AngloGold Ashanti (AU) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with free cash flow tripling to $2.9bn, adjusted EBITDA up 129% to $6.3bn, and headline earnings rising 186% to $2.7bn, driven by 16% higher gold production and a 45% increase in average gold price.

• Achieved record safety performance with TRIFR at 0.97 per million hours worked, outperforming industry benchmarks.

• Tier 1 assets contributed over 70% of production and 80% of reserves, with standout results from Obuasi and Sukari; Sukari integrated as a Tier 1 asset following Centamin acquisition.

• Completed Cerrejón and Serra Grande sales to sharpen focus on core business and portfolio optimization.

• Arthur Gold Project in Nevada declared a first-time 4.9Moz mineral reserve, one of the largest US greenfield discoveries.

Financial highlights

• Gold production rose 16% to 3.1Moz, with managed operations up 19% to 2.8Moz; revenue from product sales reached $9.9bn.

• Adjusted EBITDA surged 129% to $6.3bn; free cash flow up 204% to $2.9bn; headline earnings increased 186% to $2.7bn.

• Net cash position improved from $567m net debt at end-2024 to $879m net cash at end-2025.

• Total dividends for 2025 were $1.8bn ($3.57/share), with $875m declared in Q4; payout ratio reached 62% of free cash flow.

• Gold price averaged $3,468/oz in 2025, up 45% year-over-year.

Outlook and guidance

• 2026 gold production guidance: 2.8–3.17Moz; AISC: $1,780–$1,990/oz; cash costs: $1,315–$1,455/oz.

• 2027 outlook includes similar production and cost ranges, with continued ramp-up at Obuasi and increased non-sustaining capital for North Bullfrog construction.

• Sustaining capital for 2026 guided at $1.04–$1.14bn; non-sustaining capital at $785–$835m.

• Focus remains on disciplined capital allocation, operational improvements, and maximizing cash conversion.

• Cost increases in 2026 expected to be split evenly between higher royalties and inflation.