Half Year Results 2026: Script

[OFFICIAL]

Anglo American 2026 Interim Results

30 July 2026

Refer to cautionary statement in the presentation slides. Slide 1: 2026 interim results

Slide 2: Cautionary statement

Slide 3: Chair introductory comments Slide 4: Agenda

Presentation

Duncan Wanblad, Chief Executive Officer

Slide 5: Delivering the next phase of transformation

Thank you Stuart, and good morning everyone.

Well, it continues to be a busy time at Anglo American and the overall headline is that we've made yet more progress on our operational, financial and strategic plans over the last six months.

We delivered another period of solid operational stability. That translated into operating results being on plan across the business despite a number of external challenges, particularly the weather. Market conditions were especially tough in the diamond market, but De Beers delivered a robust operational performance, and our Steelmaking Coal business continues to make solid progress with higher production rates now bedding in at Moranbah.

We also made progress on two of the lowest capital intensity copper opportunities of scale in the industry and we received final approvals for the Los Bronces/Andina joint mine plan and have advanced early-stage preparatory work for the integration of Collahuasi and Quebrada Blanca.

In terms of our strategic plans, we took a big step forward on the outstanding portfolio work with the announcement of the sale of the Steelmaking Coal business to Dhilmar for up to $3.9 billion.

We continue to pursue a sale for De Beers - and I will come back to that later on in the presentation.

The planning for our merger with Teck has been moving ahead well in parallel. Once we receive our final approval, our two companies will come together to form a global mining champion - with a compelling set of lower-cost, long-life copper assets, alongside high-quality iron ore and

zinc. This will be a company with the track record and the resources to grow the supply of the metals and minerals the world is counting on for the decades ahead - led by copper.

Slide 6: Safety remains our number one value and first priority

Safety remains the foundation of everything that we do at Anglo American.

While our injury frequency rates have stayed at record low levels, I believe there is still room to bring them down further, by focusing on our activity planning, raising our standards and, above all, getting the critical actions right. This comes down to leaders being visibly present and engaged on the ground, and we are working to embed our safety culture even more deeply, with more active control checks out in the field.

On safety, we can never be complacent. No matter how good the results, there is always room for further improvement.

Turning to sustainability; we launched our updated Sustainability Strategy and targets for the simplified portfolio in February. We are now embedding the strategy, and as businesses progress delivery against their plans, we are beginning to see the benefits of a model that balances Group-level ambition and direction with locally relevant targets tailored to the priorities of each business. This approach allows us to deliver consistent outcomes at scale while creating value and driving tangible impact and value on the ground in our countries of operation.

Slide 7: Stable operational performance

We are now three years on from moving the accountability of our asset performance closer to site, and the evolution of the operating model is an important driver in consistently achieving our production targets. We also kept costs under control despite inflationary pressures stemming from knock-on impacts from events in the Middle East. John will unpack the costs a bit further in a moment.

The copper business produced 344,000 tonnes in the first half. We are on track for our full-year guidance of 700,000 to 760,000 tonnes, with higher volumes half on half to come from both Collahuasi and Quellaveco.

Los Bronces was a real highlight: the restart of the second plant has added profitable tonnes, and the mine is gaining more flexibility with each quarter.

In May, the permit for the desalination plant at Collahuasi was set aside by the environmental tribunal - five years after it had been granted.

Production, however, has not been affected because we currently have access to alternative water sources. We are hopeful that a review of the Environmental Assessment Service decision will allow us to restart the ramp-up of the plant later this year. We continue to work with the Chilean authorities to make that happen.

Still at Collahuasi, the team is managing the variability as we transition through lower grade and oxidised stockpiles. Indeed, the recoveries improved in Q2. The mine is on course to access the

fresh ore from the fourth quarter, which will be an inflection point after two years of limited flexibility. Next year the mine plan is characterised by higher grade benches and some more complex faulting that we will need to navigate, but the mine has worked through this many times before and we remain confident in our 2027 and 2028 copper guidance. Beyond that, this ore body has so much potential and I will discuss this further in the presentation.

Quellaveco remains the leading contributor of cash flow to the group, and it's great that we have now achieved payback. Quellaveco had another strong quarter, recoveries have picked up well and we also benefited from healthy by-product revenue.

Our iron ore businesses also posted another period of steady performance despite challenges with higher costs from both diesel and freight. Performance at Kumba was notable as it managed through the highest rainfall in many decades at both Sishen and Kolomela in April and May. Over in Brazil, Minas-Rio continues to have some of the highest productivity rates in the group.

Slide 8: Anglo Teck: transaction progressing, integration planning advancing

One of the management team's main priorities since the start of this year has been working with Teck on planning the integration for our merger.

We are cracking on at pace with all of the integration work - and there is a lot! We are particularly focused on getting the business positioned to stand up on its own on day one post closing and getting ready for the two new listings in New York and Toronto, and all of those associated regulatory processes.

We set up an Integration Management Office early on: which is essentially a team of senior leaders from both Anglo American and Teck that can work closely with me to drive the planning and state of readiness forward. They have done an excellent job so far, and we still have plenty to do, but I'm confident we will hit the ground running on day one.

As the combined portfolio comes together we will be ready to realise the material value and synergies that we have identified and I'm clear that all the assets can play a meaningful role in that.

As far as the future growth path is concerned, we will get into that once we have full visibility of information of both companies post completion - clearly that's not possible before given antitrust / gun-jumping rules.

So, in terms of what that means for market disclosure going forward - we'll start with the details of the essential architecture that we need to manage the business from day 1 and then get through the more detailed planning enabled by full integration. So, the initial disclosure will likely cover organisational structure, the group's key financial policies and the accounting and disclosure framework.

We will then update the market in the ordinary course thereafter and continue to evolve as we have more information.

On the timing of completion, the final regulatory approval we need is from China's State Administration for Market Regulation, or SAMR for short. We have been continuously engaging and cooperating with SAMR. We are of the view that the formation of Anglo Teck can only be positive for increasing global copper supply and is therefore a positive for our customers. We

believe that we will be on track to complete later this year or early next, as we announced at the outset.

I'm conscious that many of you will have questions related to the detail of these interactions and what it might mean for timing but, as I am sure you can appreciate, this is an important and confidential regulatory process and so I'm afraid we won't be commenting any further at this stage.

Slide 9: Portfolio transformation continues to progress

As I mentioned, we have moved forward on the portfolio transformation.

The sale of our Steelmaking Coal business to Dhilmar for up to $3.9 billion was an excellent outcome from a highly competitive process and that gives us both cash upfront and the ability to participate in price upside over the coming years. We are working towards satisfying all closing conditions and targeting closing by Q1 2027.

On nickel, we are continuing to work through the EU anti-trust process on the proposed sale to MMG for up to $500 million. This has taken longer than anticipated, but we now have some positive momentum following that protracted delay. We believe there is no market supply issue that arises from this transaction, and supply has increased and diversified further since we agreed this deal and so we are optimistic that we will now receive this final regulatory approval and complete in the coming months.

That takes me to the last leg of our portfolio transformation - the sale of De Beers. The team has been working incredibly hard over the last few years to achieve a responsible separation during a really challenging time in the diamond market.

I am pleased to say that things are advancing. That said, the final phases of a transaction can be the most challenging and can take time.

Our focus remains on bringing this process to a conclusion on acceptable terms in the second half.

I will now hand over to John to run through the financial results.

Financial Performance

John Heasley, Chief Financial Officer

Slide 11: Portfolio transformation is delivering higher margin, higher quality business

Thank you, Duncan and good morning, everyone.

I am once again pleased with the financial performance for the first half of the year. We remain on track to deliver our annual production guidance, we have managed costs well in an inflationary environment, and we have further strengthened the balance sheet.