Fortescue (FMG) Q1 2026 TU earnings summary

Executive summary

• Achieved record first quarter iron ore shipments of 49.7Mt in Q1 FY26, up 4% year-over-year, including 2.1Mt from Iron Bridge.

• Maintained strong safety performance with a Leading Safety Index of 156 and TRIFR of 1.4 at 30 September 2025.

• Released a comprehensive 2025 Climate Transition Plan and advanced decarbonisation initiatives, including new global partnerships and operational milestones.

Financial highlights

• Hematite C1 unit cost was US$18.17/wmt in Q1 FY26, 1% higher than FY25 but 10% lower than Q1 FY25.

• Hematite average revenue was US$88.86/dmt, realising 87.1% of the Platts 62% CFR Index.

• Iron Bridge Concentrate revenue reached US$120.83/dmt, 103% of the Platts 65% CFR Index.

• Cash balance stood at US$4.6 billion and net debt at US$1.9 billion after dividend and capex outflows.

• Gross debt increased to US$6.5 billion, reflecting new RMB loan facility and prepayment of a US dollar term loan.

Outlook and guidance

• FY26 iron ore shipment guidance remains at 195–205Mt, including 10–12Mt from Iron Bridge.

• Hematite C1 unit cost guidance set at US$17.50–US$18.50/wmt.

• Metals capex expected at US$3.3–4.0 billion; energy capex at approximately US$300 million.