Anglo American Group: 2Q26 operational results update

Research evidence excerpt

Anglo American Group: 2Q26 operational results update

23 July 2026

Anglo American Group EquitiesMetals & Mining

2Q26 operational results update South Africa

◆ Strong operational results for Anglo American, while Kumba’s Jonathan Brandt, CFA

performance was below expectations Analyst, GEMs ex-Asia Metals & Mining, Pulp & Paper HSBC Securities (USA) Inc.

jon.brandt@us.hsbc.com

◆ 2026 production guidance unchanged; cost guidance +1 212 525 4499

adjusted lower for copper Ishan Jain*

Analyst, Metals & Mining, Pulp & Paper

HSBC Securities and Capital Markets (India) Private Limited

◆ Maintain Hold on Anglo and KIO; Anglo TP unchanged, cut ishanjain@hsbc.co.in

KIO’s to ZAR285.00 (from ZAR300.00) +91 80 4550 3767

Gustavo Hwang*, CFA

Analyst, GEMs ex-Asia Metals & Mining, Pulp & Paper

2Q26 operational update: Anglo American and Kumba reported their 2Q26 operational Banco HSBC S.A. gustavo.hwang@hsbc.com

update today. Anglo’s for continuing business was strong but Kumba reported weak +55 11 2802 3257

production, driven by a 16% y-o-y decrease in Kolomela's production due to a planned

maintenance shutdown. Kumba guided 1H26 EBITDA to ZAR10,433-11,194m and HEPS * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

to ZAR12.68-13.61, below HSBCe and consensus.

2026 guidance broadly unchanged: Production guidance for both is unchanged.

Anglo lowered 2026 total unit cost guidance for the copper division to USc145/lb

(from USc172/lb). Unit cash cost was reduced for both the Chilean and Peruvian divisions

to USc210/lb (from USc230/lb) and USc65/lb (from USc100/lb), respectively, attributable

to higher byproduct credits and favorable FX movement. Kumba’s cost guidance is