• Landmark strategic progress with the proposed merger with Teck Resources to form Anglo Teck, a copper-focused critical minerals leader
• Resilient core performance from continuing operations, delivering underlying EBITDA of $6.4 billion, $1.8 billion in run-rate cost savings achieved on schedule
• Portfolio optimisation accelerates through Valterra Platinum demerger and full exit, ongoing Steelmaking Coal and Nickel divestments, and De Beers separation process,

Harare- Anglo American marked 2025 as a transformational year by advancing its portfolio simplification and securing a landmark merger agreement with Teck Resources to create Anglo Teck, a global critical minerals champion with over 70% exposure to copper.

In a statement accompanying the FY2025 financial results, Chief Executive Officer, Duncan Wanblad described the proposed merger as a defining moment in the company's history, designed to unlock significant near- and long-term value through synergies, asset adjacencies, and a premier copper growth pipeline.

With overwhelming shareholder approval from both companies and key regulatory clearance under Canada's Investment Canada Act secured in December 2025, the transaction continues to progress toward expected completion in late 2026 or early 2027, pending remaining approvals from jurisdictions including China, South Korea, the EU, and others.

In parallel with this strategic repositioning, Anglo American delivered resilient operational and financial performance from its continuing operations, focusing on high-quality Copper and Premium Iron Ore assets.

Underlying EBITDA from continuing operations rose modestly to $6.4 billion in 2025 from $6.3 billion in 2024, supported by strong production, disciplined cost management, and the on-schedule achievement of $1.8 billion in run-rate cost savings.

EBITDA margins remained robust at 49% in Copper and 43% in Premium Iron Ore, while cash conversion reached an impressive 107%, aided by further working capital reductions.

Revenue from continuing operations increased 5% to $18.5 billion, and attributable free cash flow turned positive at $790 million compared to a negative figure in the prior year.

Net debt decreased to $8.6 billion from $10.6 billion, bolstered by proceeds from the sale of the residual Valterra Platinum shareholding following its successful demerger earlier in the year.

The company's balance sheet strengthening reflects accelerated portfolio optimisation, including the completion of the Valterra Platinum (formerly Anglo American Platinum) demerger in mid-2025, the ongoing sale of its Steelmaking Coal business, the progressing regulatory approval for the Nickel divestment, and advancements toward separating De Beers. These initiatives underscore Anglo American's commitment to focusing on future-enabling commodities while enhancing shareholder value through material deleveraging and returns.

Despite these operational strengths, Anglo American reported a statutory loss attributable to equity shareholders of $3.7 billion for the full year, widening from $3.1 billion in 2024. This included a significant pre-tax impairment of $2.3 billion on De Beers, driven by weaker diamond market conditions, shifting consumer preferences toward laboratory-grown diamonds, and surplus rough diamond supply relative to demand.

The impairment reflects the third consecutive year of writedowns on the diamond unit, highlighting persistent challenges in that segment as Anglo American pursues a structured sale process targeted for completion in 2026.

Consistent with its 40% payout policy, Anglo American declared total cash dividends of $0.2 billion, or $0.23 per share, comprising an interim dividend of $0.07 and a final dividend of $0.16 per share.

The final dividend is payable on May 6, 2026, subject to the specified record and ex-dividend dates across the London, Johannesburg, and Botswana exchanges, with options for currency elections and participation in the Dividend Reinvestment Plan.

As Anglo American advances toward its merger with Teck and completes its portfolio reshaping, the company remains positioned to capitalise on demand for critical minerals essential to the global energy transition.

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