AngloGold Ashanti (AU) Q2 2025 earnings summary

Executive summary

• Gold production rose 21% year-over-year to 804,000oz in Q2 2025, driven by strong performances at Obuasi, Geita, and the addition of Sukari in Egypt.

• Free cash flow surged 149% to $535m, and adjusted net debt fell 92% to $92m, reflecting robust cash generation and disciplined capital allocation.

• Maintained disciplined cost control despite inflation, supporting margin expansion and increased shareholder returns.

• Declared a $406m dividend (80 US cents/share), reflecting strong cash flow and board confidence in outlook.

• Inclusion in Russell US Indexes enhances visibility and liquidity among US investors.

Financial highlights

• Adjusted EBITDA increased 111% to $1.44bn; headline earnings up 151% to $639m; basic earnings up 164% to $669m.

• Net cash flow from operations up 142% to $1.02bn; free cash flow at $535m, up from $215m in Q2 2024.

• Group capital expenditure rose 33% to $381m, with sustaining capex up 28% to $273m.

• Adjusted net debt/Adjusted EBITDA improved to 0.02x from 0.62x year-over-year.

• Free cash flow margin improved to 28% from 16% in Q2 2024.

Outlook and guidance

• 2025–2026 gold production guidance: 2,900–3,225koz annually; all-in sustaining costs: $1,580–$1,705/oz.

• Total cash costs expected at $1,125–$1,225/oz; capital expenditure forecasted at $1.62–$1.77bn for 2025.

• Full-year 2025 guidance for gold production, costs, and capital spending reaffirmed.

• Strategic focus remains on enhancing margins, extending mine lives, and maintaining capital discipline.

• Guidance assumes no major operational disruptions; inflation and market volatility remain key variables.