Anglo American Reports Higher Underlying EBITDA and Free Cash Flow for First Half 2026

The Tip Desk · July 30, 2026 · 2 min read

The company increased its interim dividend to $0.23 per share while advancing the sale of De Beers and Steelmaking Coal.

Anglo American Plc reported a 35% increase in underlying EBITDA for continuing operations, reaching $4.0 billion for the six months ended June 30, 2026 [3, 15]. Attributable underlying EBIT rose to $3.3 billion from $2.0 billion in the prior year, driven by strong performance in Copper and cost controls, though these were partially offset by losses in De Beers. The company's attributable ROCE increased to 15% from 9% [1, 15].

Cash flow from operations rose to $3.5 billion [1, 2]. Attributable free cash flow increased to $0.8 billion, up from $0.3 billion in the same period last year [14, 15]. This improvement was supported by lower capital expenditure of $1.5 billion and lower net interest of $0.3 billion. Net debt decreased to $8.2 billion, resulting in a net debt to underlying EBITDA ratio of 1.0x.

Despite these gains, the company reported a total loss attributable to equity shareholders of $0.9 billion, which included a $0.7 billion after-tax impairment of the Steelmaking Coal business [1, 3]. Net assets decreased by $0.7 billion to $23.4 billion.

In line with its 40% payout policy, the Board approved an interim dividend of $0.23 per share, equivalent to $0.2 billion [1, 3].

Regarding strategic progress, Anglo American agreed to sell Steelmaking Coal for up to $3.875 billion in cash and is advancing the sale of De Beers. The company is also planning a merger with Teck.

Looking forward, the company expects long-term sustaining capital expenditure for its simplified portfolio to be approximately $2.0 billion per annum. For 2026, the underlying effective tax rate for continuing operations is guided at 44-48%, and depreciation for continuing operations is expected to be between $2.4 billion and $2.6 billion.