Anglo American Plc | Europe 1H26 financials preview

Research evidence excerpt

Anglo American Plc | Europe 1H26 financials preview

Update

July 26, 2026 01:41 PM GMT

Morgan Stanley & Co. International plc+MAnglo American Plc | Europe Alain Gabriel, CFA

Equity Analyst

1H26 financials preview Alain.Gabriel@MorganStanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-8959

Brian Morgan

We forecast underlying EBITDA from continuing operations of Equity Analyst

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

US$3.79bn, broadly in line with VA Consensus on a like-for-like

basis. With FY26 volume and cash-cost guidance already Morgan Stanley & Co. International plc+ Ioannis Masvoulas, CFA

updated, focus will turn to capital returns, any revision to capex Equity Analyst

Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

guidance, progress on the remaining disposals and Anglo Teck Ferdinand Huber

Research Associatemilestones.

Ferdinand.Huber@morganstanley.com +44 20 7677-2702

Cost performance sets the tone for 1H26 financials. Anglo cut FY26 copper unit- Adahna Ekoku

cost guidance to USc145/lb (from USc172/lb) on favourable FX and stronger by- Adahna.Ekoku@morganstanley.com +44 20 7425-0578

product credits. We forecast 1H26 EBITDA from continuing operations of US

Anglo American Plc (AAL.L, AAL LN)

$3.79bn, which is within 2% of Visible Alpha consensus. At the divisional level, our

Metals & Mining | United Kingdom

Copper EBITDA forecast is ~2% ahead of consensus, driven by stronger realised

Stock Rating ++

prices and the better-than-expected cost trajectory. As for Iron Ore, Kumba (covered Industry View In-Line

by Brian Morgan) had already reported its 1H26 EBITDA range, pointing to some Shr price, close (Jul 24, 2026) 3,721p

Price target ++

modest downside to consensus figures.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e