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Operational and financial metrics⁽¹⁾

	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	EBITDA margin(6)	Underlying EBIT*	Capex*	ROCE*
	’000 cts	’000 cts(2)	$/ct(3)	$/ct(4)	$m(5)	$m		$m	$m
De Beers	21,656	20,946	142	86	3,493	(511)	(15)%	(787)	353	(22)%
Prior period	24,712	17,883	152	93	3,292	(25)	(1)%	(349)	536	(6)%
Botswana	15,134	n/a	110	38	n/a	381	n/a	334	70	n/a
Prior period	17,935	—	143	39	—	241	—	185	83	—
Namibia	2,082	n/a	353	244	n/a	89	n/a	47	18	n/a
Prior period	2,234	—	426	295	—	121	—	82	41	—
South Africa	2,230	n/a	66	110	n/a	(127)	n/a	(187)	148	n/a
Prior period	2,166	—	85	115	—	(54)	—	(126)	312	—
Canada	2,210	n/a	50	51	n/a	17	n/a	(35)	83	n/a
Prior period	2,377	—	79	56	—	45	—	11	63	—
Trading	n/a	n/a	n/a	n/a	n/a	(424)	(15)%	(428)	2	n/a
Prior period	—	—	—	—	—	(50)	(3)%	(54)	1	—
Other(7)	n/a	n/a	n/a	n/a	n/a	(447)	n/a	(518)	32	n/a
Prior period	—	—	—	—	—	(328)	—	(447)	36	—

^{(1) Prepared on a consolidated accounting basis, except for production, which is stated on a 100% basis except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.
(2) Total sales volumes on a 100% basis were 23.9 million carats (2024: 19.4 million carats). Total sales volumes (100%) include De Beers Group’s joint arrangement partners’ 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and Namibia Diamond Trading Company.
(3) Pricing for the mining businesses is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost.
(4) Unit cost is based on consolidated production and operating costs, excluding depreciation and operating special items, divided by carats recovered.
(5 )Includes consolidated rough diamond sales of $3.0 billion (2024: $2.7 billion).
(6) EBITDA margin on a total reported basis. On an equity basis, and excluding the impact of non-mining activities, third‑party sales, purchases, trading, Brands & Diamond Desirability, and corporate, the adjusted EBITDA margin is 34% (2024: 35%).
(7) Other includes Element Six, Brands & Diamond Desirability, and Corporate.}

Markets

Rough diamond trading conditions remained challenging throughout 2025 amid persistent industry, geopolitical and tariff uncertainty. While demand for larger, higher-quality diamonds strengthened through the year, demand for smaller and lower-quality diamonds experienced pressure in light of the growing supply from other producers.

Polished wholesale diamond prices showed signs of stabilisation early in the year, but sentiment weakened sharply following the introduction of US tariffs on Indian exports. India remains the main cutting centre for natural diamonds and the US remains the largest end-market for diamond jewellery.

Demand for natural diamonds at the retail level proved resilient, although retail sales of laboratory-grown diamonds continue to have an impact. In the US, strong performance in higher-end categories largely offset reduced demand at the lower end of the assortment. India continued to deliver robust growth while demand in China remained muted.

Operational performance

Mining

The mining operations delivered solid operational performance at lower output levels, as the business produced into prevailing demand. Consequently, rough diamond production reduced by 12% to 21.7 million carats (2024: 24.7 million carats).

In Botswana, production reduced by 16% to 15.1 million carats (2024: 17.9 million carats), following planned reductions at Orapa, including extended maintenance downtime, and the transition of the Letlhakane Tailings Treatment Plant into care and maintenance⁽¹⁾. This built on actions already taken in 2024 to lower production levels at Jwaneng.

Production in Namibia decreased 7% to 2.1 million carats (2024: 2.2 million carats), driven by output reductions at Debmarine Namibia through the decommissioning of the Coral Sea and Grand Banks vessels, partially offset by higher-grade ore and improved recoveries at Namdeb.

In South Africa, production at Venetia remained at low levels consistent with prior year at 2.2 million carats (2024: 2.2 million carats), as the underground project progressed in line with the recently reconfigured plan.

Production in Canada decreased 7% to 2.2 million carats (2024: 2.4 million carats), largely due to the planned treatment of lower-grade ore.

Financial performance

Challenging rough diamond trading conditions persisted, with total revenue remaining subdued at $3.5 billion (2024: $3.3 billion), including rough diamond sales of $3.0 billion (2024: $2.7 billion). Total rough diamond consolidated sales volumes of 20.9 million carats (2024: 17.9 million) were broadly in line with De Beers’ share of production globally as the business supplied into areas experiencing demand.

The full year consolidated average realised price declined by 7% to $142 per carat (2024: $152 per carat), primarily due to a 12% decrease in the average rough price index and the impact of stock rebalancing initiatives (whereby low-demand assortments are sold at lower prices), partially offset by strong demand for higher value stones. The average rough price index does not reflect the impact of rebalancing initiatives. The equivalent price index reduction including the impact of stock rebalancing action would be a 25% year-on-year decrease.

Lower average rough price index and stock rebalancing initiatives had a significant impact on earnings, resulting in an underlying EBITDA loss of $511 million (2024: loss of $25 million). This was primarily due to the impact of the stock rebalancing initiatives in the trading business, whereby stock on the balance sheet which was purchased at a higher price, was subsequently sold at a significantly lower effective index generating trading losses of $424 million (2024: loss of $50 million). Further, the prior year also benefited from the one-off sale of a non-diamond royalty right of $127 million.

Unit costs reduced by 8% to $86/ct, with lower rough diamond production volumes being more than offset by cost reduction initiatives across the operations.

Capital expenditure decreased by 34% to $353 million (2024: $536 million), reflecting cash preservation measures with the rephasing of Venetia underground life extension and rationalisation of stay-in-business capex spend.

An impairment of $2.3 billion (before tax and non-controlling interests) (2024: $2.9 billion) to Anglo American’s carrying value of De Beers has been recognised within special items and remeasurements, driven by lower forecasted prices than previously, due to greater shifting of customer preference between natural diamonds and laboratory-grown diamonds, and surplus of available rough diamonds relative to prevailing demand. Please refer to note 11 in the Condensed  financial statements for further details.

Corporate strategy

De Beers continued the delivery of its Origins strategy in 2025, focused on streamlining the business whilst revitalising consumer desire for natural diamonds.

Key highlights included signing the Luanda Accord (which cements a government-industry marketing commitment for natural diamonds); launching new, large-scale natural diamond marketing campaigns in the US and India; and launching a new branded polished diamond offering, ORIGIN De Beers Group, backed by the Tracr™ traceability platform, differentiating De Beers Group’s responsibly sourced diamonds at the retail level.

De Beers also advanced its brand portfolio strategy during the year, with De Beers London unveiling a refreshed identity, opening new franchised stores in Dubai and Manchester and opening its Paris flagship in January 2026. Forevermark continued its evolution into a premium De Beers-owned jewellery retail brand in India, while winding down its former global licensed model.

The business delivered on its multi-year cost reduction target, achieving over $100 million cumulative overhead cost savings through the streamlining strategy.

Market outlook

Near-term trading conditions are expected to remain challenging. Continued macro-economic volatility, conservative inventory management in the midstream and laboratory-grown diamond penetration are expected to limit rough diamond demand in the near term. In the medium term, gradual normalisation of inventory levels provide a foundation for improvement. While the full differentiation of natural diamonds and laboratory-grown diamonds is expected in the medium term, it has been delayed as some retailers seek to maintain high retail margins on laboratory-grown stones despite the continued reduction in wholesale prices.

Consumer demand is expected to remain stable in the US and India, particularly in the higher-end product areas, while a gradual recovery in China is expected as economic conditions stabilise.

Operational outlook

Production guidance for 2026 is 21–26 million carats (100% basis). De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand.

Unit cost guidance for 2026 is c.$80 per carat⁽²⁾, lower than the 2025 unit cost of $86/ct, reflecting the benefit of slightly higher production volumes and ongoing cost-control measures.

As previously announced, Anglo American continues to pursue a dual track separation for De Beers and a structured sale process is currently under way.

^{(1) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa. Letlhakane was placed on care and maintenance March 2025, and Damtshaa has been on care and maintenance since 2021.
(2) Unit cost is based on De Beers’ proportionate consolidated share of costs and associated production. 2026 unit cost guidance was set at c.16.00 ZAR:USD.}