First-half revenue from continuing operations was up 11% to $9.9bn driven largely by higher copper prices. Underlying cash profit (EBITDA) grew by 35% to $4.0bn, ahead of the $3.9bn expected. Stronger copper and, to a lesser extent, iron ore prices did much of the heavy lifting, partly offset by cost inflation and volume headwinds.
Free cash flow rose by $0.5bn to $0.8bn helped by operational performance and lower capital expenditure. Net debt of $8.2bn was $0.4bn lower than in December.
The interim dividend more than trebled to $0.23 per share.
Operational guidance for 2026 was largely unchanged with a reduction in capital expenditure of $0.4bn to $3.2bn the notable exception.
The shares were up 4.4% in early afternoon trading.
Our view
HL view to follow.
Anglo American key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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