Anglo American PLC (LSE:AAL) shares moved on the front foot, after the miner reported a small rise in 2025 underlying EBITDA from continuing operations to $6.4bn and said it delivered $1.8bn of run-rate cost savings, as stronger copper and premium iron ore performance outweighed a sharp deterioration at De Beers.
It comes as the mining group continues to position for its proposed merger with Canada's Teck Resources.
Chief executive Duncan Wanblad said he was "delighted" with the firm's "continued strong operational and cost performance".
"2025 was a transformational year for Anglo American as we progressed our portfolio simplification and set the course for the future of our company by agreeing to merge with Teck to form a global critical minerals champion - as Anglo Teck. In parallel, we continued to accelerate delivery of our own strategic priorities of operational excellence, portfolio optimisation and growth, making great strides during the year and unlocking material value for our shareholders," Wanblad commented.
The numbers
Revenue from continuing operations increased 5% to $18.5bn, while attributable free cash flow swung to a $790m inflow from a $209m outflow a year earlier, helped by working capital reductions and lower capital expenditure.
Net debt fell to $8.6bn from $10.6bn, which the group said reflected proceeds from the sale of its residual Valterra Platinum shareholding and other portfolio actions, with further deleveraging expected as planned divestments progress.
Statutory results remained loss-making, with Anglo reporting a $3.7bn loss attributable to shareholders after booking a $2.3bn pre-tax impairment at De Beers. The board declared total 2025 dividends of $0.23 per share, including a final dividend of $0.16 per share, in line with its 40% payout policy.
In London, Anglo shares were up around 1%, changing hands at 3,612.