Fortescue (FMG) Q2 2026 TU earnings summary

Executive summary

• Achieved record first half iron ore shipments of 100.2Mt in H1 FY26, up 3% year-over-year, with Q2 FY26 shipments at 50.5Mt.

• Safety performance improved, with a Leading Safety Index of 160 and TRIFR of 1.5 at 31 December 2025.

• Entered a binding agreement to acquire the remaining 64% of Alta Copper, expanding the critical minerals portfolio.

• Delivered the first large-scale battery energy storage system (BESS) as part of a 4-5GWh decarbonisation rollout.

Financial highlights

• Cash balance stood at US$4.7 billion and net debt at US$1.0 billion as of 31 December 2025.

• Gross debt reduced to US$5.8 billion from US$6.5 billion in the previous quarter.

• Total capital expenditure and investments were US$759 million for the quarter and US$1.7 billion for H1 FY26.

• Hematite C1 unit cost was US$19.10/wmt in Q2 FY26, contributing to a H1 FY26 cost of US$18.64/wmt.

• Hematite average revenue was US$92.88/dmt in Q2 FY26, realising 88% of the Platts 62% CFR Index.

Outlook and guidance

• FY26 shipment guidance remains at 195-205Mt, including 10-12Mt for Iron Bridge.

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

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