AngloGold Ashanti plc reported record free cash flow of $2.9 billion and adjusted EBITDA of $6.3 billion for the fourth quarter and full year ended December 31, 2025. The company declared a Q4 interim dividend of $875 million, or 173 cents per share, bringing the total dividend for 2025 to $1.8 billion, or 357 cents per share. Production rose 16 % year‑over‑year to 3.1 million ounces, while total cash costs per ounce increased 7 % to $1,242, largely driven by higher royalty costs and inflationary pressures.
The company’s earnings per share of $1.90 met or slightly beat analyst expectations of $1.90 or $1.89, a beat of $0.01 or 0.5 %. Revenue of $3.02 billion surpassed consensus estimates of $2.84 billion and the $3.00 billion consensus, a beat of $20 million. The revenue lift was driven by higher gold prices and the 16 % production increase, while disciplined cost management helped preserve margins despite the 7 % rise in cash costs.
Total cash costs per ounce climbed to $1,242, a 7 % increase from the prior year, reflecting higher royalty expenses and inflation. Nevertheless, AngloGold Ashanti’s cash costs have remained flat in real terms since 2021, underscoring the company’s effective cost discipline amid a challenging macro environment.
Management guided for continued growth in 2026, projecting earnings per share of $2.41 in Q1 and $2.38 in Q2, and revenue growth to $3.06 billion in Q2. Production guidance for 2026 is 2.80–3.17 million ounces, with group total cash costs expected to be $1,315–$1,430 per ounce. The company highlighted the Arthur Gold Project in Nevada, a Tier 1 discovery with a first‑time mineral reserve of 4.9 million ounces and an estimated all‑in sustaining cost of $954 per ounce, as a key long‑term growth driver.
AngloGold Ashanti’s balance sheet strengthened, moving to a net cash position of $879 million and total liquidity of approximately $4.4 billion. The company’s CEO, Alberto Calderon, said, "We continued to focus on safety, operational excellence and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends."
Investors approached the results with caution, citing the company’s rich valuation, but the strong earnings, record free cash flow, and forward guidance suggest continued confidence in AngloGold Ashanti’s execution and growth prospects.
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