FY Results For The Year Ended 31 December 2025

About this update from Antofagasta Plc

[{"type":"text","content":"\n \n FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 \n OPERATIONAL DISCIPLINE AND ROBUST PRICING UNDERPINS 52% INCREASE IN EBITDA TO RECORD LEVEL AND FINAL DIVIDEND OF 48¢ PER SHARE RECOMMENDED \n \n Antofagasta 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 \n YEAR ENDING 31 DECEMBER \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n % \n \n \n \n \n Revenue \n \n \n $m \n \n \n 8,620.3 \n \n \n 6,613.4 \n \n \n +30% \n \n \n \n \n EBITDA [1] \n \n \n $m \n \n \n 5,201.9 \n \n \n 3, 426.8 \n \n \n +52% \n \n \n \n \n EBITDA margin 1,2 \n \n \n % \n \n \n 60.3% \n \n \n 51.8% \n \n \n +9% \n \n \n \n \n Profit before tax (including exceptional items) \n \n \n $m \n \n \n 3,159.5 \n \n \n 2,071.1 \n \n \n +53% \n \n \n \n \n Cash flow from operations \n \n \n $m \n \n \n 4,252.9 \n \n \n 3,276.2 \n \n \n +30% \n \n \n \n \n Net debt / EBITDA 1 \n \n \n X \n \n \n 0. 53 \n \n \n 0. 48 \n \n \n +10% \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n cents \n \n \n 134.8 \n \n \n 84.1 \n \n \n +60% \n \n \n \n \n Underlying earnings per share (excluding exceptional items) 1 \n \n \n cents \n \n \n 129.3 \n \n \n 62.8 \n \n \n +106% \n \n \n \n \n Dividend per share \n \n \n cents \n \n \n 64.6  \n \n \n 31.4  \n \n \n +106% \n \n \n \n \n 2025 HIGHLIGHTS \n ●      Continued strong safety performance, with no fatalities and the lost time injury frequency rate continuing below 1.0. \n ●      Revenue increased by 30% to $ 8.6 billion, reflecting the higher pricing for copper and by-products (gold and molybdenum) and increased sales volumes. \n ●        EBITDA 1 was $5.2 billion, 52% higher on stronger revenues and robust cost control, which helped to increase the Group's EBITDA margin 1, [2] to 60.3%. \n ●        Cash flow from operations increased by 30% to $4.3 billion, with the same drivers as described above, partially offset by a negative working capital movement of $766.4 million, mainly due to an increase in receivables associated with the high year-end copper price. \n ●      Capital expenditure peaked in 2025 at $3.7 billion (2024: $2.4 billion), with major capital projects continuing in line with expectations. \n ●      The Competitiveness Programme generated savings and productivity improvements of $115 million in 2025 (2024: $248 million), exceeding the Group's original target of $100 million for the year. \n ●       The balance sheet remains strong, with a cash, cash equivalents and liquid investment balance of $4.9 billion (31 December 2024: $4.3 billion), and the net debt to EBITDA ratio continues to be robust at 0.53x (31 December 2024: 0.48x). \n ●      Recommended final dividend of 48.0 cents per share. If approved, this would take full year distributions to the equivalent of a pay-out ratio of 50% of underlying net earnings per share, in line with the Company's dividend policy. \n ●     The Group's copper production guidance for 2026 remains unchanged at 650,000-700,000 tonnes. Cash costs before by-product credits and net cash costs are expected to be between $2.30/lb and $2.50/lb and between $1.15/lb and $1.35/lb, respectively. \n ●       In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is expected to be $3.4 billion. \n   \n A copy of the 2025 full year results presentation is available for download from the Group's website ( http://www.antofagasta.co.uk/investors/reports-presentations/ ). \n There will be a presentation and Q&A at 9:00am (UK) today, which will be hosted by Iván Arriagada - Chief Executive Officer, Mauricio Ortiz - Chief Financial Officer and Alejandra Vial - Vice President Sustainability. Attendance can be in-person or virtual. Further details can be found here . \n   \n                                                                                                                                                                                                 \n Investors - London                                                                                    Media - London \n Rosario Orchard                  [email protected]                            Sara Powell          [email protected] \n Robert Simmons                 [email protected]                          Ben Brewerton \n Telephone                            +44 20 7808 0988                                           Nick Hennis \n                                                                                                                       Telephone            +44 20 3727 1000 \n                                                                                                                      Media - Santiago \n                                                                                                                      Pablo Orozco       [email protected] \n                                                                                                                     Carolina Pica       [email protected] \n                                                                                                                     Telephone            +56 2 2798 7000 \n   \n   \n Register on our website to receive our email alerts http://www.antofagasta.co.uk/investors/email-alerts/ \n   \n   \n \n \n FINANCIAL AND OPERATING REVIEW \n FINANCIAL HIGHLIGHTS \n Revenue increased by 30 % to $ 8,620.3 million, reflecting the higher copper price and an increase in sales volumes for both copper and by-products. \n The average realised copper price rose in 2025 by 18 % to $4. 93 /lb. \n The Group's EBITDA was $ 5,201.9 million, 52 % higher than 2024 on higher revenues and robust cost control. The Group's EBITDA margin widened by nine percentage points to 60 %, which reflects the strong revenues, particularly driven by higher pricing for copper and by-products (gold and molybdenum). \n Profit before tax (excluding exceptional items) was $ 3,159 .5 million, 92% higher than 2024 , reflecting the positive underlying movements described above and $49.7 million of profits on disposal of assets, predominantly relating to Los Pelambres' disposal of its electricity transmission line assets, partly offset by higher depreciation and amortisation. \n An exceptional fair value gain of $ 54 .5 million was recognised in 2025 following the reversal of the deferred tax liability recognised in respect of the Group's acquisition of shares in Compañía de Minas Buenaventura S.A.A. (Buenaventura) in 2023 and 2024 , as the relevant UK tax exemption now applies. \n Profit before tax (including exceptional items) was $ 3,159.5 million, 53 % higher than 2024, reflecting the positive operational movements , partly offset by higher depreciation and amortisation and by the exceptional items recognised in 2024 . \n Earnings per share for the year (including exceptional items) were 134.8 cents, an increase of 60 % compared with 2024 , reflecting the underlying movement in profit before tax. \n Earnings per share for the year (excluding exceptional items) were 129.3 cents, an increase of 106% compared with 2024, reflecting the underlying movement in profit before tax. \n Cash flow from operations was $4,252.9 million, a 30% increase compared with last year, primarily as a result of the Group's higher EBITDA in 2025, partly offset by a negative movement in working capital. \n The Group's balance of cash, cash equivalents and liquid investments increased by 14% to $4,909.9 million as at 31 December 2025 (31 December 2024: $4,316.3 million), reflecting the Group's strong operational cash generation. \n The Group's net debt to EBITDA ratio remained low at 0.53 as of 31 December 2025 (31 December 2024: 0.48), with the increased net debt reflecting higher capital expenditure, offset by the strong EBITDA performance. \n The Board of Directors has proposed a final dividend of 48.0 cents per share. If approved, the total dividends paid in respect of 2025 would be the equivalent of a 50% pay-out of underlying earnings per share, in line with the Company's dividend policy. \n PRODUCTION AND CASH COSTS (AS PREVIOUSLY ANNOUNCED) \n Copper production in full year 2025 was 653,700 tonnes, 2% lower year-on-year, principally representing a balance between increased output at Centinela Concentrates and a lower contribution from Centinela Cathodes and Los Pelambres. \n Full year 2025 gold production was 13% higher year-on-year at 211,300 ounces, with higher gold production at both Centinela Concentrates and Los Pelambres. Molybdenum production in the full year was 48% higher year-on-year, with an increase in production at both Los Pelambres and Centinela Concentrates. \n Cash costs before by-product credits in full year 2025 were $2.38/lb, with similar year-on-year performance. Net cash costs for the full year were $1.19/lb, representing a 27% decrease year-on-year, following an increase in the production of gold and molybdenum by-products and stronger gold prices. \n COMPETITIVENESS PROGRAMME \n The Competitiveness Programme, and its predecessors, celebrated 10 years of co-ordinated efforts in 2025. The programme is designed to reinforce operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During 2025, the programme achieved improvements of $115 million in the Mining Division, exceeding the Group's original target of $100 million for the year. These gains were mainly related to operational efficiencies and throughput run time ($55 million), contract management ($36 million), and other cost-saving initiatives ($24 million). \n A target of $110 million for the Competitiveness Programme has been set for 2026, reflecting the level of productivity improvements and cost savings expected during the year. \n EXPLORA TION AND EVALUATION COSTS \n Exploration and evaluation costs increased by $2.8 million to $55.5 million, in line with the previous year, including exploration and pre-feasibility study work at the Group's projects in Chile and the Americas. In late 2025, the Group received approval of the Declaration of Environmental Impact (DIA) for the Cachorro Project in northern Chile, which covers the next phase of exploration work. \n TAXATION \n The effective tax rate for the period was 36.2 % before exceptional items and 34.4 % after exceptional items (being the derecognition of the deferred tax liability in respect of the Group's investment in Buenaventura) , which compares with 38.1 % and 36.5 % respectively for 2024 . This decrease is mainly reflecting reduced withholding tax. \n The income tax expense for the year excluding exceptional items was $ 1,142.7 million, an increase of 82% as a result of higher profits before tax . Income tax paid during the year was $ 708.2 million, compared to $ 666.8 million in 2024 . \n The ad-valorem element of the new royalty was $ 31.0 million in 2025 , which is not included in the Group's effective tax rate (2024: $ 28.7 million) . \n For more information on taxation, see page 19 in the Financial Review Section. \n CAPITAL EXPENDITURE \n Total capital expenditure in 2025 was $3,684.5 million (2024: $2,414.9 million), including $1,215.6 million of sustaining capital expenditure, which includes Los Pelambres Growth Enabling Projects, $784.7 million of mine development activities and $1,684.2 million of growth expenditure. This overall increase of $1,269.6 million principally relates to increased expenditures at the Centinela Second Concentrator Project. \n DEPRECIATION AND AMORTISATION \n Depreciation, amortisation and loss on disposals increased by $72 million to $1.6 billion (2024: $1.6 billion) mainly as a result of higher depreciation across the mining operations, partly offset by a $53m profit on disposal of ancillary electrical infrastructure at Los Pelambres . \n CAPITAL ALLOCATION \n The Group's capital allocation framework remains central to the disciplined deployment of capital across sustaining expenditure, development investments and shareholder returns. The Group continues to prioritise a balance of profitable copper production, growth, balance ‑ sheet strength and consistent, prudent capital allocation. \n Cash flow from operations for 2025 increased by 30% to $4,252.9 million (2024: $3,276.2 million), driven by higher EBITDA partly offset by a negative movement in working capital . Net debt at 31 December 2025 was $2,749.5 million (2024: $1,629.1 million), reflecting a balance of strong cash flows and continued investment in the Group's growth programme. The net debt to EBITDA ratio ended the year at 0.53 times (2024: 0.48 times). \n In March 2025, the Group completed the financing associated with the water infrastructure of Los Pelambres. Through a structured financing solution using a wholly owned subsidiary of Los Pelambres, the operation secured a $2.0 billion facility on favourable terms, comprising a $450 million bank loan with a tenor of approximately nine years and $1.55 billion in privately placed notes with a 20 ‑ year term. This long ‑ term financing provides funding certainty for Los Pelambres' strategic water infrastructure and supports the Group's overall liquidity position. \n The Group also completed a corporate bond issuance during 2025, which further diversifies funding sources and extends the maturity of the debt portfolio, under attractive market conditions. \n Together, the completion of the Los Pelambres water ‑ infrastructure transaction and the Group's corporate bond mean that the Group's growth programme is now fully funded. \n The Board has recommended a final dividend of 48.0 cents per share, equivalent to $473.2 million. If approved, the total dividend for the year would amount to 64.6 cents per share (equivalent to $636.9 million), and would represent a pay-out of 50% of underlying earnings per share, in line with the Company's dividend policy (2024: 50% total pay-out). \n LABOUR (as previously announced) \n During 2025, the Group successfully concluded four separate three-year labour agreements, comprising agreements with the supervisors' union at Los Pelambres, the workers' union at Antucoya, the supervisors' union at Antucoya and the supervisors' union at Zaldívar. \n In 2026, the Mining Division has four labour agreements scheduled to expire, comprising three agreements at Centinela and one at Zaldívar. \n 2026 GUIDANCE (as previously announced) \n Group production in 2026 is expected to be 650,000-700,000 tonnes of copper, with an incremental year-on-year gain in production expected at Los Pelambres, as this operation returns towards copper grades consistent with historic levels. Output of by-products is expected to be 215,000-235,000 ounces of gold and 12.5-14.0 tonnes of molybdenum. Copper production is expected to increase on a quarter-on-quarter basis during the year. \n Group cash costs before by-product credits in 2026 are expected to be between $2.30/lb and $2.50/lb. Group net cash costs in 2026 are expected to be between $1.15/lb and $1.35/lb, with by-product credits expected to be maintained at the current robust level. \n In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is expected to be $3.4 billion. This includes approximately $1.5 billion of development capital expenditure, which is principally related to the Centinela Second Concentrator Project. Group capital expenditure is expected to decline in 2027 as projects are successfully delivered at Centinela and Los Pelambres. \n SUSTAINABILITY \n Health and safety \n The Group recorded another fatality ‑ free year in 2025 (2024: zero) and maintained a Group-level lost time injury frequency rate [3] below 1.0. Health and safety is a key component of the Operational Excellence Management System (OEMS), which is the Group's framework for continuous improvement with respect to operational processes. Safety performance remained consistent year ‑ on ‑ year, supported by a continued emphasis on visible leadership, contractor management, critical control verification and a culture of learning from incidents. \n The Group's major construction projects - including the Centinela Second Concentrator Project and the Los Pelambres Growth Enabling Projects - again delivered strong safety results, despite peak contractor levels reaching more than 18,000 personnel across the portfolio. \n The high-potential incident frequency rate (HPIFR) improved to 0.04 per 200,000 hours worked (2024: 0.06), with high potential incidents remaining low at 20 compared with 21 in the previous year. \n During the year, the Group strengthened its learning processes, looking into reporting and investigating any high potential near misses, which are potential precursors to high potential incidents, and digitalised its Planned Task Risk Assessment tool (ARTP), improve collection process of data on planning, hazard identification and effective supervision of high-risk tasks, aiming to further reinforce the Group's preventative safety culture. \n Environment \n During 2025, the Group advanced the implementation of its updated Environmental Management Model, with particular progress in the standardisation of environmental controls for operational risks, environmental event reporting and project environmental assessment. This framework continues to support the Group's operational discipline and promote operational excellence, as well as help guide permitting processes for major growth projects and maintain operational continuity. \n In relation to permitting, Zaldívar received approval for its Environmental Impact Assessment (EIA) in May 2025, enabling its planned water transition and mine life extension. Work is continuing with respect to the Los Pelambres Development Options Project EIA, which was submitted in late 2024 and is expected to involve a multi ‑ year process of stakeholder engagement. \n In respect of responsible mining standards and external accreditation, Los Pelambres and Antucoya were recertified under the updated Copper Mark criteria during 2025, following the recertification of Centinela and Zaldívar in 2024. All four operations now hold Copper Mark certification, demonstrating independent verification against the updated 33 ‑ criteria framework. \n In August 2025, the Group announced full and unqualified compliance with the Global Industry Standard on Tailings Management (GISTM) at one facility at Los Pelambres (Quillayes) and for another tailings facility at Zaldívar. The GISTM is the first global standard on tailings facility management, which integrates social, environmental and technical considerations into its compliance framework. As previously announced, the Group's two largest tailings facilities, El Mauro at Los Pelambres and the thickened tailings deposit at Centinela, achieved certification in August 2023. With this, the Group's operating tailings impoundments are in full compliance under GISTM, in line with the framework's reporting timeline for compliance. \n In 2025, the in-pit disposal project at Centinela continued to progress, which is a project that aims to convert former open pits into thickened tailings deposits. This project incorporates more than two kilometres of tailings transport systems and advanced water recirculation technology, reducing resource use and environmental impact, and is the first initiative of its kind in Chile. This project will begin its operation during 2026. \n Communities \n The Group continued to st rengthen its community partnerships in 2025. At Los Pelambres, the Somos Choapa programme maintained several core social investment initiatives, and began developing the project portfolio for its second cycle, with a continued focus on social development, capability building and strengthening local economies. Over its first cycle, Somos Choapa has supported more than 150 initiatives. \n In the Northern Zone, the \"Diálogos para el Desarrollo\" programme continued to deliver jointly designed community projects in María Elena, Sierra Gorda and Michilla, enabling coordinated processes and the convergence of a shared vision among different stakeholders. These efforts focus on territorial development and operational co-existence, as well as generating tangible improvements in the human wellbeing of local communities. \n The Group also worked closely with Indigenous communities, including ongoing collaboration agreements in the Choapa Valley and with the Peine community for Zaldívar's recently approved EIA. A number of cultural heritage initiatives progressed during 2025, including the Tambo de Camar conservation project. \n In October 2025, the Group delivered Patio Bellavista, the first of four sites under our Railway Yard Transformation Plan, now known as Barrio Parque, enabling the transition to the urban development phase following the responsible excavation and treatment of soils containing mineral residues. This milestone represents the starting point of what is expected to be one of Chile's largest urban transformations, grounded in environmental remediation, sustainable land use and long-term value creation for the community. \n Balanced workforce \n The Group reached 30% female representation in 2025, up from 26.6% in 2024. Women also now represent 27% of leadership roles, which also reflects improvements in recruitment, retention and development processes. \n During the year, Los Pelambres, Centinela and Antucoya obtained a voluntary certification under Chilean Standard No. 3262, that certifies gender equality and work ‑ life balance processes. Furthermore, the Transport Division and Corporate Offices, which had already received accreditation, both completed a re-certification process during the year. Zaldívar has committed to achieving certification in 2026. \n The Group also continued to meet the minimum requirement under Chile's Labour Inclusion Law, with people with disabilities representing 2% of the workforce. \n Decarbonisation \n The Group continues to progress its decarbonisation roadmap, supported by 100% renewable electricity contracts across all mining operations. Test work for the trolley ‑ assist system at Los Pelambres, which is a technology that aims to enable haul trucks to ascend haul ramps using electricity rather than diesel, is scheduled to begin following the arrival of equipment during the year. At Centinela and Antucoya, efforts continued to advance the deployment of low ‑ emission technologies across both operations. \n In the Transport Division, South America's first hydrogen ‑ powered locomotive commenced operations in the city of Antofagasta in 2025, representing an important milestone in evaluating opportunities to replace diesel and lower the Group's carbon footprint. Independently verified emissions data for 2025 will be included within the Group's reporting suite, in line with previous years. \n Water \n The Group recognises that water is a vital resource, essential both for sustainable operations and for the wellbeing of neighbouring communities. It has progressively evolved its water strategy with a strong focus on reducing the use of continental water in the areas where it operates, given the prevailing conditions of water scarcity. Efficiency measures have been implemented across the Group's operations that have increased recirculation and reuse rates, as well as the continuous optimisation of water management practices. Over recent years, the Group has developed and implemented projects that have materially reduced its dependence on continental water sources. \n At Los Pelambres, construction continues on the expansion of the desalination plant to 800 litres per second (l/s), which is expected to be operational in 2027. The existing 400 l/s facility operated at full capacity throughout the year, helping to support processing at Los Pelambres. \n In the north of Chile, Centinela and Antucoya continue to operate on 100% raw seawater, following the closure of the last continental water wells in 2022. In 2025, Antucoya implemented the Integrated Operational Reporting System (SIRO) that enables daily analysis of leaching kinetics, and therefore provides real ‑ time visibility of recovery rates. This system aims to further optimise drainage times and the use of inputs, including water used in heap irrigation. \n At Zaldívar, the approval of this operation's EIA in May 2025 allows for a transition to seawater or third ‑ party water sources, following a three ‑ year implementation period. Across the Group's portfolio of operations, recirculation rates remained above 80% and digital water ‑ management tools were expanded to strengthen monitoring and efficiency. \n Suppliers \n Supplier engagement during the year focused on capability building, sustainability criteria and alignment with the Group's operational and climate resilience objectives. The Group continues to strengthen supplier development, with 95.8% of purchases by value sourced from suppliers based in Chile. \n Through the Group's Suppliers for a Better Future Programme, 2025 saw an increase in the proportion of purchases made from local suppliers in the Antofagasta and Coquimbo regions of Chile to 18%. In addition, female participation in local supplier companies rose to 15%. With regards to local representation within the Group's contractor workforce, this reached 48% in 2025. \n INNOVATION \n Digital and operational excellence \n The Group strengthened operational performance through the expanded use of digital technologies - including advanced analytics for grinding and flotation, predictive maintenance for haul trucks, and real-time monitoring across a broader range of processes. \n In 2025, the Group advanced the use of robotic inspection and maintenance technologies, piloting automated systems for SAG mill maintenance, which are designed to reduce exposure to high-risk tasks and improve equipment reliability. The Group also implemented ShovelSense (bucket-mounted XRF sensors) for rope shovels, which enable the analysis of materials in real-time during mining, optimising mineral classification and increasing recoveries during processing. In addition, the recent implementation of OrePro has enhanced blast design through integrated geological modelling and predictive analytics. It is expected that this will help to reduce dilution (ore-waste separation) in mining, to help increase recoveries during processing. \n Strategic innovation \n Cuprochlor-T®: The Group continued advancing the deployment of Cuprochlor-T® throughout 2025. With respect to the potential external deployment of this technology, Antofagasta continues to conduct metallurgical testing with third-parties, with a number progressing into a second phase of evaluation. With respect to deployment at the Group's own operations, Cuprochlor-T® is incorporated in the Group's long-term planning. The Group plans to construct an industrial heap at Zaldívar in 2026, part of the scaled-up testing of Cuprochlor-T®'s key technical and economic parameters. \n Tailings disposal: Progress in tailings management and water recovery continued through pilot tests and the development of digital platforms, which aim to optimise irrigation cycles and reduce tailings moisture, with associated diagnostic studies on tailings composition. \n Material handling : The business case for long distance road trains at Centinela was validated in 2025, with a detailed planning exercise for a pilot project in 2026 now underway. \n RESERVES AND RESOURCES \n Mineral Resources remained broadly stable as at the end of 2025 (a 0.2% decrease), with annual depletion largely offset by the incorporation of new material and updated economic parameters. Ore Reserves decreased by 3.6% year on year, reflecting reserve depletion during the year, partially offset by the addition of material following the incorporation of new drilling information and the conversion of resources into reserves. In line with previous years, the Group will publish its reserves and resources in its Annual Report. \n OUTLOOK \n Copper's market fundamentals are increasingly compelling. Demand continues to be underpinned by energy security, the accelerating electrification of global economies and the increasing adoption of modern technologies, such as Artificial Intelligence, data centres, electric vehicles and smart grids. At the same time, the global copper industry continues to be constrained by declining ore grades, harder ores, water scarcity, rising capital intensities and longer permitting timelines, which are limiting the pace at which new supply can be brought to market. Disruption rates at existing operations remain elevated, with several major copper mines experiencing significant operational events in 2025. These trends support a structurally tight market environment in the medium term. \n However, against this backdrop, the Group is actively progressing its growth and development programme, with the construction projects underway at Centinela and Los Pelambres that are expected to deliver 30% growth in production in the medium term, as well as growth in margins through greater use of modern technologies and higher exposure to copper concentrates with associated by ‑ products. With a pipeline of fully-funded projects, the Group is well ‑ positioned to help meet growing global demand for copper. \n \n REVIEW OF OPERATIONS AND PROJECTS \n MINING DIVISION \n LOS PELAMBRES \n Financial performance \n EBITDA was $2,548.0 million, compared with $1,861.2 million in 2024, reflecting higher realised prices for copper and by-products. \n Production \n Full year copper production was 295,300 tonnes, 8% below the prior year , reflecting reduced ore throughput due to higher maintenance activity, harder ore types and lower copper grades during the year. \n Molybdenum production in 2025 was 12 ,400 tonnes, representing a 48 % increase year-on-year, which was the result of higher grades. Gold production in 2025 rose by 18 %, reflecting higher ore processing rates and gold grades. \n Costs \n Full year cash costs of $2.21/lb were 6% higher year ‑ on ‑ year, reflecting lower copper production, increased maintenance activities, settlement of a three-year labour agreement and increased hauling distances, partially offset by lower treatment charges. \n Full year net cash costs of $0.82/lb were 35% lower than in 2024, primarily reflecting stronger gold prices and increased by ‑ product output of both molybdenum and gold. \n Capital expenditure \n Capital expenditure was $1,070.5 million ($833.0 million in 2024), including $847.5 million of sustaining capital expenditure (which includes $ 500.5 of capital expenditure on the Growth Enabling Projects), $178.7 million of mine development and $44.3 million of development capital expenditure. \n   \n CENTINELA \n Financial performance \n EBITDA at Centinela was $2,234.2 million in 2025, compared with $1,130.3 million in 2024, reflecting higher copper sales volumes and higher realised copper prices and by-products. \n Production \n Total year copper production was 7% higher in 2025 compared with 2024, at 240,400 tonnes, reflecting a material increase in production of copper in concentrate, partly offset by a decline in cathode output. \n Copper in concentrate production in 2025 was 174,300 tonnes, 43% higher on a year -on-year basis , primarily corresponding to higher copper grades and supported by increased ore throughput rates and recoveries. Copper cathode production in 2025 was 66,100 tonnes, 35% lower year -on-year, following a combination of lower grades, ore throughput and recoveries. \n Gold production during the year was 156,500 ounces, 12% higher than in 2024 due to higher gold grades. \n Molybdenum production in 2025 was 3 ,400 tonnes, 42% higher than 2024 driven by higher grades offset by lower recoveries. \n Costs \n Full year 2025 cash costs before by-product credits of $2.27/lb were 13% lower year-on-year, following higher copper in concentrate production, partially offset by higher costs associated with maintenance activities. \n Full year net cash costs were 53 % lower year-on-year at $ 0.75 /lb, primarily reflecting lower cash costs before by ‑ product credits, higher by ‑ product volumes and stronger gold prices. \n Capital expenditure \n Capital expenditure was $ 2,478.1 million ($1 ,414.0 million in 2024), including $590.1 million of mine development, $252.2 million of sustaining capital expenditure and $1,635.8 million of development capital expenditure ($1,327.1 million related to Centinela Second Concentrator Project) . \n \n ANTUCOYA \n Financial performance \n EBITDA was $ 327.0 million, compared with $ 275.8 million in 2024 , an increase of 19 % reflecting higher realised prices for copper, partially offset by higher pre-credit cost. \n Production \n Full year 2025 production was 81,200 tonnes, 1% higher than the same period in 2024 , with an improvement in ore throughput rates and recoveries during the year . \n Costs \n Cash costs in 2025 of $2. 82 /lb represented a 11% year-on-year increase, reflecting labour agreement settlement costs and increased stripping activities. \n Capital expenditure \n Capital expenditure was $ 98.8 million ( 2024: $123.4 million), including $83.0 million on sustaining capital expenditure. \n   \n ZALDÍVAR \n Financial performance \n Attributable EBITDA at Zaldívar was $ 61.8 million in 2025 , compared with $ 99.9 million in the same period last year, with this decrease linked to higher operating costs, partially offset by higher realised copper prices . \n Production \n Total attributable copper production in 2025 was 8 % lower than the previous year, with 36,700 tonnes produced, following a decrease in ore throughput rates and lower recoveries . \n Costs \n Full year 2025 cash costs were $3. 44 /lb , 14 % higher than 2024, following lower copper production, an increase in the unit cost for key consumables , such as sulphuric acid, and the settlement of a three-year collective bargaining agreement. \n Capital expenditure \n Attributable capital expenditure in 2025 was $60.8 million (2024: $42.2 million), of which $32.8 million was sustaining capital expenditure. \n   \n TRANSPORT DIVISION \n Financial performance \n EBITDA at the Transport Division reached $69.7million, an 8% decrease compared to 2024, reflecting lower revenues due to the strengthening of the Chilean peso as well as lower transported volumes, partially offset by lower operating cost . \n Transport volumes \n Total volumes transported during the full year were 10% lower at 6.4 million tonnes , reflecting reduced levels of overall demand for the transportation of concentrates and sulphuric acid. \n Capital expenditure \n Capital expenditure for the year was $32.4 million (2024: $37.4 million), a decrease of 13% compared with the same period in 2024. \n \n \n OPERATIONS - KEY GROWTH PROJECTS AND OPPORTUNITIES \n \n \n \n \n Operation \n \n \n Description \n \n \n Capex (Total) \n \n \n \n Capex to date 4 \n \n \n Status (Scheduled compeltion) \n \n \n Comments \n \n \n \n \n Los Pelambres \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Desalination plant expansion \n \n \n Key enabling project for future growth - project to double capacity of existing desalination plant to 800 l/s. \n \n \n Approx. $1Bn \n \n \n $0.4Bn \n \n \n Underway (2027) \n \n \n Project continues to advance on time and on budget. Civil works continue to progress at the desalination plant and its associated pumping stations. Work in the coming period will include the installation of additional pumps and the completion of electrical rooms. \n \n \n \n \n Concentrate pipeline and El Mauro enclosures \n \n \n Key enabling project for future growth - installation of a new concentrate pipeline and development of certain planned facilities at the El Mauro tailings storage facility. \n \n \n Approx. $1Bn \n \n \n $0.4Bn \n \n \n Underway (2027) \n \n \n Project continues to advance on time and on budget. Activities continue along both the lower and upper sections of the pipeline route, and tunnel works in the upper section are also continuing. Work in the coming period will include the completion of tunnel sections and the commencement of tie-in work for electrical systems. \n \n \n \n \n Development Options Project \n \n \n Mine life extension beyond 2035, adding a minimum of 15 additional years by increasing El Mauro's capacity (1.2bt). The EIA will include the option to increase throughput to 205ktpd annual average (from 190ktpd) and the option to enable a modular increase of any water requirement for the enlarged capacity of this operation by up to 800 l/s, after the current expansion. \n \n \n Under study \n Approx. $2Bn \n \n \n N/A \n   \n \n \n Evaluation phase \n \n \n EIA submitted in December 2024. \n \n \n \n \n Centinela \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Second Concentrator Project \n \n \n Brownfield development to add 170,000 tonnes of copper-equivalent production and lower Centinela District towards the first quartile of global cash cost curve. \n \n \n $4.4 Bn [5] \n   \n   \n   \n \n \n $2.6Bn \n \n \n Underway (2027) \n \n \n Project continues to advance on time and on budget. Recent activities during the period included early work by pre-commissioning teams to consider the project's integration following the completion of construction in 2027, and the completion of civil works in the primary crusher area. Work in the coming period will focus on completing construction across several areas of the project and on the energisation of the main substation \n \n \n \n \n Encuentro mine development \n \n \n Mine development work to access sulphide ores below the existing Encuentro oxide pit. \n \n \n  Approx. \n $1Bn \n \n \n $0.2Bn \n \n \n Underway \n (2028) \n \n \n Approved for development as of July 2025; stripping activities underway. \n \n \n \n \n Zaldívar \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mine Life Extension and Water Transition Project \n \n \n Mine life extension to 2051, to realise the full potential of the Zaldívar deposit, including a 3-year transition period prior to utilising sea water or third-party water sources. \n \n \n N/A (Associate) \n \n \n N/A \n \n \n Evaluation phase \n \n \n EIA approved in May 2025. Review of water sourcing options underway, to pivot to seawater or third-party water sources after three years. Decision expected in 2026. \n \n \n \n \n \n \n \n DEVELOPMENT PROJECTS \n Twin Metals Minnesota (USA) \n Twin Metals Minnesota (Twin Metals) is a wholly owned copper, nickel, and platinum group metals (PGMs) underground mining project, which holds copper, nickel/cobalt, and PGM deposits in north-eastern Minnesota, United States (US). \n Twin Metals was advancing a project over a portion of the total resource that envisages mining and processing 18,000 tonnes of ore per day for 25 years to produce three separate concentrates - copper, nickel/cobalt and PGMs. However, further development of that project, as configured, is on hold whilst litigation takes place to challenge several actions taken by the US federal government to deter its development. \n In 2022, Twin Metals filed a lawsuit in the US District Court for the District of Columbia (District Court) challenging the administrative actions resulting in the rejection of Twin Metals' preference right lease applications (PRLAs), the cancellation of its federal mining leases 1352 and 1353, the rejection of its Mine Plan of Operation (MPO), and the dismissal of the administrative appeal of the MPO rejection. Twin Metals claimed that the government's actions were arbitrary and capricious, contrary to the law, and in violation of its rights. In September 2023, the District Court dismissed Twin Metals' suit on motion by the government. In November 2023, Twin Metals appealed the District Court's order to the US Court of Appeals for the District of Columbia Circuit. This action is pending. Oral arguments were held in January 2025 before the appellate court. Twin Metals and the Federal Government filed a motion to stay the decision after the oral argument. The Appellate Court granted a stay that currently extends to 6 April 2026. \n   \n   FINANCIAL REVIEW FOR THE YEAR ENDED 31 DECEMBER 2025 \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n Year ended \n 31.12.2025 \n (Unaudited) \n \n \n \n \n \n \n \n \n Year ended \n 31.12.2024 \n (Audited) \n \n \n \n \n   \n \n \n Before exceptional items \n \n \n   \n Exceptional \n  items \n \n \n   \n Total \n   \n \n \n Before exceptional items \n \n \n   \n Exceptional \n Items \n \n \n Total \n   \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 8,620.3 \n \n \n - \n \n \n 8,620.3 \n \n \n 6,613.4 \n \n \n - \n \n \n 6,613.4 \n \n \n \n \n EBITDA (including share of EBITDA from associates and joint ventures) [1] \n \n \n 5,201.9 \n \n \n - \n \n \n 5,201.9 \n \n \n 3,426.8 \n \n \n - \n \n \n 3,426.8 \n \n \n \n \n Total operating costs \n \n \n (5,246.7) \n \n \n - \n \n \n (5,246.7) \n \n \n (4,976.1) \n \n \n 371.4 \n \n \n (4,604.7) \n \n \n \n \n Operating profit from subsidiaries \n \n \n 3,373.6 \n \n \n - \n \n \n 3,373.6 \n \n \n 1,637.3 \n \n \n 371.4 \n \n \n 2,008.7 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 52.6 \n \n \n - \n \n \n 52.6 \n \n \n 76.2 \n \n \n - \n \n \n 76.2 \n \n \n \n \n Operating profit from subsidiaries, and share of total results from associates and joint ventures \n \n \n 3,426.2 \n \n \n - \n \n \n 3,426.2 \n \n \n 1,713.5 \n \n \n 371.4 \n \n \n 2,084.9 \n \n \n \n \n Net finance (expense) / income \n \n \n (266.7) \n \n \n - \n \n \n (266.7) \n \n \n (64.8) \n \n \n 51.0 \n \n \n (13.8) \n \n \n \n \n Profit before tax \n \n \n 3,159.5 \n \n \n - \n \n \n 3,159.5 \n \n \n 1,648.7 \n \n \n 422.4 \n \n \n 2,071.1 \n \n \n \n \n Income tax expense \n \n \n (1,142.7) \n \n \n 54.5 \n \n \n (1,088.2) \n \n \n (628.4) \n \n \n (126.7) \n \n \n (755.1) \n \n \n \n \n Profit from continuing operations \n \n \n 2,016.8 \n \n \n 54.5 \n \n \n 2,071.3 \n \n \n 1,020.3 \n \n \n 295.7 \n \n \n 1,316.0 \n \n \n \n \n Profit for the year \n \n \n 2,016.8 \n \n \n 54.5 \n \n \n 2,071.3 \n \n \n 1,020.3 \n \n \n 295.7 \n \n \n 1,316.0 \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n 742.4 \n \n \n - \n \n \n 742.4 \n \n \n 400.8 \n \n \n 85.8 \n \n \n 486.6 \n \n \n \n \n Profit attributable to the owners of the parent \n \n \n 1,274.4 \n \n \n 54.5 \n \n \n 1,328.9 \n \n \n 619.5 \n \n \n 209.9 \n \n \n 829.4 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n Cents \n \n \n \n \n From continuing operations \n \n \n 129.3 \n \n \n 5.5 \n \n \n 134.8 \n \n \n 62.8 \n \n \n 21.3 \n \n \n 84.1 \n \n \n \n \n   \n   \n   \n The profit for the financial year attributable to the owners of the parent (including exceptional items) increased from $829.4 million in 2024 to $1,328.9 million in the current year. Excluding exceptional items, the profit attributable to the owners of the parent increased by $654.9 million to $1,274.4 million. \n   \n [1]   EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, gains and losses on disposals and impairment charges/reversals to operating profit. This comprises 100% of the EBITDA from the Group´s subsidiaries, and the Group´s proportional share of the EBITDA of its associates and joint ventures. \n \n   \n The full reconciliation of the profit attributable to the owners of the parent between 2024 and 2025, including exceptional items, is as follows:   \n   \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Profit attributable to the owners of the parent in 2024 \n \n \n 829.4 \n \n \n \n \n Less: exceptional items - 2024 \n \n \n (209.9) \n \n \n \n \n Profit attributable to the owners of the parent in 2024 (excluding exceptional items) \n \n \n 619.5 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in revenue \n \n \n 2,006.9 \n \n \n \n \n Increase in total operating costs (excluding exceptional items) \n \n \n (270.6) \n \n \n \n \n Decrease in net share of results from associates and joint ventures \n \n \n (23.6) \n \n \n \n \n Increase in net finance expenses (excluding exceptional items) \n \n \n (201.9) \n \n \n \n \n Increase in income tax expense (excluding exceptional items) \n \n \n (514.3) \n \n \n \n \n Increase in profit attributable to non-controlling interests (excluding exceptional items) \n \n \n (341.6) \n \n \n \n \n \n \n \n 654.9 \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit attributable to the owners of the parent in 2025 (excluding exceptional items) \n \n \n 1,274.4 \n \n \n \n \n Exceptional items - 2025 (post tax) \n \n \n 54.5 \n \n \n \n \n Profit attributable to the owners of the parent in 2025 \n \n \n 1,328.9 \n \n \n \n \n   \n   \n Revenue \n   \n The $2,006.9 million increase in revenue from $6,613.4 million in 2024 to $8,620.3 million in the current year reflected the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Revenue in 2024 \n \n \n 6,613.4 \n \n \n \n \n   \n \n \n   \n \n \n \n \n Increase in realised copper price \n \n \n 1,046.5 \n \n \n \n \n Increase in copper sales volumes \n \n \n 201.9 \n \n \n \n \n Decrease in copper treatment and refining charges \n \n \n 165.0 \n \n \n \n \n Increase in gold revenue \n \n \n 341.6 \n \n \n \n \n Increase in molybdenum revenue \n \n \n 209.4 \n \n \n \n \n Increase in silver revenue \n \n \n 63.9 \n \n \n \n \n Decrease in Transport division revenue \n \n \n (21.4) \n \n \n \n \n \n \n \n 2,006.9 \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue in 2025 \n \n \n 8,620.3 \n \n \n \n \n   \n Revenue from the Mining division \n   \n Revenue from the Mining division increased by $2,028.3 million, or 31.6%, to $8,446.8 million, compared with $6,418.5 million in 2024. The increase reflected a $1,413.4 million increase in copper sales and a $614.9 million increase in by-product revenue. \n   \n Revenue from copper sales \n   \n Revenue from copper concentrate and copper cathode sales increased by $1,413.4 million, or 26.1%, to $6,818.7 million, compared with $5,405.3 million in 2024. The increase reflected the impact of $1,046.5 million from higher realised prices, a $201.9 million increase due to higher sales volumes and a $165.0 million increase in revenue from lower treatment and refining charges. \n   \n (i) Realised copper price \n   \n The average realised copper price increased by 18.1% to $4.93/lb in 2025 (2024 - $4.18/lb), resulting in a $1,046.5 million increase in revenue. This was largely due to the higher LME average market price, which increased by 8.8 % to $4.51/lb in 2025 (2024 - $4.15/lb). In 2025 there was a $551.0 million positive impact from provisional pricing adjustments, mainly as a result of the positive impact in the average mark to market price (31 December 2025 $5.65/lb vs 31 December 2024 $3.95/lb) and the positive impact of the settlement of sales invoiced in the previous and current periods. \n   \n Realised copper prices are determined by comparing revenue (after adding back treatment and refining charges for concentrate sales) with sales volumes in the period. Realised copper prices differ from market prices mainly because, in line with industry practice, concentrate and cathode sales agreements generally provide for provisional pricing at the time of shipment with final pricing based on the average market price in future periods (normally around one month after delivery to the customer in the case of cathode sales and four months after delivery to the customer in the case of concentrate sales). \n   \n Further details of provisional pricing adjustments are given in Note 5 to the Full-year results announcement. \n   \n (ii)  Copper volumes \n   \n Copper sales volumes reflected within revenue increased by 3.6% from 607,100 tonnes in 2024 to 629,000 tonnes in 2025, increasing revenue by $201.9 million. This increase was mainly due to higher production at Centinela Concentrates, primarily due to higher copper grades as well as increased ore throughput rates and recoveries, partly offset by lower production at Los Pelambres, reflecting reduced ore throughput due to higher maintenance activity, harder ore types and lower copper grades during the year. \n   \n (iii) Treatment and refining charges \n   \n Treatment and refining charges (TC/RCs) for copper concentrate decreased by $165.0 million to $20.3 million in 2025, compared with $185.3 million in 2024 reflecting lower average TC/RC rates. \n   \n With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \"treatment and refining charge\" deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount reflects the invoiced price (which reflects the net of the market value of fully refined metal less the treatment and refining charges). However, under the standard industry definition of unit cash costs, treatment and refining charges are regarded as part of cash costs. \n   \n Accordingly, the decrease in these charges has had a positive impact on revenue in the year. \n   \n   \n Revenue from molybdenum, gold and other by-product sales \n   \n Revenue from by-product sales (net of tolling charges) at Los Pelambres and Centinela relate mainly to molybdenum and gold and, to a lesser extent, silver. Revenue from by-products increased by $614.9 million or 60.7% to $1,628.1 million in 2025, compared with $1,013.2 million in 2024. This increase was mainly due to stronger gold prices and sales volumes, as well as molybdenum sales volumes. \n   \n Revenue from gold sales (net of treatment and refining charges) was $788.4 million (2024 - $446.8 million), an increase of $341.6 million which reflected a higher realised price and a higher sales volume. The realised gold price was $3,734.9/oz in 2025 compared with $2,528.3/oz in 2024, reflecting the average market price for 2025 of $3,435.8/oz (2024 - $2,387.1/oz) and a positive provisional pricing adjustment of $45.3 million. Gold sales volumes increased by 19.4% from 177,000 ounces in 2024 to 211,400 ounces in 2025, reflecting higher gold production at both Centinela Concentrates and Los Pelambres. \n   \n Revenue from molybdenum sales (net of treatment and refining charges) was $697.6 million (2024 - $488.2 million), an increase of $209.4 million. The increase was mainly due to the higher sales volumes of 15,300 tonnes (2024 - 10,900 tonnes) reflecting an increase in production at both Los Pelambres and Centinela Concentrates. \n   \n Revenue from silver sales increased by $63.9 million to $142.1 million (2024 - $78.2 million) . The increase was due to the higher realised silver price of $43.7/oz in 2025 compared with $30.0/oz in 2024, and a higher sales volume of 3.3 million ounces (2024 - 2.6 million ounces). \n   \n   \n Revenue from the Transport division \n   \n Revenue from the Transport division (FCAB) decreased by $21.4 million or 11.0% to $173.5 million (2024 - $194.9 million), mainly due to the lower transported volumes, driven by reduced operational plans from the Chilean and Bolivian mining clients, as well as the weakening of the Chilean peso compared with the prior year. \n   \n   \n Total operating costs \n   \n The $270.6 million increases in total operating costs from $4,976.1 million in 2024 to $5,246.7 million in the current year reflected the following factors: \n \n \n \n \n \n \n \n  $m \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total operating costs in 2024 (excluding exceptional items) \n \n \n 4,976.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n Increase in mine-site operating costs \n \n \n 150.1 \n \n \n \n \n Increase in other mining expenses and closure provision costs \n \n \n 34.0 \n \n \n \n \n Increase in corporate costs \n \n \n 26.3 \n \n \n \n \n Increase in Mining royalty ad-valorem element \n \n \n 2.3 \n \n \n \n \n Increase in exploration and evaluation costs \n \n \n 2.8 \n \n \n \n \n Decrease in Transport division operating costs \n \n \n (16.8) \n \n \n \n \n Increase in depreciation, amortisation and gains and losses on disposals \n \n \n 71.9 \n \n \n \n \n \n \n \n 270.6 \n \n \n \n \n \n \n \n \n \n \n \n \n Total operating costs in 2025 (excluding exceptional items) \n \n \n 5,246.7 \n \n \n \n \n   \n   \n Operating costs (excluding depreciation, amortisation and gains and losses on disposals and exceptional items) at the Mining division \n   \n Operating costs (excluding depreciation, amortisation, gains and losses on disposals and exceptional items) at the Mining division increased by $215.5 million to $3,492.2 million in 2025, an increase of 6.6%. \n   \n Of this increase, $150.1 million was attributable to higher mine-site operating costs. This increase in mine-site costs reflected the impact of the higher sales volumes and general inflation, partially offset by cost savings from the Group's Competitiveness Programme . \n   \n On a unit cost basis, weighted average cash costs excluding treatment and refining charges and by-product revenues increased from $2.22/lb in 2024 to $2.32/lb in 2025. As detailed in the alternative performance measures section, for accounting purposes by-product credits and treatment and refining charges both impact revenue and don't therefore affect operating expenses. \n   \n The Competitiveness Programme was implemented to reinforce the operational improvement and reduce the Group's cost base, improving its competitiveness within the industry. During 2025, the programme achieved benefits of $115.2 million in the mining division, of which $95.2 million reflected cost savings and $20.0 million represented the value of productivity improvements. Of the $95.2 million of cost savings, $91.3 million related to Los Pelambres, Centinela and Antucoya, and therefore impacted the Group's operating costs, and $3.9 million related to Zaldívar (on a 100% basis) and impacted the share of results from associates and joint ventures. \n   \n Other mining expenses and closure provision costs increased by $34.0 million, mainly reflecting increased other mining division costs related to community projects at Centinela and additional closure provision costs at Los Pelambres. \n   \n Corporate costs increased by $26.3 million to $99.1 million (2024 - $72.8 million), due to increased labour costs and higher mining property licence fees as a result of recent relevant regulatory changes. \n   \n Operating costs at the Mining division include $31.0 million (2024 - $28.7m) in respect of the \"ad valorem\" element of the mining royalty at Los Pelambres. As the ad valorem element is based on revenue rather than profit, it does not meet the IAS 12 Income Taxes definition of a tax expense, and is therefore recorded as an operating expense. From a unit cash cost perspective, the ad valorem expense is included within \"C3\" cash costs, and is not included within the net cash cost and cash cost before by-product credits amounts, which are the Group's principal cash cost metrics. \n   \n Exploration and evaluation costs increased by $2.8 million to $55.5 million (2024 - $52.7 million), reflecting increased exploration and evaluation expenditure principally in respect of international explorations.  \n   \n   \n Operating costs (excluding depreciation, amortisation and gains and losses on disposals) at the Transport division \n   \n Operating costs (excluding depreciation, amortisation and loss on disposals) at the Transport division decreased by $16.8 million to $108.8 million (2024 - $125.6 million), primarily due to lower variable costs resulting from reduced transported volumes, as well as cost optimization initiatives and efficiency improvements. \n   \n   \n Depreciation, amortisation and gains and losses on disposals (excluding exceptional items) \n   \n The net expense for depreciation, amortisation and gains and losses on disposals increased by $71.9 million from $1,573.8 million in 2024 to $1,645.7 million. This increase was mainly due to higher depreciation as a result of the increased sales volumes and additional depreciation of new assets, partly offset by $49.7 million of profits on disposal of assets, predominantly relating to Los Pelambres' disposal of its electricity transmission line assets. \n   \n   \n Operating profit from subsidiaries (excluding exceptional items) \n   \n As a result of the above factors, operating profit from subsidiaries increased by $1,736.3 million or 106.0% in 2025 to $3,373.6 million (2024 - $1,637.3 million). \n   \n   \n Share of results from associates and joint ventures \n   \n The Group's share of results from associates and joint ventures decreased by $23.6 million to a gain of $52.6 million in 2025, compared with a gain of $76.2 million in 2024. This was mainly due to the lower profit from Zaldívar (reflecting increased operating expenses), partially offset by a higher contribution from Compañía de Minas Buenaventura S.A.A. \n   \n   \n EBITDA \n   \n EBITDA (earnings before interest, tax, depreciation and amortisation, and impairments) increased by $1,775.1 million or 51.8% to $5,201.9 million (2024 - $3,426.8 million). EBITDA includes the Group's proportional share of EBITDA from associates and joint ventures. \n   \n EBITDA from the Mining division increased by $1,781.3 million or 53.2% from $3,350.9 million in 2024 to $5,132.2 \n  million this year. This reflected the higher revenue explained above, slightly offset by higher mine-site operating costs and a lower EBITDA from associates and joint ventures. \n   \n EBITDA at the Transport division decreased by $6.2 million to $69.7 million in 2025 (2024 - $75.9 million), due to lower revenues from reduced transport volumes. Although operating costs declined due to lower variable costs and efficiency initiatives, the division's fixed cost structure limited the ability to fully offset the revenue decline, and EBITDA was also affected by lower contributions from associates and joint ventures. \n   \n Commodity price and exchange rate sensitivities \n   \n The following sensitivities show the estimated approximate impact on EBITDA for 2025 of a 10% movement in the average copper, molybdenum and gold prices and a 10% movement in the average US dollar / Chilean peso exchange rate. \n   \n The impact of the movement in the average commodity prices reflects the estimated impact on the relevant revenues during 2025, and the impact of the movement in the average exchange rate indicates the estimated impact on Chilean peso denominated operating costs during the year. These estimates do not incorporate any impact in respect of provisional pricing or hedging instruments, any potential inter-relationship between commodity price and exchange rate movements, or any impact from the retranslation or changes in valuations of assets or liabilities held on the balance sheet at the year-end. \n   \n \n \n \n \n \n \n \n Average market commodity price / average exchange rate during the year ended 31.12.25 \n \n \n Impact of a 10% movement in the commodity price / exchange rate on EBITDA \nfor the year ended 31.12.25 \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Copper price \n \n \n $4.51/lb \n \n \n 662.7 \n \n \n \n \n Molybdenum price \n \n \n $22.2/lb \n \n \n 75.0 \n \n \n \n \n Gold price \n \n \n $3,435.8/oz \n \n \n 72.6 \n \n \n \n \n US dollar / Chilean peso exchange rate \n \n \n 907.13 \n \n \n 172.0 \n \n \n \n \n   \n   \n Net finance income / (expense) (excluding exceptional items) \n   \n Net finance expense (excluding exceptional items) of $266.7 million reflected a variance of $201.9 million compared with the $64.8 million expense in 2024. \n                                 \n \n \n \n \n \n \n \n Year ended 31.12.25 \n $m \n \n \n Year ended 31.12.24 \n $m \n \n \n \n \n Investment income \n \n \n 156.2 \n \n \n 184.2 \n \n \n \n \n Interest expense \n \n \n (342.1) \n \n \n (312.2) \n \n \n \n \n Other finance items \n \n \n (80.8) \n \n \n 63.2 \n \n \n \n \n Net finance (expense)/income \n \n \n (266.7) \n \n \n (64.8) \n \n \n \n \n   \n   \n Interest income decreased from $184.2 million in 2024 to $156.2 million in 2025, mainly due to lower average interest rates, partially offset by a higher average cash and liquid investment balance . \n   \n Interest expense increased from $312.2 million in 2024 to $342.1 million in 2025, primarily due to the additional interest expense relating to Centinela's water transportation agreement during the current period, and in the comparative period, the partial capitalisation of the financing costs relating to Los Pelambres' Phase 1 Expansion Project, partially offset by lower average interest rates. \n   \n Other finance items were a net loss of $80.8 million, compared with a net gain of $63.2 million in 2024, a variance of $144.0 million. This was mainly due to the foreign exchange impact of the retranslation of Chilean peso denominated assets and liabilities, which resulted in a $52.0 million loss in 2025, reflecting the strengthening of the peso during the year, compared with a $82.1 million gain in 2024, reflecting the weakening of the peso during that period.   In addition, there was an expense of $28.7 million in respect of the unwinding of the discounting of provisions (2024 - expense of $18.8 million). \n   \n   \n Profit before tax (excluding exceptional items) \n   \n As a result of the factors set out above, profit before tax (excluding exceptional items) increased by 91.6% to $3,159.5 million (2024 - $1,648.7 million). \n   \n   \n Income tax expense \n   \n The tax charge for 2025 excluding exceptional items increased by $514.3 million to $1,142.7 million (2024 - $628.4 million) and the effective tax rate for the year was 36.2% (2024 - 38.1%). Including exceptional items, the tax charge for 2025 was $1,088.2 million and the effective tax rate was 34.4% (2024 - 36.5%). \n   \n   \n \n \n \n \n \n \n \n \n \n \n Year ended \n Excluding exceptional items \n31.12.2025 \n \n \n   \n \n \n Year ended \n Including exceptional items \n31.12.2025 \n \n \n \n \n \n Year ended \n Excluding exceptional items \n31.12.2024 \n \n \n Year ended \n Including \n exceptional items \n31.12.2024 \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n % \n \n \n   \n \n \n $m \n \n \n % \n \n \n \n \n \n $m \n \n \n % \n \n \n $m \n \n \n % \n \n \n \n \n Profit before tax \n \n \n \n \n \n 3,159.5 \n \n \n   \n \n \n \n \n \n 3,159.5 \n \n \n \n \n \n \n \n \n 1,648.7 \n \n \n \n \n \n 2,071.1 \n \n \n \n \n \n \n \n Profit before tax multiplied by Chilean corporate tax rate of 27% \n \n \n \n \n \n (853.0) \n \n \n 27.0 \n \n \n \n \n \n (853.0) \n \n \n 27.0 \n \n \n \n \n \n (445.1) \n \n \n 27.0 \n \n \n (559.2) \n \n \n 27.0 \n \n \n \n \n Mining Tax (royalty) \n \n \n \n \n \n (301.9) \n \n \n 9.6 \n \n \n \n \n \n (301.9) \n \n \n 9.6 \n \n \n \n \n \n (216.5) \n \n \n 13.1 \n \n \n (216.5) \n \n \n 10.5 \n \n \n \n \n Deduction of mining royalty as an allowable expense in determination of first category tax \n \n \n \n \n \n 83.6 \n \n \n (2.6) \n \n \n \n \n \n 83.6 \n \n \n (2.6) \n \n \n \n \n \n 55.8 \n \n \n (3.4) \n \n \n 55.8 \n \n \n (2.7) \n \n \n \n \n Items non-taxable & non-deductible from first category tax \n \n \n \n \n \n (7.8) \n \n \n 0.2 \n \n \n \n \n \n (7.8) \n \n \n 0.2 \n \n \n \n \n \n (3.9) \n \n \n 0.2 \n \n \n (3.9) \n \n \n 0.2 \n \n \n \n \n Adjustment in respect of prior years \n \n \n \n \n \n 2.4 \n \n \n (0.1) \n \n \n \n \n \n 2.4 \n \n \n (0.1) \n \n \n \n \n \n 1.7 \n \n \n (0.1) \n \n \n 1.7 \n \n \n (0.1) \n \n \n \n \n Adjustment to deferred tax in respect of mining royalty \n \n \n \n \n \n (14.7) \n \n \n 0.4 \n \n \n \n \n \n (14.7) \n \n \n 0.3 \n \n \n \n \n \n 67.1 \n \n \n (4.1) \n \n \n 67.1 \n \n \n (3.2) \n \n \n \n \n Withholding tax \n \n \n \n \n \n (11.4) \n \n \n 0.4 \n \n \n \n \n \n (11.4) \n \n \n 0.4 \n \n \n \n \n \n (29.7) \n \n \n 1.8 \n \n \n (29.7) \n \n \n 1.4 \n \n \n \n \n Tax effect of (loss)/ profit of associates and joint ventures \n \n \n \n \n \n 14.2 \n \n \n (0.4) \n \n \n \n \n \n 14.2 \n \n \n (0.4) \n \n \n \n \n \n 20.0 \n \n \n (1.1) \n \n \n 20.0 \n \n \n (1.0) \n \n \n \n \n Impact of unrecognised tax losses \n \n \n \n \n \n (55.0) \n \n \n 1.7 \n \n \n \n \n \n (55.0) \n \n \n 1.7 \n \n \n \n \n \n (77.8) \n \n \n 4.7 \n \n \n (77.8) \n \n \n 3.8 \n \n \n \n \n Reversal of deferred tax on fair value gains (exceptional item) \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n 54.5 \n \n \n (1.7) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Reversal of the provision against carrying value of assets (exceptional items) \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n (13.7) \n \n \n 0.7 \n \n \n \n \n Difference in overseas tax rate \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n     - \n \n \n \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n (0.1) \n \n \n \n \n Net Other items \n \n \n \n \n \n 0.9 \n \n \n - \n \n \n \n \n \n 0.9 \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n      - \n \n \n \n \n Tax expense and effective tax rate for the Year ended \n \n \n \n \n \n (1,142.7) \n \n \n 36.2 \n \n \n \n \n \n (1,088.2) \n \n \n 34.4 \n \n \n \n \n \n (628.4) \n \n \n 38.1 \n \n \n (755.1) \n \n \n 36.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The effective tax rate (excluding exceptional items) of 36.2% varied from the statutory rate principally due to: \n   \n ·    The mining tax (royalty) (net impact of $218.3 million / 7.0% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax) ; \n ·    The impact of unrecognised tax losses (impact of $55.0 million / 1.7%); \n ·    Adjustments to deferred tax in respect of the mining royalty (impact of $14.7 million / 0.4%). \n ·    The withholding tax relating to the remittance of profits from Chile (impact of $11.4 million / 0.4%); \n ·    Items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $7.8 million / 0.2%); \n ·    An offsetting impact of the recognition of the Group's share of results from associates and joint ventures, which are included in the Group's profit before tax net of their respective tax charges (impact of $14.2 million / 0.4%); \n ·    Adjustments in respect of prior years (impact of $2.4 million / 0.1%). \n   \n The new Chilean mining royalty has taken effect from 1 January 2024. The new royalty terms include a royalty ranging from 8% to 26% applied to the ''Mining Operating Margin'', depending on each mining operation's level of profitability, as well as a 1% ad valorem royalty on copper sales. As the ad valorem element is based on revenue rather than profit it does not meet the IAS 12 Income Taxes definition of a tax expense, and is therefore recorded as an operating expense. The new royalty terms have a cap, establishing that total taxation, which includes corporate income tax, the two components of the new mining royalty, and theoretical tax on dividends, should not exceed a rate of 46.5% on Mining Operating Margin less the royalty ad-valorem expense. \n   \n Los Pelambres has been subject to the new royalty since 1 January 2024. The impact of the new royalty for Los Pelambres in 2025 included the recognition of a $31.0 million expense within operating expenses in respect of the ad valorem element. Zaldívar (which as a joint venture is equity accounted for, and so its tax expense is not consolidated within the above Group tax expense line) was also subjected to the new royalty from 1 January 2024. \n   \n Centinela and Antucoya have tax stability agreements in place, thus the new royalty rates will only impact their royalty payments from 2030 onwards. Until then, they continue to be subject to the previous royalty system, applying a rate from 5% to 14% of taxable operating profit, depending on the level of operating profit margin. \n   \n   \n Exceptional items \n   \n Exceptional items are material items of income and expense which result from one-off transactions or transactions outside the ordinary course of business of the Group. These are typically non-cash, including impairments and gains and losses on disposals. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group . \n   \n Compañía de Minas Buenaventura S.A.A. \n During 2023, the Group entered into an agreement to acquire up to an additional 30 million shares in Buenaventura. Prior to completion, this agreement was accounted for at fair value through profit and loss. From March 2024 onwards, the Group was considered to have significant influence over Buenaventura (in accordance with the IAS 28 Investments in Associates and Joint Ventures definition). Accordingly, the Group's interest in Buenaventura has been accounted for as an investment in associate from that date. \n An exceptional fair value gain of $51.0 million was recognised during 2024 in respect of this agreement. A deferred tax expense of $12.7 million was recognised in respect of this gain, resulting in a post-tax impact of $38.3 million. \n During 2025, an exceptional deferred tax credit of $54.5 million was recognised in the income statement, due to the derecognition of the deferred tax liability which had been previously recognised through the income statement in relation to the agreement, as the requirements of the UK Substantial shareholdings exemption were met during the period. A further deferred tax credit of $44.7 million has been recognised in Other Comprehensive Income, due to the derecognition of the deferred tax liability which had been previously recognised through Other Comprehensive Income in relation to the Group's existing shareholding in Buenaventura. \n   \n Antucoya impairment reversal \n During 2024, an exceptional pre-tax gain of $371.4 million (post-tax impact of $257.4 million) was recognised in respect of the reversal of previous impairments recognised in respect of the Antucoya operation. \n   \n   \n Non-controlling interests \n   \n Profit for 2025 attributable to non-controlling interests (excluding exceptional items) was $742.4 million, compared with $400.8 million in 2024, an increase of $341.6 million. This reflected the increase in earnings analysed above. \n   \n   \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n Year ended 31.12.25 \n \n \n Year ended \n 31.12.24 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n   \n Underlying earnings per share (excluding exceptional items) \n \n \n \n \n \n   \n 129.3 \n \n \n   \n 62.8 \n \n \n \n \n Earnings per share (exceptional items) \n \n \n \n \n \n 5.5 \n \n \n 21.3 \n \n \n \n \n Earnings per share (including exceptional items) \n \n \n \n \n \n 134.8 \n \n \n 84.1 \n \n \n \n \n   \n Earnings per share calculations are based on 985,856,695 ordinary shares.  \n   \n As a result of the factors set out above, the underlying profit attributable to equity shareholders of the Company (excluding exceptional items) was $1,274.4 million compared with $619.5 million in 2024, giving underlying earnings per share of 129.3 cents per share (2024 - 62.8 cents per share). The profit attributable to equity shareholders (including exceptional items) was $1,328.9 million (2024 - $829.4 million), resulting in earnings per share of 134.8 cents per share (2024 - 84.1 cents per share).  \n   \n   \n Dividends \n   \n Dividends per share proposed in relation to the period are as follows: \n   \n \n \n \n \n \n \n \n \n \n \n Year ended 31.12.25 \n \n \n Year ended \n 31.12.24 \n \n \n \n \n \n \n \n \n \n \n $ cents \n \n \n $ cents \n \n \n \n \n Ordinary dividends: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Interim \n \n \n \n \n \n 16.6 \n \n \n 7.9 \n \n \n \n \n Final \n \n \n \n \n \n 48.0 \n \n \n 23.5 \n \n \n \n \n Total dividends to ordinary shareholders \n \n \n \n \n \n       64.6 \n \n \n                         31.4 \n \n \n \n \n   \n The Board determines the appropriate dividend each year based on consideration of the Group's cash balance, the level of free cash flow and underlying earnings generated during the year and significant known or expected funding commitments. It is expected that the total annual dividend for each year would represent a payout ratio based on underlying net earnings for that year of at least 35%. \n   \n The Board has recommended a final dividend for 2025 of 48.0 cents per ordinary share, which amounts to $473.2 million and will be paid on 11 May 2026 to shareholders on the share register at the close of business on 17 April 2026. \n   \n The Board declared an interim dividend for the first half of 2025 of 16.6 cents per ordinary share, which amounted to $163.7 million. \n   \n This gives total dividends proposed in relation to 2025 (including the interim dividend) of 64.6 cents per share or $636.9 million (2024 - 31.4 cents per ordinary share or $309.8 million in total) equivalent to a payout ratio of 50% of underlying earnings. \n   \n   \n \n \n   \n Capital expenditure \n   \n Capital expenditure increased by $1,269.6 million from $2,414.9 million in 2024 to $3,684.5 million in the current year, mainly due to an increase in expenditure on the Second Concentrator Project and the Encuentro Sulphides Project at Centinela and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and higher IFRIC 20 mine development expenditures. \n   \n Capital expenditure figures quoted in this report are on a cash flow basis, unless stated otherwise. \n   \n   \n Derivative financial instruments \n   \n The Group periodically uses derivative financial instruments to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. At 31 December 2025, there were foreign exchange derivative financial instruments in place in respect of the Centinela Second Concentrator Project capital expenditure, with a positive fair value at that point of $0.7 million (2024 - negative fair value of $25.5 million). \n   \n   \n Cash flows \n   \n The key features of the cash flow statement are summarised in the following table. \n \n \n \n \n \n \n \n \n \n \n   \n Year ended 31.12.25 \n \n \n   \n Year ended 31.12.24 \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n \n \n \n \n Cash flows from continuing operations \n \n \n \n \n \n 4,252.9 \n \n \n 3,276.2 \n \n \n \n \n Income tax paid \n \n \n \n \n \n (708.2) \n \n \n (666.8) \n \n \n \n \n Net interest paid \n \n \n \n \n \n (258.7) \n \n \n (143.1) \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n (3,684.5) \n \n \n (2,414.9) \n \n \n \n \n Dividends paid to equity holders of the Company \n \n \n \n \n \n (395.3) \n \n \n (317.4) \n \n \n \n \n Dividends paid to non-controlling interests \n \n \n \n \n \n (364.8) \n \n \n (240.0) \n \n \n \n \n Agreement to acquire non-controlling interest \n \n \n \n \n \n (80.0) \n \n \n - \n \n \n \n \n Capital increase from non-controlling interest \n \n \n \n \n \n 186.9 \n \n \n 156.7 \n \n \n \n \n Proceeds from sale of property plant and equipment \n \n \n \n \n \n 68.0 \n \n \n - \n \n \n \n \n Dividends from associates and joint ventures \n \n \n \n \n \n 22.2 \n \n \n 3.5 \n \n \n \n \n Other items \n \n \n \n \n \n (0.1) \n \n \n 0.2 \n \n \n \n \n Changes in net debt relating to cash flows \n \n \n \n \n \n (961.6) \n \n \n (345.6) \n \n \n \n \n Other non-cash movements \n \n \n \n \n \n (134.3) \n \n \n (141.6) \n \n \n \n \n Effects of changes in foreign exchange rates \n \n \n \n \n \n (24.5) \n \n \n 17.9 \n \n \n \n \n Movement in net debt in the period \n \n \n \n \n \n (1,120.4) \n \n \n (469.3) \n \n \n \n \n Net debt at the beginning of the year \n \n \n \n \n \n (1,629.1) \n \n \n (1,159.8) \n \n \n \n \n Net debt at the end of the year \n \n \n \n \n \n (2,749.5) \n \n \n (1,629.1) \n \n \n \n \n   \n   \n Cash flows from continuing operations were $4,252.9 million in 2025 compared with $3,276.2 million in 2024.  This reflected EBITDA from subsidiaries for the year of $5,019.3 million (2024 - $3,211.1 million) adjusted for the negative impact of a net working capital increase of $773.6 million (2024 - posi tive impact of $65.9 million from a net working capital decrease ), partly offset by a non-cash increase in provisions of $7.2 million (2024 - nega tive impact of a decrease in provisions of $0.8 million). \n   \n The $773.6 million working capital increase in 2025 was due to an increase in receivables (reflecting the higher copper price and higher volumes included in receivables at 31 December 2025 compared with 31 December 2024) and a decrease in accounts payables, slightly offset by a decrease of work in progress and finished goods inventories at Centinela and Los Pelambres. \n   \n The net cash outflow in respect of tax in 2025 was $708.2 million (2024 - $666.8 million). This amount differs from the current tax charge in the consolidated income statement (including exceptional items) of $1,114.1 million (2024 - $662.9 million) as the cash tax payments reflect payments on account for the current year based on prior periods' profit levels of $635.1 million (2024 - $567.8 million), the settlement of outstanding balances in respect of the previous year's tax charge of $40.2 million (2024 - $49.2 million) and withholding tax payments of $34.2 million (2024 - $71.1 million),  partly offset by the recovery of $1.3 million relating to prior years (2024 - $21.3 million). \n   \n Capital expenditure in 2025 was $3,684.5 million compared with $2,414.9 million in 2024. This included expenditure of $2,478.1 million at Centinela (2024 - $1,414.0 million), $1,070.5 million at Los Pelambres (2024 - $833.0 million), $98.8 million at Antucoya (2024 - $123.4 million), $4.8 million at the corporate centre (2024 - $7.1 million) and $32.3 million at the Transport division (2024 - $37.4 million). The increase in capital expenditure was mainly due to an increase in expenditure on the Second Concentrator Project and the Encuentro Sulphides Project at Centinela and the Desalination Plant Expansion and Concentrate Pipeline and El Mauro Enclosures Projects at Los Pelambres, and higher IFRIC 20 mine development expenditures. \n   \n Dividends paid to equity holders of the Company were $395.3 million (2024 - $317.4 million) of which $231.7 million related to the payment of the previous year's final dividend and $163.6 million to the interim dividend declared in respect of the current year. \n   \n Dividends paid by subsidiaries to non-controlling shareholders were $364.8 million (2024 - $240.0 million). \n   \n Payment in respect of the agreement to acquire non-controlling interest was $80.0 million. In January 2025 the Group entered into an agreement with Mineralinvest to acquire Mineralinvest's 49% interest in Antomin Investors' copper exploration properties in the Centinela District for $80 million. Properties that were held by Antomin Investors that are outside the Centinela District were demerged into a new entity, Antomin Volcanes, held 51% by the Group and 49% by Mineralinvest. The acquisition of the remaining 49% stake in Antomin Investors completed in October 2025. As Antomin Investors is a subsidiary of the Antofagasta plc Group, this agreement to acquire the remaining 49% stake in Antomin Investors constitutes an agreement to acquire own equity instruments in accordance with IAS 32 Financial Instruments: Presentation, resulting in an $80 million reduction in reserves. This transaction further consolidates the Group's mining property interests in the Centinela District providing flexibility for future growth options. This transaction was overseen and approved by a committee of independent Directors who sought and received confirmation from a financial adviser, a major international investment bank with extensive experience in advising UK issuers on such matters, that the terms of the transaction were fair and reasonable as far as the shareholders of the companies were concerned. \n   \n A capital contribution of $186.9 million was received from Marubeni, the minority partner at Centinela, in respect of financing for the Centinela Second Concentrator Project. \n   \n Proceeds from sale of property plant and equipment were $68.0 million for 2025 (2024 - nil), predominatly relating to Los Pelambres' disposal of its electricity transmission line assets. \n   \n Dividends received from associates and joint ventures were $22.2 million for 2025 (2024 - $3.5 million) mainly related to a dividend received from Compañía de Minas Buenaventura S.A.A. \n   \n   \n Financial position \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n At 31.12.25 \n \n \n At 31.12.24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n $m \n \n \n $m \n \n \n \n \n Cash, cash equivalents and liquid investments \n \n \n \n \n \n \n \n \n 4,909.9 \n \n \n 4,316.3 \n \n \n \n \n Total borrowings and other financial liabilities \n \n \n \n \n \n \n \n \n (7,659.4) \n \n \n (5,945.4) \n \n \n \n \n Net debt at the end of the period \n \n \n \n \n \n \n \n \n (2,749.5) \n \n \n (1,629.1) \n \n \n \n \n   \n   \n At 31 December 2025, the Group had combined cash, cash equivalents and liquid investments of $4,909.9 million (31 December 2024 - $4,316.3 million). Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of cash, cash equivalents and liquid investments was $3,936.8 million (31 December 2024 - $3,513.5 million). \n   \n Total Group borrowings and other financial liabilities at 31 December 2025 were $7,659.4 million , an increase of $1,714.0 million on the prior year (31 December 2024 - $ 5,945.4 million). The increase was mainly due to $2,122.1 million in respect of the bonds issued at Los Pelambres ($1,527.8 million) and Corporate ($594.3 million), $725.0 million from new senior loans at Los Pelambres ($429.2 million) and Centinela ($295.8 million) and $471.5 million in respect of further draw-downs of the project financing at Centinela, partly offset by $920.5 million of repayments of the senior loans at Los Pelambres ($837.0 million), Centinela ($33.3 million) and Antucoya ($50.0 million), $670.0 million of repayments of the short-term loans at Los Pelambres ($475.0 million) and Centinela ($195.0 million), $45.0 million of repayments of subordinated debt to Marubeni Corporation at Antucoya and payments $10.7 million related to other financial liabilities at Centinela. \n   \n Excluding the non-controlling interest share in each partly-owned operation, the Group's attributable share of the borrowings was $5,759.3 million (31 December 2024 - $4,447.0 million). \n   \n These movements resulted in net debt at 31 December 2025 of $2,749.5 million (31 December 2024 - net debt $1,629.1 million). Excluding the non-controlling interest share in each partly-owned operation, the Group had an attributable net debt position of $1,822.5 million (31 December 2024 - net debt $933.5 million). \n   \n \nGoing concern \n   \n The consolidated financial information contained in this unaudited Full-year results announcement has been prepared on the going concern basis. Details of the factors which have been taken into account in assessing the Group's going concern status are set out in Note 1 to the Full-year results announcement . \n   \n   \n Cautionary statement about forward-looking statements \n   \n This announcement contains certain forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Examples of forward-looking statements include those regarding the Group's strategy, plans, objectives or future operating or financial performance, reserve and resource estimates, commodity demand and trends in commodity prices, growth opportunities, and any assumptions underlying or relating to any of the foregoing. Words such as 'may', 'will', 'should', 'aim', 'expect', 'continue', 'progress', 'estimate', 'anticipate', 'intend', 'look', 'believe', 'vision', 'ambition', 'target', 'seek', 'goal', 'plan', 'potential', 'try', 'work towards', 'future', 'become', 'introduce', 'transform', 'outcome', 'project', 'projections', 'deliver', 'evolve', 'develop', 'forward', 'medium-term', 'long-term', 'objective', 'achievement' or the negative of these terms and other similar expressions of future actions or results, and their negatives identify forward-looking statements. Forward-looking statements also include, but are not limited to, statements and information regarding the climate and sustainability ambitions, targets and strategy of the Company or Group. \n   \n These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Group. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. \n   \n Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that are beyond the Group's control. Given these risks, uncertainties and assumptions, actual results could differ materially from any future results expressed or implied by these forward-looking statements. Important factors that could cause actual results to differ from those in the forward-looking statements include: global economic conditions, demand, supply and prices for copper and other long-term commodity price assumptions (as they materially affect the timing and feasibility of future projects and developments), trends in the copper mining industry and conditions of the international copper markets, the effect of currency exchange rates on commodity prices and operating costs, the availability and costs associated with mining inputs and labour, operating or technical difficulties in connection with mining or development activities, employee relations, litigation, and actions and activities of governmental authorities (including changes in laws, regulations or taxation), the availability and cost of technologies and infrastructure required for the Group to achieve its emissions reductions targets and ambitions and changes in the emissions of the Group's suppliers that affect the Scope 3 emissions reported by the Group. \n   \n These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. No assurance can be given that the forward-looking statements in this document will be realised. Past performance cannot be relied on as a guide to future performance. \n   \n Any opinions or views of third parties contained in this document are those of the third parties identified, and not Antofagasta, its affiliates, directors, officers, employees, or agents. Neither Antofagasta nor any of its affiliates, directors, officers, employees, or agents make any representation or warranty as to its quality, accuracy, or completeness, and they accept no responsibility or liability for the contents of this material, including any errors of fact, omission or opinion expressed. \n   \n Some of the information and data in this document may have been obtained from public or other third-party sources and has not been independently verified. Antofagasta makes no representation or warranty regarding its completeness, accuracy, fitness for a particular purpose or non-infringement of such information. \n   \n This document does not contain or comprise profit forecasts, investment, accounting, legal, regulatory or tax advice nor is it an invitation for you to enter into any transaction. You are advised to exercise your own independent judgement (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein. \n   \n Consolidated Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Year ended 31.12.2025 \n (Unaudited) \n \n \n \n \n \n \n \n \n Year ended 31.12.2024 (Audited) \n \n \n \n \n \n \n \n \n \n \n Excluding exceptional items \n \n \n Exceptional items \nnote 3 \n \n \n Total \n \n \n Excluding exceptional items \n \n \n Exceptional items \nnote 3 \n \n \n Total \n \n \n \n \n \n \n \n Notes \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n $m \n \n \n \n \n Revenue \n \n \n 4,5 \n \n \n 8,620.3 \n \n \n - \n \n \n 8,620.3 \n \n \n 6,613.4 \n \n \n - \n \n \n 6,613.4 \n \n \n \n \n Total operating costs \n \n \n 2,3 \n \n \n (5,246.7) \n \n \n - \n \n \n (5,246.7) \n \n \n (4,976.1) \n \n \n 371.4 \n \n \n (4,604.7) \n \n \n \n \n Operating profit from subsidiaries \n \n \n 2,4 \n \n \n 3,373.6 \n \n \n - \n \n \n 3,373.6 \n \n \n 1,637.3 \n \n \n 371.4 \n \n \n 2,008.7 \n \n \n \n \n Net share of results from associates and joint ventures \n \n \n 2,4 \n \n \n 52.6 \n \n \n - \n \n \n 52.6 \n \n \n 76.2 \n \n \n - \n \n \n 76.2 \n \n \n \n \n Operating profit and share of total results from associates and joint ventures \n \n \n \n \n \n 3,426.2 \n \n \n - \n \n \n 3,426.2 \n \n \n 1,713.5 \n \n \n 371.4 \n \n \n 2,084.9 \n \n \n \n \n Investment income \n \n \n 6 \n \n \n 156.2 \n \n \n - \n \n \n 156.2 \n \n \n 184.2 \n \n \n - \n \n \n 184.2 \n \n \n \n \n Interest expense \n \n \n 6 \n \n \n (342.1) \n \n \n - \n \n \n (342.1) \n \n \n (312.2) \n \n \n - \n \n \n (312.2) \n \n \n \n \n Other finance ítems \n \n \n 3,6 \n \n \n (80.8) \n \n \n - \n \n \n (80.8) \n \n \n 63.2 \n \n \n 51.0 \n \n \n 114.2 \n \n \n \n \n Net finance (expense)/income \n \n \n 6 \n \n \n (266.7) \n \n \n - \n \n \n (266.7) \n \n \n (64.8) \n \n \n 51.0 \n \n \n (13.8) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 3,159.5 \n \n \n - \n \n \n 3,159.5 \n \n \n 1,648.7 \n \n \n 422.4 \n \n \n 2,071.1 \n \n \n \n \n Income tax expense \n \n \n 7 \n \n \n (1,142.7) \n \n \n 54.5 \n \n \n (1,088.2) \n \n \n (628.4) \n \n \n (126.7) \n \n \n (755.1) \n \n \n \n \n Profit for the year \n \n \n \n \n \n 2,016.8 \n \n \n 54.5 \n \n \n 2,071.3 \n \n \n 1,020.3 \n \n \n 295.7 \n \n \n 1,316.0 \n \n \n \n \n Attributable to: \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 742.4 \n \n \n - \n \n \n 742.4 \n \n \n 400.8 \n \n \n 85.8 \n \n \n 486.6 \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 1,274.4 \n \n \n 54.5 \n \n \n 1,328.9 \n \n \n 619.5 \n \n \n 209.9 \n \n \n 829.4 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n US cents   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and diluted EPS \n \n \n 8 \n \n \n 129.3 \n \n \n 5.5 \n \n \n 134.8 \n \n \n 62.8 \n \n \n 21.3 \n \n \n 84.1 \n \n \n \n \n   \n All earnings in all the periods presented are from continuing operations. \n \n Consolidated Statement of Comprehensive Income \n \n \n \n \n \n \n \n Notes \n \n \n Year ended 31.12.2025 (Unaudited) \n \n \n Year ended 31.12.2024 \n (Audited) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n $m \n \n \n $m \n ...

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