Anglo American (AAL-LN) 1H26 Results and Analyst Meeting Key Points: Lowered CapEx Guidance, Ongoing Asset Optimization

English summary

Financial performance (continuing operations basis): Revenue +11% YoY to $9.926 billion, adjusted EBITDA +35% YoY to $4.002 billion, better than market expectations, mainly due to higher copper prices and cost-saving program results. CapEx guidance: 2026 continuing operations CapEx guidance lowered from $3.6 billion to $3.2 billion, with core assets CapEx reduced from $3.1 billion to $3.0 billion, and De Beers CapEx reduced from $500 million to $200 million. The company maintains 2027 and 2028 core assets CapEx guidance of $2.9 billion and $2.6 billion unchanged. Los Bronces-Andina joint mining: The project's current key node is obtaining environmental permits. The company has a clear understanding of the mine plan, but the Chilean approval environment is relatively complex, and it is generally expected to take 3-4 years.…