AGL Results Neutral

ANGLO AMERICAN PLC - Anglo American Preliminary Results for the Year ended 31 December 2025 and Notice of Dividend

Anglo American plc
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What this filing means

Anglo American reported a $3.7bn loss driven by De Beers impairments while making significant progress on its Teck merger and debt reduction.

Bull case

  • Progression toward a transformational merger with Teck to form 'Anglo Teck', creating a critical minerals champion with >70% copper exposure.
  • Strong operational performance in continuing operations with Underlying EBITDA of $6.4 billion and high margins in Copper (49%) and Premium Iron Ore (43%).

Bear case

  • Reported a massive $3.7 billion loss attributable to shareholders, driven by a $2.3 billion impairment of De Beers.
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Category
Results
Published
Feb 20, 2026

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