Anglogold Ashanti PLC (AU.N): 2Q‘26 EBITDA broadly in line vs CitiE/consensus; dividend weaker; guidance now implies stronger ops performance in 2H26

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Anglogold Ashanti PLC (AU.N): 2Q‘26 EBITDA broadly in line vs CitiE/consensus; dividend weaker; guidance now implies stronger ops performance in 2H26

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31 Jul 2026 07:32:38 ET │ 12 pages

Anglogold Ashanti PLC (AU.N)

2Q’26 EBITDA broadly in line vs CitiE/consensus; dividend weaker;

guidance now implies stronger ops performance in 2H26

CITI'S TAKE Buy

Short-Term View: Downside, expires 23-AUG-26

ANG reported 46% y/y increase in 2Q26 EBITDA to $1.97bn which is

Price (30 Jul 26 16:00) US$82.33 broadly in line vs CitiE ($2.0bn) and VA consensus ($2.0bn). The y/y

Target price US$125.00 increase is primarily due to over 30% higher gold price, partially offset by

lower gold production/sales and a 21% increase in cash cost. HEPS Expected share price return 51.8%

increased by 58% y/y to $1.98/sh. The significant increase in earnings Expected dividend yield 5.3%

resulted in: (i) net cash increasing to $991m, and (ii) a dividend Expected total return 57.2%

announcement of $0.72/sh (lower vs CitiE/consensus) which implies a Market Cap US$41,638M

payout of 0.36x. Guidance remains unchanged and now implies higher

h/h production and lower h/h cash costs in 2H. Further, on 23 July 2026,

company’s shareholders approved the previously announced proposed

share repurchase programme for AngloGold Ashanti’s ordinary shares of Ephrem RaviAC

up to $2.0bn. +44-20-7986-2462

ephrem.ravi@citi.com

Overall lower production performance y/y; marginally lower vs consensus — Gold Shashi Shekhar, CFA

production declined by -7% y/y at 744koz marginally lower vs VA consensus (752 +91-22-4277-5028

koz). Excluding Serra Grande (sold on 1 December 2025) production declined by -6% shashi.shekhar@citi.com

y/y. The decline was due to lower production at Obuasi (contractor fatality in April