SENS-AI
AGL Results Neutral

ANGLO AMERICAN PLC - Anglo American Interim Results for the Six Months ended 30 June 2026 and Notice of Dividend

Anglo American plc
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What this filing means

A genuinely split print. Underlying EBITDA from continuing operations rose 35% to $4.0 billion and the interim dividend tripled to $0.23 per share — clean positives — but basic headline EPS fell to $0.14 from $0.23, weighed by a $0.9 billion loss after writing down the Steelmaking Coal business to its agreed sale price. The operating performance is real, the dividend signal is genuine, and the balance sheet is healthier, yet headline earnings deteriorated materially and the stock sits at a prem…

Bull case

  • Underlying EBITDA from continuing operations grew 35% to $4.0 billion, reflecting cost discipline and commodity tailwinds in the simplified portfolio.
  • Copper — the forward-portfolio anchor — generated $2.9 billion of underlying EBITDA at a 60% margin, validating the strategic re-positioning toward higher-quality earnings.

Bear case

  • Basic headline EPS fell to 0.14 from 0.23, a ~39% decline, revealing that bottom-line earnings deteriorated even as headline EBITDA expanded on commodity prices
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Category
Results
Event posture
No Edge
Published
Jul 30, 2026

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