20 February 2026
If you are covering Anglo American’s latest financial results, please find below a comment from Maurizio Carulli, energy and materials analyst at Quilter Cheviot:
“Anglo American’s full year results released today are solid and slightly better than expectations, and thus we are seeing a positive share price reaction today.
“Underlying earnings were $6.4bn up 2% year on year, with earnings margin at an attractive 33%. Net Debt decreased to $8.6bn compared to $10.6bn in 2024, thanks to the divestments and positive net working capital contribution. Dividend payment is consistent with 40% payout policy. The only minor negative is the company guidance of slightly higher cash unit costs in 2026, a combination of currency effects and some temporary extra operational costs.
“Anglo American also announced a further $2.3bn large impairment of De Beers, its diamond business, but this was widely expected given the prolonged difficult market in natural diamonds, due to competition from cheaper laboratory-grown diamonds. Both De Beers and Anglo’s metallurgical coal business are currently under a sale process, part of the strategic repositioning of Anglo American announced past year, implemented under the helm of Duncan Wanblad, Anglo American’s capable CEO.
“Of course, the main component of Anglo American investment story is the merger with Teck Resources, the Canadian miner, which was announced last September, and is currently undergoing regulatory approvals. The merger will transform Anglo American into a truly copper giant with top tier assets in reliable jurisdictions. Once the merger is completed in 12-18 months, significant cost savings and production growth will be achieved. Teck Resources released yesterday positive results as well.”
