Antofagasta 2025 full-year results: EPS, record $5.2bn EBITDA and 48¢ dividend

Antofagasta 2025 full-year results at a glance

Antofagasta reported record EBITDA of $5,201.9 million, up 52%, for the year ended 31 December 2025 in its 2025 full-year results.

Underlying EPS, excluding exceptional items, rose 106% to 129.3 US cents, while basic EPS, including exceptional items, rose 60% to 134.8 US cents, according to the full-year results announcement.

The Board recommended a final dividend of 48.0 US cents per share, taking total proposed dividends for 2025 to 64.6 US cents per share and representing a 50% payout of underlying earnings, as set out in the company's results statement.

Key numbers investors should know

• Revenue rose 30% to $8,620.3 million from $6,613.4 million in 2024, according to Antofagasta's results announcement.
• The EBITDA margin reached 60.3%, compared with 51.8% in 2024, according to the full-year release.
• Profit before tax, including exceptional items, increased 53% to $3,159.5 million, according to the reported results.
• Cash flow from operations increased 30% to $4,252.9 million, according to Antofagasta's financial results.
• Capital expenditure was $3.7 billion as major projects continued, according to the company's full-year commentary.

What drove the stronger result?

Antofagasta attributed the stronger performance to higher copper and by-product prices, increased sales volumes and robust cost control in its results commentary.

EBITDA is presented by Antofagasta as a non-IFRS measure in the full-year release. It is useful for comparing operating performance, but investors should still consider profit, cash flow, capital spending and debt rather than relying on one measure.

Antofagasta EPS and dividend explained

For readers comparing EPS figures, Antofagasta labels 129.3 US cents as underlying EPS excluding exceptional items and 134.8 US cents as basic EPS including exceptional items in its earnings release.

The final recommendation follows an interim dividend of 16.6 US cents per share, producing the proposed total of 64.6 US cents per share for 2025 in the formal results statement.

Antofagasta's dividend information lists the Final Ordinary 2025 dividend at 48.0 US cents per share with a payment date of 11 May 2026.

Investor take

This is a high-quality result. Pricing tailwinds helped, but execution mattered too: costs were kept in check, sales volumes increased and by-products supported the outcome, as Antofagasta explains in its results.

The stronger earnings and cash flow provide useful support for the proposed payout, but record profitability does not remove the usual mining risks. Copper prices, project delivery, operating costs and capital discipline remain the main points to watch.

For the half-year context, see my earlier Antofagasta results analysis.

Bottom line

The answer-first view is simple: Antofagasta delivered a strong set of results, with both underlying and basic EPS clearly disclosed alongside a substantial final dividend recommendation. On these numbers, the business enters its next investment phase from a position of improved profitability and cash generation, although delivery and commodity prices will still shape shareholder returns.