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South32
South32 (S32) investor relations material
South32 Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary21 Jan, 2026
Executive summary
Maintained consistent operating results with FY26 production guidance unchanged across operated assets and unit costs tracking in line with guidance.
Completed divestment of Cerro Matoso, simplifying the portfolio and focusing on high-quality base metals.
Advanced construction at Hermosa's Taylor zinc-lead-silver project and completed the Clark manganese exploration decline.
Sierra Gorda delivered strong copper volumes and cash returns, with further copper growth targeted.
Ambler Metals JV approved a $35M work program to advance the Arctic polymetallic deposit in Alaska.
Financial highlights
Received $240M in net distributions from equity accounted investments in H1 FY26, including $180M from Sierra Gorda and $60M from manganese.
Returned $152M to shareholders in H1 FY26: $117M in dividends and $35M via share buy-back.
Group tax payments (excluding EAIs) totaled $129M in H1 FY26.
Working capital build of ~$130M expected in H1 FY26 due to higher commodity prices and sales timing.
Additional lease liabilities of ~$63M added to the balance sheet in H1 FY26.
Outlook and guidance
FY26 production guidance maintained for all operated assets; Brazil Aluminium guidance under review pending ramp-up profile.
H1 FY26 operating unit costs tracking in line with or below guidance for most operations.
Drawdown of Mozal Aluminium inventory expected to boost cash generation in H2 FY26.
Group underlying effective tax rate for H1 FY26 expected to be ~34%.
Mozal shutdown: H2 FY26 cash generation impact?
Hermosa/Ambler Metals: Key growth project focus?
Worsley Alumina: Why H1 unit costs above guidance?
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Next South32 earnings date
H1 202611 Feb, 2026
South32
Next South32 earnings date
H1 202611 Feb, 2026
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Frequently asked questions
South32 Limited operates as a diversified metals and mining company in Australia, Southern Africa, North America, and South America. The company engages in the exploration, development, production, and marketing of industrial minerals; and gold, copper, nickel, and platinum group metals. It offers red sand alumina from its Mt. Isa mine; soda ash from its Worsley operation; bauxite from its Weipa operations; copper cathodes and refined copper products from its Kambalda operations; nickel matte from Kalgoorlie operations; and ferronickel-based alloys from Kwinana refinery. In addition, the company holds interests in mineral exploration projects at Mt. Cattlin in Australia. Further, it manufactures and sells clinker to the cement industry, as well as provides indirect services to the construction sector of the economy including construction materials business activities.
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