Antofagasta 2025 EBITDA Hits Record High Amid Strong Copper Prices
Copper | 2026-02-18 06:53:16
The balance sheet remained resilient, with liquidity of $4.9 billion and a net debt-to-EBITDA ratio of 0.53x.
By Paul Ploumis
SEATTLE (Scrap Monster): Antofagasta plc delivered a standout financial performance in 2025, underpinned by higher copper prices, solid by-product credits and disciplined cost management. Group revenue climbed 30% year-on-year to $8.6 billion, supported by stronger realised prices for copper, gold and molybdenum, alongside higher sales volumes.
EBITDA surged 52% to a record $5.2 billion, lifting the EBITDA margin to 60.3%. Operating cash flow rose 30% to $4.3 billion, despite a working capital outflow linked to elevated year-end copper prices. Capital expenditure peaked at $3.7 billion as major growth projects advanced on schedule and within budget.
The balance sheet remained resilient, with liquidity of $4.9 billion and a net debt-to-EBITDA ratio of 0.53x. The board recommended a final dividend of 48 cents per share, bringing total shareholder returns in line with its 50% earnings payout policy.
Copper production guidance for 2026 is maintained at 650,000–700,000 tonnes, with disciplined cost expectations. CEO Iván Arriagada highlighted record earnings, strong safety metrics and project execution as positioning the company for medium-term production growth and sustained value creation amid robust global copper demand.
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Which factor contributed most to Antofagasta’s record 2025 performance?
Frequently Asked Questions
- What was Antofagasta’s 2025 revenue and EBITDA performance?
Revenue rose 30% to $8.6B, and EBITDA surged 52% to a record $5.2B, with a 60.3% margin.
- What drove the strong financial results?
Higher copper, gold, and molybdenum prices, strong by-product credits, disciplined cost management, and higher sales volumes.
- How did capital expenditure and cash flow perform?
Capex reached $3.7B for ongoing growth projects; operating cash flow was $4.3B despite working capital outflows.
