AngloGold Ashanti (AU) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in Q3 2025, with gold production up 17% year-over-year to 768,000 oz, driven by strong output from Obuasi, Geita, Cuiabá, Kibali, and the addition of Sukari.

• Headline earnings surged 185% to $672m, and adjusted EBITDA rose 109% to $1.56bn compared to Q3 2024.

• Free cash flow increased 141% year-over-year to $920m, with a robust balance sheet and adjusted net cash of $450m at quarter-end.

• Dividend policy revised to a 50% payout of free cash flow, resulting in $460m declared for Q3 and $927m year-to-date, with a 91 US cents per share dividend.

• Safety performance improved, with TRIFR down 17% year-over-year to 0.96, outperforming industry averages.

Financial highlights

• Free cash flow for the quarter reached $920m, up 141% year-over-year, with a free cash flow margin of 45%.

• Adjusted EBITDA increased by 109% to $1.56bn, and headline earnings rose 185% to $672m or 132 US cents per share.

• Group total cash costs rose 5% to $1,225/oz; AISC up 6% to $1,720/oz.

• Capital expenditure increased 32% to $388m, with sustaining capital up 24% to $281m.

• Net cash flow from operating activities was $1.42bn, up 134% year-over-year.

Outlook and guidance

• Full-year 2025 guidance for production, costs, and capital spending reaffirmed, with gold production guidance at 2,900–3,225 koz and total cash costs of $1,125–1,225/oz.

• Capital expenditure forecasted at $1,620–1,770m, with sustaining capex of $1,085–1,185m.

• Production and cash flow expected to be weighted towards Q4 2025, with tier one assets' production share expected to rise.

• Ongoing organic growth projects and exploration to extend asset lives and increase production.