Key Takeaways:
- Net loss narrowed to $858M from $1.88B a year earlier on smaller write-downs
- Underlying EBITDA jumped 35% to $4B, topping consensus estimates of $3.66B
- Merger with Teck Resources awaits final Chinese approval; De Beers sale advancing
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Anglo American narrows H1 loss to $858M as transformation advances
Anglo American reported an H1 2026 net loss of $858M, narrowing from $1.88B a year earlier as smaller write-downs tempered the impact of its sweeping portfolio overhaul.
"The results show our transformation is on track," Chief Executive Officer Duncan Wanblad said. "We are delivering the next phase of our portfolio overhaul."
Underlying earnings before interest, taxes, depreciation and amortization rose 35% to $4B, topping the $3.66B consensus compiled by Visible Alpha. Revenue climbed 11% to $9.93B. The result included a write-down on the steelmaking-coal business to reflect terms of a sale agreement reached earlier this year.
The company is in the midst of its biggest shake-up since fending off a nearly $50B hostile bid from BHP in 2024. It spun off its platinum business into Valterra Platinum last year and has struck deals to exit coal and nickel. The $53B all-stock merger with Canada's Teck Resources is awaiting final approval from China.
Anglo raised its dividend, the company said Thursday, without disclosing the per-share amount.
The sale process for De Beers, the diamond business Anglo took control of in 2011 for almost $13B, is advancing. Anglo has picked a consortium led by former De Beers CEO Gareth Penny as the preferred bidder, with a deal structure valuing Anglo's 85% stake at about $1B, people familiar with the matter have said. The diamond unit has been hit by a prolonged market slump, with Anglo taking three impairments in three years that lowered its carrying value to $2.3B.
The narrowed loss and EBITDA beat signal that Anglo's restructuring is beginning to deliver financial improvements even as the company sheds assets. Investors will watch for Chinese regulatory approval of the Teck merger, which would create one of the world's largest copper producers.
This article is for informational purposes only and does not constitute investment advice.
[1] Anglo American Sees Transformation on Track After Net Loss Narrows[2] Anglo American posts $858 million H1 loss, raises dividend as Teck merger awaits approval[3] Anglo said to be in talks to sell De Beers for about $1bn[4] What a $1 Billion Price Tag for De Beers Says About the State of the Diamond Market
