Mineral Resources (MIN) H2 2026 earnings summary

Executive summary

• Achieved record revenue of AUD 6.5 billion, up 44% year-over-year, and record underlying EBITDA of AUD 2.6 billion, up 183%, driven by Mining Services, Onslow Iron ramp-up, and improved lithium performance.

• Returned to profitability with underlying NPAT of AUD 822 million, up 831% year-over-year, and reinstated fully franked dividends at AUD 0.83 per share.

• All divisions met or exceeded guidance, with mining services delivering record volumes and EBITDA.

• Net debt reduced by AUD 1.1 billion to AUD 4.3 billion; liquidity more than doubled to AUD 2.4 billion.

• Governance improvements and leadership succession planning implemented.

Financial highlights

• Underlying NPAT was AUD 822 million, reversing a loss in FY 2025 and up 831% year-over-year; reported NPAT was AUD 1.2 billion.

• Mining services EBITDA reached AUD 976 million, up 32% year-over-year, with record production of 341 million tons.

• Iron ore contributed AUD 1 billion in EBITDA; lithium EBITDA was AUD 771 million.

• Operating cash flow (excluding certain items) was AUD 2.6 billion, with 102% cash conversion on underlying EBITDA.

• Free cash flow was AUD 849 million after AUD 1.1 billion in CapEx.

Outlook and guidance

• FY 2027 mining services production volumes guided at 370–390 million tons, a 9–14% increase.

• Wodgina lithium sales volume guidance: 360–390 kt SC6, up 14–23%, with FOB cost guidance of AUD 640–710/t, down 4–13%.

• Bald Hill on track to reach nameplate capacity of 140 kt SC6 equivalent in December quarter.

• CapEx for FY 2027 focused on low-risk, high-return brownfield projects, with guidance at AUD 1.425 billion gross.

• Priorities: deliver guidance, invest in brownfield expansion, and strengthen the balance sheet.