Antofagasta plc

Thank you for joining us today. For those who are here in person and for those who are connected online, we are ready to start our full year results presentation. I will hand over to Ivan, then Mauricio, and after the presentation, we will move into Q&A. Ivan? Okay.

...ability fully integrated in how we run and grow our business. As global demand for copper strengthens, we were able to look forward to 2026 with a fully financed growth pipeline in construction, having passed peak group level capex and a clear pathway to deliver long-term value for all our stakeholders. So, I will start as we normally do, sharing with you our safety results. We continue to lead with a safety-first approach, delivering another fatality-free year and maintaining key metrics ahead of industry benchmarks. A specific focus for us last year was on what we call high potential incidents, as we look to continually develop our understanding of safety-related risks. In 2025, we recorded our lowest number of high potential incidents, reflecting the strength of our culture and our commitment to safe, reliable operations. And across our construction program of major projects, we also achieved safety results in line with the group-level outcomes, despite now having 18,000 temporary contractors present across our major projects. So I would say in balance, a very good safety result, which is our number one priority. And we've been fatality-free now for over four years and expect to continue in that path. Now let's talk about copper. Our investment case remains firmly rooted in our position as a leading pure play copper producer. And we know for some time, and this is likely to continue, copper will remain the metal of preference or choice. We have attractive attributes. We operate in an established jurisdiction, and I will talk more about what that means and what are the advantages of having a very well-known jurisdiction for mining. With margins towards the top end of a pure pay clear group, and we have a clear pathway for 30% growth through a pipeline that is in construction today. we have built solid foundations from our strong balance sheet and dividend policy through the resilience of our operating model and leadership on sustainability, all of which are underpinned by our purposes, which is developing mining for a better future. Reflecting now on 2025 more specifically, we delivered another year of strong financial performance in an uncertain world, with higher sales and disciplined cost control, leading to wider margins and record EBITDA. In parallel, we advanced the delivery of our growth program and our sustainability priorities continue to be fully embedded within our strategy. And finally, we have maintained a disciplined approach to capital allocation, with a final dividend recommended in line with our policy, which has been applied consistently and without interruption for over a decade, with a total dividend for 2025 representing 50% of earnings, reflecting our commitment to delivering sustainable returns. We have a strong platform to deliver growth, Our large-scale and high-quality assets enable us to benefit from low net cash costs driven by strong cost control and byproduct credits. Through this, we can remain competitive through the cycle while also strengthening margins as new projects come online. As shown on the right, our two large-scale mining districts continue to provide significant long-term optionality with substantial mineral resources endowed at both Loftalambes and Sentinella, which supports the potential for further growth for the long term. The construction projects underway, which will deliver the 30% production increase, remain on time and on budget. Let me say a few words about Chile. Chile remains one of the most important copper jurisdictions, holding the number one spot for global supply for many years. And during this time, the country has developed a wealth of experience and talent associated with holding this position for so long. Looking back at 2025, the country approved modernizing reforms that are aimed at reducing permitting timeline, which will continue to strengthen the overall competitiveness of Chile's mining sector. Furthermore, we're also seeing ongoing discussions and measures to improve the investment environment, including proposals to reduce the corporate tax rate for businesses. With a new four-year presidential term beginning next month, the policy focus is on promoting growth, including regulatory adjustments that could be implemented at the executive level, which is a further demonstration as to why Chile is a leading destination for copper investment. Sustainability. We operate as a responsible copper producer. This has been an attribute that we've been building over the years. With sustainability fully integrated into a strategy, shaping how we operate, invest, and grow the business over the long term. The starting point of sustainability, as we discussed earlier, is our continuing safety performance, which was, again, very solid and robust in 2025. We also made strong progress in pivoting our water use, another very sensitive input for mining in Chile, expanding the desalination plant and increasing the share of seawater and recirculated water across our sites. As we further strengthen our workforce development with female representation reaching 30%, we continue to recruit and develop the best talent in the mining industry. We're building on a multi-year process of successful community engagement at Saldívar with approval of the EIA in 2025 to extend the life of the mine. And this is a demonstration of how business can work alongside communities over the long term. So the copper market fundamentals continue to strengthen. As shown here, Demand is focused to grow by around 2% per year through 2035, driven by a need to improve energy security, further electrification, digitalization, and the accelerating shifts to adopt modern technologies. At the same time, we know that supply remains constrained, with global output limited by rate decline, longer project lead times, rising capital requirements, and elevated global disruption rates. Taken together, these factors point to a tightening market over the medium term. Against this backdrop, Antofagasta is differentiated by having fully funded projects under construction, with projects in multiple stages of development, as well as a longer-term pipeline of options. And we'll revisit this later in the presentation. Thank you. With that, as an introduction, I'd like to hand over to Mauricio, who will review our specific financial performance for 2025 that we have released today. Mauricio.

Thank you, Ryan. Good morning to everyone, and thank you for joining us today. Today we have announced record financial performance for 2025, which is a demonstration of the strong foundations of our business. Our consistent financial performance gives us flexibility and resilience in our ability to continue allocating capital in a manner consistent with our purpose, which is maximize long-term value. Turning to our growth program, illustrated here, By Sentinel ongoing expansion, our financial performance enables us to continue with confidence. The growth program is fully funded and will sustain the long-term competitiveness of our operations. And importantly, our performance today protects our future ability to create sustainable value for all our stakeholders. This is supported by two main factors. First, a balanced approach to both dividends and funding future growth. And second, maintaining the financial strength to grow in a way that is both responsible and return-focused. In 2025, we deliver strong growth, with revenue increasing by 30% to $8.6 billion, supported by higher sales volume and a favorable market environment. Through disciplined cost control, this revenue growth is translated into a material uplift in profitability. EBITDA rose 52% to a record of $5.2 billion, and our EBITDA margins expanded to 60%, keeping us toward the top end of our copper-focused peer group. And importantly, our underlying earnings strength in 2025 translated into a robust operating cash flow up 30% to $4.3 billion, This enabled us to, first, maintain our balance sheet strength, second, continue financing our business from a position of confidence, and third, support our shareholder returns. In parallel, we kept our net debt to EBITDA ratio broadly flat year on year, even as we moved through big group level capex in 2025 for our current phase of growth projects. Moving to our operations, copper production was in line year-on-year, with grades and recoveries compensating for lower throughputs. As a mining company, cost discipline is key. As a global copper production face increasing technical challenges and cost inflation, in 2025, we deliver pre-credit costs in line year-on-year and five-year low for net cost. with our largest operation, Los Pelambres, and Centinella net cost at 82 and 75 cents per pound, respectively. As shown in the waterfall chart, this cost performance was driven by a combination of consistent operations, stronger by-product credits, and cost-control initiatives, such as our competitiveness program, which once again achieved its annual target, with 8 cents per pound benefit this year. More broadly, it's also worth highlighting that we were once again able to balance rising external cost pressures with a decrease in controllable costs. Taking together this result demonstrates the resilience of our operating model, which helps us to absorb variability and the strength of our margins give us the flexibility to continue supporting our ongoing growth program. Our earnings performance in 2025 reflects the quality of our portfolio, with EBITDA increasing by 52% to a record level, supported by a combination of higher realized pricing for corporate gold, improved sales volume, and the flow-through of our disciplined cost control. As you can see in the chart, the main factors here were pricing and volumes, with other factors contributing relatively little variation year-on-year. Finally, as I mentioned before, with an EBITDA margin of 60%, we remain at the very top end of our peer group, which has been the case for a number of years now. Our balance sheet remains a core strength of the business. supported by strong cash generation and disciplined capital deployment through the year, allowing us to fund major construction activity while maintaining leverage broadly in line year-on-year. Alongside the strong performance of our subsidiaries, delivering more than 5 billion of EBITDA and the progress in our growth programs, there were tricky factors. First, Working capital increased as we flag in our Q4 announcement in January, reflecting higher achievement in transit and higher pricing at the year-end. Second, driven by higher profit before tax, tax payments were higher, resulting in a full-year effective tax rate of 36%. And dividend pay during the year amounted to $760 million, up from the $557 million in 2024. Taking together these factors underpin our conservative and stable net debt to debt deposition, despite a significant investment, and which helps us to retain our investment credit rating. Finally, let's recap our capital allocation framework and its central role in all our financial decisions. Our capital allocation framework is straightforward and consistent, and has served us well for a number of years. Our consistency is made possible through our disciplined capital approach, and it's helped us to preserve our investment credit rating, support our growth plans, and, more importantly, create long-term value for all stakeholders. If approved. If approved, we will double our total dividends for the year to 64.6 cents per share, with more than $3 billion paid to shareholders in the past five years, which is a reflection of the strength of our business and our ability to create long-term value and deliver in the short term. And with rules, cash, and fully funded growth plans, we can invest with confidence and return excess cash when conditions allow us. Thank you. I will now hand it over to Ran to take us through for the rest of the presentation. Thank you.