coal (discontinued) (discontinued) (demerged) Sales volume (mined share) 345kt 31.0Mt 11.0Mct5 3.8Mt6 19.8kt Average bench

38. Slide 38: H1 2025 simplified earnings by Business - notes

    [OFFICIAL] Interim results 2025 - appendix H1 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

39. Slide 39: Guidance summary

    [OFFICIAL] Interim results 2025 - appendix Guidance summary Earnings Capex2,3 Capex split ($bn)6 Continuing operations4 Discontinued operations4 Volumes See slide 40 2025 ~$3.5bn ~$1.0bn ~4.5 Unit costs See slide 41 Growth ~$0.7bn Sustaining ~3.6 ~3.7 ~$2.8bn ~$1.0bn ~1.4 2025 depreciation – continu

40. Slide 40: Production outlook – continuing operations

    [OFFICIAL] Interim results 2025 - appendix Production outlook – continuing operations Units 2023 2024 H1 2025 2025F 2026F 2027F Copper1 kt 826 773 342 690-750 760-820 760-820 Chile1 kt 507 466 186 380-410 440-470 450-480 Peru1 kt 319 306 157 310-340 320-350 310-340 Iron Ore2 Mt 60 61 31 57-61 54-58

41. Slide 41: Unit costs outlook - continuing operations

    [OFFICIAL] Interim results 2025 - appendix Unit costs outlook - continuing operations Copper (C1 c/lb)1 Iron Ore (FOB $/t)2 Diamonds ($/ct)3 Chile: Chile: Chile: Kumba: Kumba: Kumba: 181 211 ~195 39 39 ~39 Peru: Peru: Peru: M-R: M-R: M-R: 105 88 ~100 30 29 ~32 151 155 ~151 35 35 ~36 93 ~94 87 2024 H

42. Slide 42: Earnings sensitivities

    [OFFICIAL] Interim results 2025 - appendix Earnings sensitivities Impact of 10% Sensitivity analysis – H1 20251 change in price / FX Commodity / Currency 30 June spot Average realised 6-month EBITDA ($m) Copper (c/lb)2 455 436 319 Iron Ore ($/t) 1053 894 281 Steelmaking Coal (hard coking coal) ($/t)

43. Slide 43: Capex guidance

    [OFFICIAL] Interim results 2025 - appendix Capex guidance Capex1 ($bn) ~0.7 ~0.9 Growth ~0.7 ~0.1 Collahuasi desal ~0.3 ~0.3 ~0.3 Lifex ~0.2 Baseline ~2.5 ~2.5 ~2.3 sustaining ~0.1 ~0.9 2025F 2025F 2026F 2027F (continuing2) (discontinued2) (continuing2) (continuing2) Totals ~3.5 ~1.0 ~3.6 ~3.7 1. Ca

44. Slide 44: Capex guidance - simplified portfolio

    [OFFICIAL] Interim results 2025 - appendix Capex guidance - simplified portfolio Capex1 ($bn) Growth ~0.7 ~0.7 ~0.9 Collahuasi desal ~0.3 ~0.1 Lifex ~0.1 Baseline ~2.2 ~2.1 ~2.0 ~2.0 sustaining + lifex 2025F 2026F 2027F Long-term2 Totals ~3.1 ~3.0 ~3.0 1. Cash expenditure on property, plant and equi

45. Slide 45: Life extension capex

    [OFFICIAL] Interim results 2025 - appendix Life extension capex Major components of lifex¹ ($bn) Guidance ~0.2 ~0.3 ~0.3 ~0.2 ~0.2 Venetia2 (Diamonds) ~0.1 ~0.1 ~0.1 Jwaneng3 (Diamonds) 2025F 2026F 2027F FID1 Capex (pa) Volume (pa) From1 LOM extension Venetia Underground2 ~$0.1-0.2bn 4Mct 2023 22 ye

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

    [OFFICIAL] Interim results 2025 - appendix Growth capex projects - simplified portfolio only Major components of growth capex¹ ($bn) Guidance ~0.72 ~0.7 ~0.9 Quellaveco (Copper)3 ~0.67 Copper Projects7 ~0.13 ~0.27 Collahuasi (Copper)4 ~0.14 ~0.24 Kumba (Iron Ore)5 ~0.15 ~0.14 ~0.25 Woodsmith ~0.15 ~

47. Slide 47: Key projects driving growth capex

    [OFFICIAL] Interim results 2025 - appendix Key projects driving growth capex1 Total FID1 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 Debottlen

48. Slide 48: Accounting for Valterra Platinum going forward

    [OFFICIAL] Interim results 2025 - appendix Accounting for Valterra Platinum going forward Accounting for the residual stake Other considerations $2.3bn financial asset investment as at 30 June 2025 Our share of any dividends paid by Valterra will be reported as as an operating cash flow Residual 19.

49. Slide 49: Liquidity

    Liquidity © Anglo American, 2025 49

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

    [OFFICIAL] Interim results 2025 - appendix Strong liquidity & balanced debt maturity profile Liquidity1 Debt repayments ($bn)1,2 $12.0bn 1.9 1.4 1.8 1.6 +$5.8bn cash 1.2 1.0 1.0 1.0 +$6.2bn undrawn committed facilities 0.9 0.7 0.8 0.6 0.5 0.5 0.5 0.1 0.1 Solid Investment Grade credit metrics and rat

51. Slide 51: High quality endowments in simplified portfolio

    High quality endowments in simplified portfolio © Anglo American, 2025 51

52. Slide 52: High quality endowments in future-enabling products

    [OFFICIAL] Interim results 2025 - appendix High quality endowments in future-enabling products World class endowments offer exciting Ore Reserves for our potential for simplified portfolio world-class assets 67 years Mineral Resources Ore Reserves* Collahuasi (new projects)* ~33Mt Cu Ore Reserves ~2

53. Slide 53: Sustainability performance

    Sustainability performance © Anglo American, 2025 53

54. Slide 54: Partnership and engagement

    [OFFICIAL] Interim results 2025 - appendix Our current Sustainable Mining Plan1 Environment Social Governance Healthy Environment Thriving Communities Trusted Corporate Leader Partnership and engagement Partnership and engagement Climate change Health and well-being Accountability 2030: Reduce absol

55. Slide 55: Active route to a more sustainable world

    [OFFICIAL] Interim results 2025 - appendix Active route to a more sustainable world 2020 2021-23 2025 2030 2040 8% SA Thermal Coal demerger 100% 3-5 GW 30% Carbon completed2 energy renewable electricity renewable energy absolute reduction in neutrality efficiency1 Cerrejón sale of shareholding power

56. Slide 56: Our ESG ratings reflect our leading capabilities in sustainable mining

    [OFFICIAL] Interim results 2025 - appendix Our ESG ratings reflect our leading capabilities in sustainable mining AAA AA Anglo American A Peer 2 Peer 3 BBB Peer 1 MSCI1 BB B Peer 4 CCC Based on original analysis prepared by Barclays in their research note “ESG 40 35 30 25 20 Sustainalytics1 comps: l

57. Slide 57: ESG integrated into management remuneration

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

58. Slide 58: Measuring our ESG progress

    [OFFICIAL] Interim results 2025 - appendix Measuring our ESG progress1 Pillar of value Metric H1 2025 H1 2024 Target2 Target achieved Safety & health Work-related fatal injuries3 2 2 Zero Not achieved Total recordable injury frequency rate per million hours 1.20 1.69 Reduction year on year On track

59. Slide 59: Sustainability summary

    [OFFICIAL] Interim results 2025 - appendix Sustainability summary Sustainability update presentations FutureSmart MiningTM → For presentations and webinar replays, visit: To deliver on our Purpose, we are changing the way we mine through smart angloamerican.com/investors/investor-presentations innov

60. Slide 60: 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 Michelle West-Russell michelle.west-russell@angloamerican.com Tel: +44 (0)20 7968 1494 Asanda Malimba asanda.malimba@angloameric

Anglo American — Q2 2025 Earnings Presentation on 6ix