Antofagasta EBITDA Surges 27% in H1 2026 as Copper Expansion Advances

Copper | 2026-08-17 10:42:09 | By Paul Ploumis

The cost-control programme generated $67 million in savings during the period.

Summary

Strong financial performance: H1 2026 EBITDA increased 27% to $2.84 billion, while revenue rose 18% to $4.48 billion and operating cash flow jumped 53%.
Copper output declined: Production fell 9% year-on-year to 285,000 tonnes, mainly due to lower output at Los Pelambres and Centinela. Full-year guidance stands at 625,000-655,000 tonnes.
Expansion and cost savings: Cost-control measures generated $67 million in savings, while major projects remain on track for 2027 commissioning and a new $900 million Zaldívar water system has been approved.

Antofagasta H1 2026 EBITDA Jumps 27% to $2.84B on Higher Copper Prices

Antofagasta plc reported a 27% year-on-year increase in first-half 2026 EBITDA to $2.84 billion, driven by stronger realised copper prices, productivity improvements and tighter cost control. Revenue rose 18% to $4.48 billion, while operating cash flow climbed 53% to $2.77 billion.

What Readers Should Know

EBITDA up 27% YoY to $2.84B; revenue up 18% to $4.48B in H1 2026
Operating cash flow rose 53% to $2.77B; EBITDA margin improved to 63.4%
Underlying EPS increased 81% to 85.9 cents; interim dividend of 30.1 cents per share declared
Copper output fell 9% to 285,000 tonnes due to lower production at Los Pelambres and Centinela
Full-year 2026 copper production guidance revised to 625,000–655,000 tonnes
Major expansion projects on track for 2027 commissioning; $900M approved for Zaldívar water system

Financial Performance Highlights

Antofagasta delivered strong financial growth in the first half of 2026, supported by higher realised copper prices, productivity gains and tighter cost management. EBITDA rose 27% year-on-year to $2.84 billion, while revenue increased 18% to $4.48 billion.

Operating cash flow climbed 53% to $2.77 billion, while EBITDA margin also improved to 63.4%, up five percentage points from the first half of 2025. Underlying earnings per share increased 81% to 85.9 cents. The company declared an interim dividend of 30.1 cents per share.

Production and Operational Updates

Antofagasta's copper output reached 285,000 tonnes during the six months, down 9% from a year earlier, mainly because of weaker production at Los Pelambres and Centinela. Following the temporary shutdown at Los Pelambres caused by severe weather in Chile, operations are gradually returning to normal. The company now expects full-year copper production of 625,000–655,000 tonnes.

Cost Control and Capital Projects

The cost-control programme generated $67 million in savings during the period.

Major expansion projects remain on schedule for commissioning in 2027. The Centinela Second Concentrator and Los Pelambres infrastructure projects are in progress. The company has approved about $900 million for a new water system at Zaldívar, aimed at extending the potential mine life to 2051.