Among those currently scheduled to release results next week:
16-Feb | |
|---|---|
BHP Group* | Half Year Results |
17-Feb | |
|---|---|
Antofagasta | Full Year Results |
Coca-Cola Europacific Partners | Full Year Results |
InterContinental Hotels Group | Full Year Results |
18-Feb | |
|---|---|
BAE Systems* | Full Year Results |
Glencore* | Full Year Results |
Pan African Resources | Half Year Results |
19-Feb | |
|---|---|
Airbus* | Full Year Results |
Centrica* | Full Year Results |
Mondi | Full Year Results |
Rio Tinto* | Full Year Results |
20-Feb | |
|---|---|
Anglo American* | Full Year Results |
SEGRO | Full Year Results |
TBC Bank Group | Q4 Results |
Rio Tinto set to report a strong end to the year
Rio Tinto’s mines look to be producing at full tilt as Simon Trott prepares for his first set of full-year results as CEO. Last month’s fourth-quarter production report saw new records being broken, including shipments from the flagship Pilbara iron ore operation, as well as production of copper, bauxite, and lithium. Rio, as a minimum, met all 2025 guidance with added beats on copper and bauxite.
Full-year free cash flow is forecast to fall from $6.5bn to $2.7bn, reflecting higher levels of capital expenditure. But with iron ore and copper prices strengthening over the second half, we think there may be some scope for upside. With the Glencore tie-up now firmly off the table, attention will turn back to the outlook for 2026, with first production from Ghana’s Simandou mine and a restructuring at the Iron Ore Company of Canada likely to be the key dial movers.
What’s ahead for Anglo American after mixed guidance for 2026?
Anglo American’s valuation has strengthened lately, helped by higher copper prices and merger progress with Canada’s Teck Resources, which has been cleared by both sets of shareholders. Next week’s final results will reflect a 6% increase in fourth quarter iron ore production, helped by continued progress at the Kumba mine. However, copper production fell 14% owing to lower ore grades.
Under the bonnet, there’s a mixed outlook for 2026 with copper guidance reducing in this month’s production report and the range for iron ore moving up. We’ll want some more colour on this dynamic, as well as comfort on the acceleration expected for most materials in 2027. Anglo made deep cuts to its half-year dividend from $0.48 to $0.07, reflecting losses at discontinued operations and challenges at diamond producer De Beers. Forecasts are for a smaller drop in the final dividend, from $0.25 to $0.22 per share, but there can be no guarantee.
BAE Systems looking to build on recent momentum
Momentum has continued to build behind BAE Systems ahead of its full-year results next week. The defence sector has been buoyed in 2026 by US plans for sharp increases in defence spending over the coming years. BAE Systems looks well-positioned to benefit from this potential uplift, with around 45% of its sales currently coming from the US, a much higher level than many of its European peers.
BAE’s recent performance has been impressive too. Back in November, the company had secured more than £27bn of orders so far in 2025, with more deals expected to be completed before the year-end. That gives the group great revenue visibility, and full-year guidance for 8-10% sales growth in 2025 remains on track. With a tight grip on costs, full-year underlying operating profits are expected to grow at a slightly faster pace of 9-11%. All eyes will be on the outlook for 2026, though, with markets currently forecasting profits to grow at a similar pace.
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