Good morning, everyone. Welcome to our half-year results presentation for 2025. My name is Iván Arriagada, CEO, and joining me today are our CFO, Mauricio Ortiz, and our Vice President of Sustainability, Alejandra Vial. Today's results reflect the strength of our corporate operations, growth, development, and financial performance. Before we move into the detail of our today's results, I'd like to begin with our investment case, as today's results are a demonstration of how we're delivering on our purpose. We are a pure-play copper producer, offering investors direct exposure to the long-term fundamentals of copper, a metal that is central to electrification, energy security, and emerging technologies. We combine high margins with a strong balance sheet. Our strong operating cash flows enable us to deliver a combination of consistent shareholder returns while also investing in Brownfield growth.
We operate in a low-risk jurisdiction, with all our operations located in Chile, an established copper-producing country with a long-standing investment grade rating and a supportive regulatory environment. Finally, our purpose: developing mining for a better future remains at the heart of everything we do. Today's results are a clear demonstration of our strategy in action. Let's now turn to the key highlights from the first half of the year. We are proud to report another strong result in safety, with zero fatalities and injury frequency rates continuing at low levels. We delivered strong financial performance, with revenue up 29%, EBITDA increasing by 60%, and margins expanding to 59%, our highest level since 2021, which reflects our low-cost profile. Our growth program remains on track, positioning us to deliver more than 30% copper production growth in the medium term.
We continue to balance growth and returns, with a robust balance sheet and an interim dividend declared today, representing 35% of net earnings, in line with our long-standing dividend policy. Let's now take a moment to look at the copper market. Demand continues to strengthen, supported by long-term structural trends, such as energy security, electrification, and the rise of AI, smart grids, and data infrastructure, all of which are copper-intensive. On the other hand, supply continues to face increasing constraints and disruptions, with technical challenges and permitting delays limiting the pace of supply growth. Furthermore, despite near-record levels of exploration spend, fewer large-scale discoveries are being made today. This trend supports our investment case and reinforces our strategy to grow production through high-quality Brownfield projects in established jurisdictions. Let's now turn to Chile, where our portfolio is currently located.
Chile remains the world's number one copper producer, with more than 5 million tons of mined copper in 2024, a position it has held for decades thanks to its prospective geology and mining expertise. It is also a stable, investment-grade jurisdiction, with a long-standing credit rating and a track record of promoting foreign investment. Chile's presidential election process is scheduled to commence in November, with the leading candidates aligned on the need to promote economic growth and security. There are positive steps being made to streamline and modernize the regulatory environment, with reforms passed in July aimed at reducing the timeline for permitting, and further investment is expected in the mining industry as a result. All of this provides us with a strong foundation for our growth in Chile, giving us confidence to invest in long-lived assets and deliver sustainable value from a low-risk portfolio.
Mauricio will now take us through the details of our strong financial performance.
Thank you, Iván. My name is Mauricio Ortiz, Chief Financial Officer. I will take you through our half-year 2025 financial results. First, I would like to highlight how our financial management is aligned to give us both growth and returns. We continue to grow in a disciplined way, with a strong balance sheet that gives us flexibility to invest and return value to our shareholders. Our approach is focused on low-risk growth, with our pipeline of Brownfield projects in Chile, which will expand our exposure to copper and also copper by-products such as gold and molybdenum. We have also been innovative with our financings, using project-level funding and new solutions, like water outsourcing, to reduce capital needs and financing of our infrastructure to obtain longer-dated debt, which mirrors the long-term nature of our business. As a result, our portfolio is well-funded and supported by stable cash flows.
Turning now to the key financial results for the first half of the year. We are delivering growth, with revenue and EBITDA increasing by 29% and 60%, respectively. This was driven by higher copper production, higher gold production, improved pricing, and lower costs. As a result, we achieved an EBITDA margin of 59%, our highest level since 2021. This margin puts us towards the top end of the global pure-play copper producers and shows the strength of our operations and the discipline of our teams. We continue to invest in growth, with capital expenditure for the first half of the year at $1.6 billion. This is in line with our expectation and full-year guidance, as expenditures are weighted towards the second half. We continue to generate returns for shareholders. Today, we announced an interim dividend of 35% of net earnings, mirroring our dividend policy.
Moving on to review production and costs with more details. Copper production increased by 11%, which was driven by higher grades and better performance at our two concentrators, Los Pelambres and Centinela. Along with the higher production, savings from our competitiveness program allow us to deliver a significant improvement in our pre-credit unit cost, down 12% in comparison with the first half of 2024. With gold production increasing to 91,000 oz, 36% higher than in the first half of 2024, and molybdenum production growing 42% in comparison to the first half of 2024, the unit costs at Los Pelambres and Centinela concentrators pushed down the group net cash costs, falling by 32% to $1.32 per pound. This shows the overall strength of our operations and how we continue to improve efficiency while growing in a responsible way. Let's now look at profitability, [a VIN] decrease by 60%, reaching $2.2 billion.
This was driven by higher production, better prices, and a strong cost control. Our margins rose to 59%, as I mentioned, the highest since 2021. This put us amongst the highest margins of our copper-focused peer group. On our balance sheet, we see how our approach is helping to support our strategy. Our balance sheet remains strong, with net debt to EBITDA in line at 0.54 x. This gives us the flexibility to invest in growth while maintaining returns to shareholders. We continue to manage our capital carefully, using project-level financing and new solutions, like water outsourcing, to protect cash flow at the group level. These strong numbers confirm that at Antofagasta plc, we not only have the ability to grow, but also do it while preserving the company's resilience and enabling shareholder returns.
Finally, let's step back and look at how we manage our capital through our capital allocation framework. Our approach is clear and consistent. We prioritize a strong balance sheet and funding of our operations and mine development. At that second stage, we aim to return value to our shareholders through our dividend policy. We are also continuing to invest in growth, with capital spending weighted to the second half of this year and focused on the high-quality projects like Centinela and Pelambres. We aim to invest in parallel to keep our strong financial position. This framework supports long-term value generation, helping us grow in a responsible way while staying flexible and resilient through the cycle. With that, I would like to thank you. Now, I'll pass to Alejandra, who can cover our efforts in sustainability. Alejandra.
Thank you, Mauricio. My name is Alejandra Vial, Vice President of Sustainability, and I will now speak about our sustainability results. Our purpose is to develop mining for a better future, and sustainability is part of everything we do. We include sustainability in all areas of our business, from planning and operation to growth and innovation. We work closely with communities, building long-term partnerships, and supporting local development. We focus on a wide range of areas, such as safety, climate, water, community engagement, and balance in our workforce, with clear goals to help drive strong and real impact in each area. This approach is aimed at creating long-term value for our people, our communities, our partners, and our shareholders. I will now explain how we are putting our sustainability strategy into action. Starting with safety, keeping our workforce safe and healthy is paramount to a sustainable business.
In the first half, we maintained our fatality-free record across all our operations, and key indicators of safety have continued in line. We are reducing our environmental footprint by using more seawater, improving water recovery, and deploying innovation to reduce emissions at each of our sites. We are building long-term partnerships with communities through programs like Somos Choapa, Dialogues for Development, and Suppliers for a Better Future. These initiatives aim to foster local development by investing in and implementing social-impactful projects in collaboration with communities and other relevant local stakeholders. We are creating a more diverse workforce, with 26.7% female representation, and new training programs for our local and indigenous communities. We make sustainability part of every decision, from project design to operations. We are planning for the future by designing our projects with a long-term perspective to ensure responsible growth.
In addition, we also have permit applications underway, with the EIA for Los Pelambres Development Option Project and DIA for the next phase of exploration work at Cachorro, with these two projects at two very different stages of their development. At Zaldívar, meanwhile, we have made real progress. In May, we received approval for a new permit, which allows us to extend Zaldívar's mine life by more than 25 years. This is a major step forward to the risk-based operation. The permit includes a full water transition, moving to seawater or third-party water supply by 2028. This supports our long-term environmental goals. We are also preparing for the future, with plans to use our Cuprochlor-T technology to process primary sulfides in a more efficient and sustainable way. Zaldívar is a well-established mine, with strong local partnerships and a long history of safe and responsible operation.
This project shows how we combine innovation, sustainability, and long-term planning to continue delivering value in a responsible way. Thank you. I will now turn over to Iván, who will talk about growth and value creation.
Thank you, Alejandra. Let us now take a strategic view of our growth pipeline. We're growing in order to meet rising copper demand, with a focus on low-risk Brownfield expansion in our two core mining districts, Los Pelambres and Centinela, where we already have established infrastructure, long mine lives, strong community partnerships, and also a proven track record of delivering value. Furthermore, we're also increasing our exposure to by-products, with growth in gold and molybdenum production, helping to strengthen margins and diversify revenue as we expand. Moving on, let's talk about how we will deliver this growth. We're on track to grow copper production by more than 30%, driven by two factors: firstly, returning to previous grades at Los Pelambres, and secondly, the addition of new capacity at Centinela. Our growth is fully permitted and low-risk, with construction work progressing on time and on budget.
Beyond the growth displayed here, we also have projects underway at Los Pelambres, our growth-enabling projects, which are aimed at de-risking our long-term future beyond 2034. Through an expansion of our desalination capacity and a new concentrate pipeline, we expect that these steps will help facilitate a further 15 years of production to 2051. It's a clear example of our strategy in action: discipline, capital allocation, strong execution, and long-term value creation. Moving on to Centinela's expansion in more detail, construction continues to progress well and is on track, with recent activity focused on assembling mining equipment at Esperanza Sur, installing structural steel for the concentrator, and advancing mechanical works on the thickeners and ball mills. Work is set to begin on the next phase, including civil works for the high-pressure grinding rolls and the primary crusher structure, as the project moves into its second year of full construction.
The investment case for this project remains strong, supported by a significant increase in copper and by-product output, lower costs, and robust by-product pricing. The project is therefore expected to deliver significant growth in output and margins. Now, let's look at the enabling projects underway at Los Pelambres, which are key to unlocking our next phase of growth. Work continues on the new concentrate pipeline, with trenching and assembly progressing along the route and installation of ventilation and lighting systems advancing in the tunnel sections. At the desalination plant, civil works are ongoing at both the plant and pumping stations, supporting a strategy to largely decouple Los Pelambres from continental water sources. Both projects remain on schedule and on budget, forming the foundation for the future growth at Los Pelambres and illustrating the long-term sustainability of our operations.
Looking beyond our current construction portfolio, we have a range of additional organic growth options, which offer additional upside and reinforce our position as a leading copper growth company. At Los Pelambres, the EIA for our development options project is now in the system for a mine life extension of a further 15 years beyond 2034. If approved, we expect construction work to commence towards the end of this decade. In addition to the projects shown here, Cuprochlor-T, our proprietary technology for primary sulfide leaching, remains a key focus for our innovation efforts, and we are making good progress testing this technology with third parties. As part of this program, we're planning to build a demonstration plant at Zaldívar. Beyond our core operations, we continue to advance opportunities that support long-term growth and innovation across our portfolio.
Highlighting Cachorro, exploration activities are progressing well, with the project standing out for its high copper grade and proximity to existing infrastructure in northern Chile, offering potential synergies with nearby operations. With respect now to our investment in Buenaventura, our relationship continues to develop positively as we look to explore areas of strategic alignment and value creation. We have also added TUN Metals to this slide, where we see long-term value. This represents a long-held project in our portfolio in the United States, which has more than 2 billion tons of mineral resources. In closing, here's a reminder of what sets Antofagasta apart from our peers. We're clearly positioned as one of the world's leading pure-play copper producers. Our investment case is built on strong attributes, high margins, growth, and a low-risk profile, underpinned by a strong balance sheet, a consistent dividend policy, and a disciplined approach to capital allocation.
We lead on sustainability with a clear commitment to climate resilience, water stewardship, and inclusive development in the regions where we operate. You can clearly see, with today's results, that we're delivering on our strategy. EBITDA is up 60%, margins are the highest since 2021, and earnings per share have more than doubled. We are growing, with a clear path to increase copper production by over 30% in the medium term. All of this is underpinned by our purpose: developing mining for a better future, responsibly, reliably, and with a long-term view.