Antofagasta (ANTO LN) FY25 (USD): Revenue 8.62bln (exp. 8.50bln), EBITDA 5.20bln (exp. 5.15bln), Pretax profit 3.16bln (exp. 3.19bln), EBITDA margin 60.3% (exp. 61.2%), Dividend/shr 64.6c (prev. 31.4c Y/Y), Recommended final dividend of 48.0c

• "We are pleased to announce a final dividend recommended for 2025 of 48 cents per share, which, if approved, would equate to a full year pay-out ratio of 50%". 

• "Copper's fundamental value continues to be demonstrated through sustained demand growth, driven by the global structural trends of energy security and electrification, which saw copper achieve record prices in 2025. As a pure-play copper producer with a portfolio of operations and extensive growth options in established jurisdictions, we are uniquely well-positioned to continue generating long-term stakeholder value and delivering on our purpose - developing mining for a better future."

• "The Group's copper production guidance for 2026 remains unchanged at 650,000-700,000 tonnes. Cash costs before by-product credits and net cash costs are expected to be between $2.30/lb and $2.50/lb and between $1.15/lb and $1.35/lb, respectively".
• "In 2026, consolidated Group capital expenditure, which excludes Zaldívar, is expected to be $3.4 billion".

Antofagasta's FY25 results slightly beat revenue and EBITDA expectations, but pretax profit and EBITDA margin fell short. The recommended final dividend shows a significant increase, reflecting confidence in cash flow despite the margin miss, and highlights ongoing strong copper demand driven by energy security and electrification trends, positioning the company for sustained long-term value in the metal market.