Mineral Resources (MIN) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of $3.1B and underlying EBITDA of $1.2B for 1H26, up 33% and 286% year-over-year, driven by Onslow Iron ramp-up, mining services growth, and operational excellence.

• Free cash flow of $293M generated after $587M in capex, with net debt reduced by $471M to $4.9B and liquidity increased to $1.4B.

• Statutory NPAT rebounded to $573M from a prior loss, supported by improved commodity prices, Onslow Iron reaching steady state, and one-off gains including a $134M post-tax haul road gain.

• No interim dividend declared as focus remains on liquidity, deleveraging, and balance sheet strength.

• Strategic partnership with POSCO to recycle over $1.1B in capital, supporting further deleveraging and growth.

Financial highlights

• Revenue reached $3.1B, up 33% year-over-year; underlying EBITDA was $1.2B, up 286% year-over-year, with a margin of 38%.

• Underlying NPAT was $343M, up 275% year-over-year; reported NPAT was $573M.

• Mining Services EBITDA hit a record $488M (up 29% year-over-year), Iron Ore EBITDA was $573M (mainly from Onslow Iron), and Lithium EBITDA was $167M.

• Cash balance increased to $638M; total liquidity at $1.4B, including undrawn debt facilities.

• Net debt reduced by $471M to $4.9B; net assets up 15% to $4.2B.

Outlook and guidance

• FY26 guidance reaffirmed, with Mining Services expected to deliver record production volumes of 305–325Mt and nearly $1B in annualized EBITDA.

• Onslow Iron expected to increase installed capacity towards 40Mtpa with new transhippers arriving in 2H26, maintaining low FOB costs.

• Lithium operations positioned to benefit from improving demand and prices, with operational flexibility and opportunistic use of Wodgina’s third train.

• POSCO transaction to bring in over $1.1B in 2H26, supporting further deleveraging.

• Conservative guidance maintained for Onslow Iron due to potential seasonal weather disruptions.