Chile's Antofagasta 2025 revenue beats estimates on higher copper prices

Antofagasta

17/02/2026 07:08

Overview

Chile copper producer's 2025 revenue rose 30%, beating analyst expectations

EBITDA for 2025 increased 52%, driven by robust pricing and operational discipline

Company recommended final dividend of 48¢ per share for 2025

Outlook

Antofagasta expects 2026 copper production of 650,000-700,000 tonnes

Company anticipates 2026 capital expenditure of $3.4 bln, excluding Zaldívar

Antofagasta sees 2026 cash costs before by-product credits at $2.30-$2.50/lb

Result Drivers

HIGHER COPPER PRICES - Revenue increased by 30% to $8.6 bln, driven by higher copper prices and increased sales volumes of copper and by-products

COST CONTROL - EBITDA margin widened to 60% due to robust cost control and strong revenue growth

COMPETITIVENESS PROGRAMME - Achieved $115 mln in savings, exceeding the target of $100 mln for the year

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Beat
$8.62 bln
$8.41 bln (20 Analysts)
FY Adjusted Free Cash Flow
$4.25 bln
FY Capex
$3.70 bln
FY Dividend
$0.65
FY EBITDA
$5.20 bln
FY EBITDA Margin
60.30%
FY Pretax Profit
$3.16 bln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 9 "hold" and 7 "sell" or "strong sell"

The average consensus recommendation for the specialty mining & metals peer group is "buy."

Wall Street's median 12-month price target for Antofagasta PLC is GBp3,300.00, about 11.9% below its February 16 closing price of GBp3,746.00

The stock recently traded at 35 times the next 12-month earnings vs. a P/E of 34 three months ago

Press Release: ID:nRSQ2453Ta

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)