Antofagasta EBITDA Rises 27% on Higher Realised Copper Prices

The Tip Desk · March 19, 2026 · 2 min read

The pure-play copper producer reported a first-half EBITDA of $2,840.5 million for the period ended 30 June 2026

Antofagasta Plc, a pure-play copper producer, reported a 27% increase in EBITDA to $2,840.5 million for the first half of 2026. The company said the growth was primarily driven by higher revenue, though this was partially offset by an increase in operating costs. The Group's EBITDA margin widened to 63.4% from 58.8% in the same period in 2025.

Revenue for the first half of 2026 rose 18% to $4,479.0 million. The company attributed this increase to higher realised prices, which offset lower sales volumes of copper and by-products. The average realised copper price rose 36% year-on-year to $6.19/lb. Realised prices for by-products also increased, with gold rising 46% to $4,772/oz and molybdenum rising 55% to $32.6/lb.

Profit before tax, including exceptional items, rose 72% to $1,995.8 million. This result reflected higher revenue, lower depreciation and amortisation, and a higher net share of results from associates and joint ventures. Earnings per share increased 62% to 85.9 cents. Cash flow from operations rose 53% to $2,772.9 million, driven by strong earnings and positive movements in debtors and creditors.

For the full year 2025, the company produced 653,700 tonnes of copper at a net cash cost of $1.19/lb. Total operating costs for 2025 rose to $5,246.7 million from $4,976.1 million in 2024. This increase included $150.1 million in higher mine-site operating costs and $71.9 million in higher depreciation and amortisation.

Antofagasta maintains a net debt position of $2,749.5 million as of 31 December 2025, with combined cash, cash equivalents, and liquid investments totaling $4,909.9 million. The company also holds an undrawn $500 million revolving credit facility that expires in December 2028.

Regarding future production, the company expects full-year copper production to be between 625,000 and 655,000 tonnes. This follows a precautionary shutdown at Los Pelambres due to adverse weather. The company is advancing projects at Centinela and Los Pelambres toward commissioning in 2027, which it expects will deliver a 30% increase in copper production.