{"id":1738,"date":"2026-03-01T10:00:50","date_gmt":"2026-03-01T08:00:50","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/25\/?p=1738"},"modified":"2026-03-21T15:11:20","modified_gmt":"2026-03-21T13:11:20","slug":"cfos-report","status":"publish","type":"post","link":"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cfos-report\/","title":{"rendered":"CFO\u2019s report"},"content":{"rendered":"

CFO\u2019s report<\/h1>\n\n\n
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Converting a higher gold price into cash, strengthening the balance sheet, and accelerating value delivery<\/p>\n\n\n\n

Gillian Doran | Chief Financial Officer<\/strong>
16 March 2026<\/p>\n<\/div>\n\n\n\n

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2025 marked a step-change in AngloGold Ashanti\u2019s financial performance and resilience. We did exactly what we set out to do; convert a stronger gold price into free cash flowAPM<\/sup>, maintain operating discipline, invest to sustain and grow the portfolio, and return meaningful capital to shareholders. The outcome was record cash generation, record earnings leverage, and the strongest balance sheet position in our history.<\/p>\n\n\n\n

A constructive macro backdrop and\nstrong execution to capture it<\/h3>\n\n\n\n

The global macro environment through 2025\nremained complex. Growth proved resilient\nbut slowed as trade barriers and policy\nuncertainty weighed on confidence. Central\nbanks began easing policy, and the US dollar\nsoftened at times as markets priced in lower\ninterest rates. Energy markets were\nsupportive, with oil prices lower year-on-year,\nand inflation moderated in most of our\noperating jurisdictions, easing some\npressure on input costs.<\/p>\n\n\n\n

Against that backdrop, gold reasserted its role as a safe-haven asset. Our average gold price receivedAPM<\/sup> rose sharply to $3,468\/oz, up 45% year-on-year. This was a powerful tailwind, but the defining feature of 2025 was not the price itself; it was how effectively we translated that tailwind into sustainable cash generation and financial strength.<\/p>\n\n\n\n

Record financial delivery \u2013 earnings and cash flow leverage<\/h3>\n\n\n\n

We delivered a record year across the\nincome statement, cash flow, and\nbalance sheet:<\/p>\n\n\n\n

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  • Revenue increased to $9.9bn (2024: $5.8bn), driven primarily by the higher gold price and bullion sales<\/li>\n\n\n\n
  • Net income for the year rose 203% to $3.2bn (2024: $1.0bn)<\/li>\n\n\n\n
  • Adjusted EBITDAAPM<\/sup> increased 129% to $6.3bn, reflecting production growth, cost leadership, and the higher realised price<\/li>\n\n\n\n
  • Profit attributable to ordinary shareholders increased 163% to $2.6bn, and basic earnings per share increased 123% to 519 US cps<\/li>\n\n\n\n
  • Net cash flow from operating activities increased 143% to $4.8bn<\/li>\n\n\n\n
  • Free cash flowAPM<\/sup> reached a record $2.9bn, more than triple the prior year<\/li>\n<\/ul>\n\n\n\n

    These results demonstrate operating\nleverage in its best form: stronger margins\nflowing through to cash, supported by\nexecution, working capital discipline, and\ncapital allocation rigour.<\/p>\n\n\n\n

    Operational delivery: growth with reliability<\/h3>\n\n\n\n

    We again delivered within guidance on the two fundamentals that define reliability in this sector: gold production and sustaining capitalAPM<\/sup>.<\/p>\n\n\n\n

    Group gold production increased 16% to\n3.1Moz, reflecting improved performance at\nseveral assets and the first full-year\ncontribution from Sukari. This consistency\nmatters \u2013 it underpins confidence that\nperformance is repeatable through the cycle.<\/p>\n\n\n\n

    Cost performance: disciplined control\nin a moving input environment<\/h3>\n\n\n\n

    We kept costs broadly flat in real terms. Total cash costsAPM<\/sup> and AISCAPM<\/sup> increased year-on-year, driven largely by external factors, most notably inflationary pressure and higher gold-price-linked royalties. Group total cash costsAPM<\/sup> were $1,242\/oz in 2025 (2024: $1,157\/oz), and Group AISCAPM was $1,709\/oz (2024: $1,611\/oz).<\/p>\n\n\n\n

    As the gold price rises, royalties increase in\nmany jurisdictions by design, and our focus\nremains firmly on the controllables:\nproductivity, recoveries, contractor\nperformance and procurement discipline.\nWe executed well, with continued emphasis\non operational efficiency, cost leadership\nand FAP initiatives helping to offset input\npressures and protect competitiveness.<\/p>\n\n\n\n

    Reflecting higher gold price environment and\nfiscal structures across our footprint,\nroyalties paid in 2025 increased to $380m\n(2024: $207m).<\/p>\n\n\n\n

    Cash conversion: the defining outcome of 2025<\/h3>\n\n\n\n

    Our 2025 story is ultimately a cash story. Record free cash flowAPM<\/sup> of $2.9bn was driven by the higher gold price, higher sales volumes, including Sukari\u2019s full-year contribution, stronger cash receipts from Kibali, and underpinned by a continued focus on operational efficiency, working capital discipline and cost leadership.<\/p>\n\n\n\n

    We absorbed the expected headwinds of\nhigher operating costs associated with\nincreased volumes, inflation and price-linked\nroyalties, higher contractor rates, increased\ntaxation payments and stepped-up capital\nspend. This is the operating model we are\nbuilding, not simply benefiting from price,\nbut converting it into cash with discipline\nand consistency.<\/p>\n\n\n\n

    Capital allocation: disciplined\ninvestment plus meaningful\nshareholder returns<\/h3>\n\n\n\n

    In 2025, total capital expenditure was $1.6bn, up 32% year-on-year, reflecting the first full-year inclusion of Sukari and continued investment to support asset integrity and long-term resilience. Sustaining capitalAPM<\/sup> was $1.14bn, delivered within guidance, while non-sustaining capitalAPM<\/sup> of $459m supported value-accretive growth initiatives. Our capital allocation framework is designed to balance a resilient balance sheet, disciplined reinvestment, and competitive shareholder returns, targeting a 50% payout of annual free cash flowAPM<\/sup>, subject to maintaining prudent leverage through the cycle.<\/p>\n\n\n\n

    Dividends of $1.80bn, or 357 US cents per share, were declared for 2025. The payout comprises 50% of free cash flowAPM<\/sup> and an additional amount of $350m, providing additional direct returns to shareholders and highlighting continued confidence in the outlook for operating performance.<\/p>\n\n\n\n

    Balance sheet strength: the strongest\nposition in our history<\/h3>\n\n\n\n

    Strong cash generation translated into a decisive strengthening of the balance sheet. At year end, we reported an adjusted net cashAPM<\/sup> position of $879m, compared to adjusted net debtAPM<\/sup> of $567m at the end of 2024, and total liquidity of approximately $4.4bn, including ~$2.9bn in cash and cash equivalents. This financial strength matters because it increases resilience through commodity cycles and country volatility, enables disciplined and value-focused reinvestment in the portfolio rather than reactive capital decisions, and supports predictable and competitive returns to shareholders.<\/p>\n\n\n\n

    Portfolio actions and growth pipeline:\nimproving quality and extending\nmine life<\/h3>\n\n\n\n

    2025 reinforced the value of active portfolio\nmanagement and disciplined growth. We\ncontinue to optimise the portfolio through\nacquisitions and divestitures to improve\nfocus and enhance long-term value. In\nNevada, acquisitions and exploration\nsuccess have helped build a meaningful\ngrowth platform. We completed the\nacquisition of Augusta Gold in October 2025.\nOur Mineral Reserve and Mineral Resource\nbase strengthened materially:<\/p>\n\n\n\n

      \n
    • Total Group gold Mineral Reserve increased to 36.5Moz at 31 December 2025 (up 17% year-on-year)<\/li>\n\n\n\n
    • Total Group gold Measured and Indicated Mineral Resource was 68.0Moz, and Inferred Mineral Resource was 49.3Moz<\/li>\n<\/ul>\n\n\n\n

      This Mineral Reserve and Mineral Resource\nperformance supports mine life, optionality,\nand a credible long-term growth narrative,\nwhich is essential to providing confidence in\na capital-intensive sector.<\/p>\n\n\n\n

      Taxes and host country value:\nsharing the benefits of performance<\/h3>\n\n\n\n

      Strong performance translates into tangible\nbenefits across our host countries. During\n2025, we paid $2.66bn to host governments\nthrough a combination of direct and indirect\ntaxes, royalties, dividends, profit-sharing\narrangements and payroll taxes, more than\ndouble the amount paid in 2024. We expect\ntax payments to increase in 2026, consistent\nwith the stronger earnings base created by\nour record 2025 financial performance. This\nis central to our licence to operate; we are\nnot only a producer of gold but a long-term\ndevelopment partner in the jurisdictions\nwhere we operate. As we scale, we remain\nfocused on raising the bar for governance,\ncontrols, and transparency, including\ncontinued enhancement of our financial\ncontrol environment and cyber risk posture\nto support sustainable performance and\nscalable growth.<\/p>\n\n\n\n

      Embedding stronger financial\nreporting controls across our\noperations<\/h3>\n\n\n\n

      The accuracy and integrity of financial\nreporting remain central to stakeholder\nconfidence, and any control weakness\nidentified is addressed with urgency as an\nopportunity to strengthen our control\nenvironment. During 2025, under the\nAudit and Risk Committee\u2019s oversight,\nmanagement successfully remediated the\npreviously reported material weakness\nrelating to impairment controls over\ngoodwill, intangible assets and long-lived\nassets, as well as all significant deficiencies\nidentified during the 2024 year-end audit.<\/p>\n\n\n\n

      We have implemented the necessary\ncontrols and financial reporting disciplines in\nline with our internal control over financial\nreporting (ICFR) framework at Centamin\nduring 2025, and while we are happy with\nthe progress that has been made, certain\nelements are not yet fully aligned with the\nGroup\u2019s ICFR standards, resulting in a new\nmaterial weakness reported at the end of\nDecember 2025. A structured remediation\nprogramme, with defined corrective actions,\naccountable owners and clear timelines has\nbeen established and will be monitored on a\nquarterly basis to ensure timely and effective\nremediation.<\/p>\n\n\n\n

      Outlook: disciplined growth,\ndisciplined costs, disciplined returns<\/h3>\n\n\n\n

      We enter 2026 with strong momentum and\na balance sheet positioned for optionality.<\/p>\n\n\n\n

      Operationally, we will continue to prioritise\nsafety, asset reliability, disciplined mine plan\ndelivery, and execution of the initiatives that\nsustain competitive costs and margins.\nFinancially, we will maintain our capital\nallocation framework; invest to sustain and\ngrow the portfolio, protect balance sheet\nstrength, and deliver competitive returns\nconsistent with cash generation and\nthrough-cycle leverage discipline.<\/p>\n\n\n\n

      In closing, 2025 was not just a year of\nstrong gold prices; it was a year of strong\ndelivery. We grew production, generated\nrecord free cash flowAPM, strengthened the\nbalance sheet into net cash, and returned\nsignificant value to shareholders, while\ncontinuing to invest in the long-term health\nand growth of the business.<\/p>\n\n\n\n

      We are building a business that investors\ncan trust through the cycle; reliable\noperations, disciplined capital allocation,\nand cash conversion that translates\nperformance into enduring value.<\/p>\n\n\n\n

      Performance against guidance 2025<\/h2>\n\n\n\n

      Growing margins and shareholder returns<\/h3>\n\n\n\n
      <\/th><\/th><\/th>2025 guidance<\/strong><\/mark><\/th>2025 achieved<\/strong><\/mark><\/th>Performance drivers<\/strong><\/mark><\/th><\/tr><\/thead>
      \"\"<\/td>Gold production (koz)<\/strong><\/td>Group<\/strong><\/td>2,900 \u2013 3,225<\/mark><\/strong><\/td>3,091<\/mark><\/strong><\/td>Strong mining execution across operations supported by improved grades and plant recoveries<\/td><\/tr>
      \"\"<\/td>Group costs(1)<\/sup>
      ($\/oz)<\/strong><\/td>      		All-in sustaining
      costs APM<\/sup><\/strong><\/td>      		1,580 \u2013 1,705<\/mark><\/strong><\/td>1,709<\/mark><\/strong><\/td>Higher royalty costs linked to the stronger average gold price vs budgeted gold price, inflationary pressures, partly offset by weaker currencies against the US dollar<\/td><\/tr>
      <\/td><\/td>Total cash costsAPM<\/sup><\/strong><\/td>1,125 \u2013 1,225<\/mark><\/strong><\/td>1,242<\/mark><\/strong><\/td><\/tr>
      \"\"<\/td>Group capital
      expenditure(1) <\/sup>
      ($m)<\/strong><\/td>      		Total capital<\/strong><\/td>1,620 \u2013 1,770<\/mark><\/strong><\/td>1,600<\/mark><\/strong><\/td>Continued investment in the Group\u2019s long-term growth and sustainability<\/td><\/tr>
      <\/td><\/td>Sustaining
      capital APM<\/sup><\/strong><\/td>      		1,085 \u2013 1,185<\/mark><\/strong><\/td>1,141<\/mark><\/strong><\/td>Enhanced investment in Mineral Reserve development, alongside FAP initiatives<\/td><\/tr>
      <\/td><\/td>Non-sustaining
      capital APM<\/sup><\/strong><\/td>      		535 \u2013 585<\/mark><\/strong><\/td>459<\/mark><\/strong><\/td>Timing of spend in growth capital investment across key sites<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n