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Fortescue (FMG) investor relations material
Fortescue H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record annual shipments of 198.4 million tonnes, maintaining lowest cost producer status with C1 cost of $17.99/wmt and strong operational reliability.
Safety performance reached industry-leading levels with a TRIF of 1.3 and critical injury frequency rate of 0.02; introduced a new leading safety index.
Advanced decarbonization initiatives, including commissioning a 100MW solar farm, expanding electric equipment deployment, and targeting real zero emissions by 2030 for Scope 1 and 2, and net zero Scope 3 by 2040.
Strengthened long-term production profile with the acquisition of Red Hawk Mining and integration of the Blacksmith iron ore project.
Deepened relationships in China, securing a landmark RMB loan and reinforcing market position for green iron.
Financial highlights
Revenue for FY2025 was $15.5 billion, net profit after tax $3.4 billion, and underlying EBITDA $7.9 billion with a 51% margin.
Net operating cash flow was $6.5 billion; free cash flow totaled $2.6 billion after $3.9 billion in CapEx.
Cash on hand at June 30 was $4.3 billion; gross debt at $5.4 billion.
Return on equity was 17% and return on capital employed 19% for FY25.
Declared a fully franked dividend of AUD 1.1 per share, maintaining a 65% payout ratio for the seventh consecutive year.
Outlook and guidance
FY2026 shipment guidance set at 195–205 million tonnes, including 10–12 million tonnes from Iron Bridge, with C1 cost guidance of $17.50–$18.50/wmt.
CapEx guidance for FY2026 is $3.6–4.3 billion, with a step-up in decarbonization capital and a modest decrease in sustaining and hub capital.
Metals capital expenditure expected at $3.3–4.0 billion, energy net operating expenditure $400 million, and energy capital expenditure $300 million.
Decarbonization spend expected at $900 million to $1.2 billion annually over the next few years, within the $6.2 billion medium-term envelope.
Peak emissions anticipated in 2027–2028, with material decreases as solar and battery projects come online and electric fleet is deployed.
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