First Read AngloGold Ashanti Limited 2Q26 disappoints, but guidance maintained

Research evidence excerpt

First Read AngloGold Ashanti Limited 2Q26 disappoints, but guidance maintained

African earnings UBS Cons.

resulting in EBITDA, earnings and free cash flow below expectations. 12/26E 1,021.20 954.70

12/27E 1,095.03 1,042.90

Q: Has the company's outlook/guidance changed? 12/28E 968.83 979.60

A: No. Management maintained FY26 production, cost and capital expenditure

Steve Friedman

guidance and continues to expect production to be weighted towards 2H26. Investor

Analyst

focus is therefore likely to shift to execution in the second half, particularly the recovery steve.friedman@ubs.com

at Obuasi, delivery of the anticipated production uplift and whether higher volumes can +27-11-322 7252

translate into lower unit costs and improved cash generation. The company also

Myles Allsop

reiterated its commitment to shareholder returns following approval of the $2bn share

buyback programme, with further detail on implementation likely to be a key discussion myles.allsop@ubs.com

point. +44-20-7568 1693

Ndumiso Lushaba

Q: How would we expect investors to react? Associate Analyst

A: We expect investors to focus on the weaker-than-expected profitability, dividend and ndumiso.lushaba@ubs.com

cash generation rather than the broadly in-line production outcome. While guidance +27-11-322 7094

was maintained and production benefited from a strong Tropicana contribution, the

misses at EBITDA, earnings and free cash flow are likely to dominate discussions. The key

debate now shifts to whether the expected 2H26 production uplift, particularly the

recovery at Obuasi following operational disruptions during the quarter, can restore

margin performance, improve cash conversion and support stronger shareholder

returns.Management will host a results presentation at 3:00pm SAST (webcast).