Business
FY Results For The Year Ended 31 December 2025
Antofagasta PLC reported a significant increase in full-year results for the year ended December 31, 2025, with revenue up 30% to $8.6 billion and EBITDA rising 52% to a record $5.2 billion, driven by operational discipline and robust pricing. The company's EBITDA margin widened to 60%, and underlying earnings increased by 106%. Despite investing $3.7 billion in capital expenditure, the net debt to EBITDA ratio remained stable at 0.53. A final dividend of 48 cents per share is recommended, representing a 50% payout ratio of underlying earnings. Major projects at Centinela and Los Pelambres are on track, projecting a 30% production growth in the medium term. Disclaimer*
About this update from Antofagasta Plc
[{"type":"text","content":"\n\nFULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025\nOPERATIONAL DISCIPLINE AND ROBUST PRICING UNDERPINS 52% INCREASE IN EBITDA TO RECORD LEVEL AND FINAL DIVIDEND OF 48¢ PER SHARE RECOMMENDED\n\nAntofagasta plc CEO Iván Arriagada said: \"Safety is the foundation of our business, and we remain focused on replicating our 2025 performance with another year ahead of industry benchmarks.\n\"Antofagasta delivered record EBITDA in 2025, reflecting continued operating discipline, robust realised prices and high by‑product credits. Full year revenue increased by 30% to $8.6 billion and our EBITDA margin widened by nine percentage points to 60%, maintaining our position towards the top end of pure-play copper producers, and helping underlying earnings to increase by 106%. The Group's balance sheet remains strong, with net debt to EBITDA broadly unchanged year‑on‑year at 0.53, despite having invested $3.7 billion in our business during the year. As such, we are pleased to announce a final dividend recommended for 2025 of 48 cents per share, which, if approved, would equate to a full year pay-out ratio of 50%.\n\"Our major construction projects at Centinela and Los Pelambres continue to be on time and on budget, having passed peak Group-level capex in 2025 for our current projects in construction, putting us on track to deliver 30% growth in production over the medium term. With each key construction milestone completed, we are moving closer to realising our growth potential, derisking future production and lowering costs at Centinela.\n\"Copper's fundamental value continues to be demonstrated through sustained demand growth, driven by the global structural trends of energy security and electrification, which saw copper achieve record prices in 2025. As a pure-play copper producer with a portfolio of operations and extensive growth options in established jurisdictions, we are uniquely well-positioned to continue generating long-term stakeholder value and delivering on our purpose - developing mining for a better future.\"\n\n\n\n\nYEAR ENDING 31 DECEMBER\n\n\n\n\n\n2025\n\n\n2024\n\n\n%\n\n\n\n\nRevenue\n\n\n$m\n\n\n8,620.3\n\n\n6,613.4\n\n\n+30%\n\n\n\n\nEBITDA[1]\n\n\n$m\n\n\n5,201.9\n\n\n3,426.8\n\n\n+52%\n\n\n\n\nEBITDA margin1,2\n\n\n%\n\n\n60.3%\n\n\n51.8%\n\n\n+9%\n\n\n\n\nProfit before tax (including exceptional items)\n\n\n$m...