Anglo American: H1'26 preview: tracking well despite external pressures. Buy

Research evidence excerpt

Anglo American: H1'26 preview: tracking well despite external pressures. Buy

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Anglo American 23 July 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (GBP) 3,529.00

AAL.L AAL LN LSE AAL

Price Target (GBP) 4,500.00

Metals & Mining

Metals & Mining ADR ISIN 52-week range (GBP) 4,225.002,061.34-

AAUKY US03485P2011

H1'26 preview: tracking well despite

Valuation & Risks external pressures. Buy

Liam Fitzpatrick

H1 results due 30 July Research Analyst

Q2 production reported earlier today was solid, with copper and iron ore production +44-20-754-13233

~1% ahead of consensus and tracking within the company's guidance ranges (Fig

Bastian Synagowitz

5). There were concerns in the market over the Collahuasi mine, following the Research Analyst

temporary suspension of the desal plant, however, the asset performed in line with +41-44-227-3377

expectations and is on track to deliver a grade driven volume recovery in 2027. The

Cody Hayden

company reiterated 2026 production guidance and lowered (improved) copper unit

Research Analyst

cost guidance by 16%/27c. Iron ore pricing was weaker than expected due to higher

+44-20-754-13230

freight rates and the redirection of some cargoes, but partly offset by better copper

pricing. On disposals, the proceeds from the coking coal sale are expected to be

received by Q127 and the De Beers sale process is "progressing". Adjusting for the

Q2 update, we forecast underlying H1 EBITDA of $3.95bn (Fig 2) and net debt of

$8.7bn (Bloomberg consensus $3.9bn and $9.3bn, respectively).

Within, we provide our detailed H1 results preview, a summary of Q2 production

results and latest company guidance.

On the cusp of becoming a global copper leader