Antofagasta reported record 2025 EBITDA of $5.20 billion, a 52% increase driven by higher copper prices and by-product revenues. Revenue jumped 30% to $8.62 billion as the copper miner benefited from favorable market conditions. The company maintained strong financial metrics with EBITDA margin expanding to 60.3% from 51.8% a year earlier.

Copper production reached 653,700 tonnes despite a 2% decline year-on-year. Net cash costs fell 27% to $1.19/lb, supported by stronger by-product credits. Antofagasta increased capital expenditure to $3.68 billion for major projects at Centinela and Los Pelambres while keeping net debt to EBITDA low at 0.53x. The board proposed a final dividend of 48.0 cents per share.

Antofagasta maintained 2026 copper production guidance of 650,000-700,000 tonnes. Cash costs before by-product credits are expected between $2.30/lb and $2.50/lb, with net cash costs forecast at $1.15/lb to $1.35/lb. Capital expenditure for next year is projected at around $3.4 billion as the company balances growth with shareholder returns.