London, Feb 19, 2026, 08:07 GMT — Regular session
Shares of Anglo American (AAL.L) slipped around 1.6% to 3,602 pence (£36.02) in early Thursday trading in London, giving back some gains after a robust performance the prior session.
The miner’s shares eased ahead of its full-year results, due 0700 GMT Friday. On Thursday, Anglo’s Kumba Iron Ore arm reported annual numbers. Anglo said Kumba delivered adjusted EBITDA of 31.9 billion rand ($1.8 billion)—so, about $1.7 billion toward Anglo’s “underlying EBITDA,” a figure that excludes one-offs. Anglo American
Kumba finished 2025 holding net cash of 14.9 billion rand, and shareholders are set to receive a total cash dividend of 32.03 rand per share. The company plans to present the results at 11:00 a.m. local time in South Africa.
Anglo shares surged 4.6% Wednesday, helping push the FTSE 100 to a new high as miners rallied. Softer UK inflation numbers stoked speculation the Bank of England could cut rates, while copper prices moved higher. “Investors keep piling into UK assets as these hardly feature battered technology or software stocks and instead benefit from high energy and precious metal prices,” said Axel Rudolph, senior financial analyst at IG. Reuters
Copper’s been swinging the balance lately. On Wednesday, benchmark London copper jumped 2.2% to $12,893 a metric ton, thanks mostly to dip-buyers stepping in amid light China trading over the Lunar New Year. “They rarely leave significant capital in the market,” said Tom Price, analyst at Panmure Liberum, referring to the usual holiday quiet. He added, “When inventories and copper prices lift together, something’s not right.” Reuters
Mining results are shaping up to be a key theme. On Thursday, Rio Tinto posted annual underlying earnings that didn’t budge from last year, iron ore weakness dragging, but firmer copper prices offset some of the pressure — underscoring the industry’s ongoing shift toward copper-driven growth.
Anglo’s latest numbers drop Friday, following a warning earlier this month about a 10% cut in 2025 copper output and a lowered copper production outlook for 2026. The company also flagged that De Beers is on track for a loss next year and disclosed a review of the diamond division’s carrying value — a move that might result in an impairment charge when full-year results come out. CEO Duncan Wanblad said the company remains “committed to seeing our portfolio transformation through to its conclusion.” Reuters
Still, the read-across isn’t simple. Any sharper drop in diamonds, softer cash returns, or a more guarded outlook could rattle investors, especially given the stock’s recent climb.
