Fortescue (FMG) Q4 2025 TU earnings summary

Executive summary

• Achieved record full year iron ore shipments of 198.4Mt in FY25, up 4% year-over-year, with Q4 shipments at 55.2Mt, a quarterly record.

• Maintained strong safety performance with a TRIFR of 1.3, consistent with the prior year, and introduced new forward-looking safety metrics.

• Advanced decarbonisation initiatives, including new transmission infrastructure and deployment of electric drill rigs.

• Refined green energy project pipeline, discontinuing Arizona Hydrogen and PEM50 projects.

• Leadership changes include new CEO Growth and Energy and a new Non-Executive Director.

Financial highlights

• Cash balance at 30 June 2025 was US$4.3 billion, up from US$3.3 billion at 31 March 2025.

• Net debt reduced to US$1.1 billion from US$2.1 billion sequentially.

• Total capital expenditure for FY25 was US$3.9 billion.

• Hematite C1 cost for FY25 was US$17.99/wmt, down 1% year-over-year; Q4 cost was US$16.29/wmt, down 7% sequentially.

• Hematite average revenue for FY25 was US$84.79/dmt, 84% of the Platts 62% CFR Index.

Outlook and guidance

• FY26 shipment guidance is 195–205Mt, including 10–12Mt from Iron Bridge.

• Hematite C1 cost guidance for FY26 is US$17.50–US$18.50/wmt.

• Metals capital expenditure guidance for FY26 is US$3.3–US$4.0 billion; energy capex is approximately US$300 million.

• Iron Bridge FY26 cash opex (excluding shipping/royalties) expected at US$650 million (company share).