Is AngloGold Ashanti Set for Strong EBITDA Growth in H2'26?

AngloGold Ashanti (AU) posted first-half 2026 EBITDA of $4.3 billion, an 82% year-over-year increase, as surging gold prices more than offset a 4% production decline. Gold revenues climbed 43.8% to $6.3 billion, propelled by spot prices that rallied 21.5% annually to approximately $4,323 per ounce. The miner delivered the growth through a combination of elevated pricing and cost efficiencies, according to Zacks Investment Research.

AU guided 2026 full-year production to 2.80–3.17 million ounces and signaled stronger output in the second half. The wide guidance range leaves room for material variance, but management's expectation of improved H2 volumes suggests production bottlenecks from the first half may ease.

The 82% EBITDA expansion against a 4% production drop underscores AU's operational leverage to gold prices. With spot trading near $4,300, the company benefits directly from continued precious-metals strength, though any pullback in bullion would compress margins rapidly given the production headwinds already in play.