EarningsQ2 2026 Earnings Report
MX:ANTON Q2 2026 EPS Results
Actual EPS$14.56
Consensus EPS$12.32
Beat/MissBeat by +$2.24
One Year Ago EPS$8.03
MX:ANTON Q2 2026 Revenue Results
Actual Revenue$76.95B
Expected Revenue$75.44B
Beat/MissBeat by +$1.51B
YoY Revenue Growth+13.64%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
MX:ANTON Upcoming Earnings
Antofagasta's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a predominantly positive operating and financial picture: robust H1 results (EBITDA +27%, cash flow +53%), strong margins (63%), reduced net cash costs (‑8%), continued project progress and full funding of a low‑risk growth pipeline, and continued emphasis on safety. However, notable near‑term risks were highlighted: severe weather at Pelambres that reduced production guidance (now 625,000–655,000 tonnes) and deferred higher‑grade ore, inflationary pressure on diesel and sulfuric acid (with some contractual exposure for 2027), additional lease liabilities (~$630m), and localized technical work at Centinela. On balance, the company emphasized cost discipline, secured supply/contracts, and that major projects remain on track and funded, suggesting strengths outweigh the near‑term operational headwinds.Company Guidance
Strong Financial Performance
EBITDA increased 27% to $2.84 billion in H1 2026; EBITDA margin reached an industry-leading 63%. Cash flow from operations rose 53% year‑on‑year. Interim dividend of $0.301 was declared (consistent with 35% minimum payout policy), representing an ~80–81% increase versus last year.
Lower Net Cash Cost and Cost Discipline
Net cash cost reduced by 8% year‑on‑year (approximately $0.10/lb improvement) despite sector inflationary pressures. Full‑year net cash cost guidance remains unchanged at $1.15–$1.35 per pound, reflecting productivity gains and meaningful by‑product contributions (Centinela and Pelambres).
Progressing Growth Pipeline and Projects Fully Funded
Antofagasta's organic brownfield growth pipeline is fully funded and intended to deliver ~30% volume uplift once commissioning is complete. Centinela second concentrator construction and pre‑commissioning are progressing; company expects commissioning in 2027 and ramp‑up in 2028. Company has passed peak CapEx and guidance for 2026 development CapEx is $3.4 billion (with tail CapEx into 2027).
Safety and Operational Response
Company reported five years without a fatal or serious accident across operations and projects. The Pelambres severe weather response was described as orderly and safety‑first; operations have been resuming safely following the storm.
Strategic Water Investment at Zaldivar
Approved a $900 million investment in a water pipeline to transition away from continental water by mid‑2028, securing stable water supply and supporting potential mine life extension to 2051.
Sustaining CapEx Guidance and Peak Spend Passed
Sustaining capital expenditure expected to be in a range of $1.0–$1.5 billion per year over the near term. Management indicated the peak capital phase is behind them and directional CapEx should fall from 2026 into 2027/2028 (with 2028 aligning roughly with sustaining CapEx).
Secured Supply Contracts Mitigating Input Risk
Although sulfuric acid spot prices rose materially in H1, the company has term contracts and has secured volumes for 2026 and into 2027. Management reported no current supply security issues and expects contracted pricing (not pure spot) to moderate exposure.
MX:ANTON Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed