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% year-over-year, with all divisions meeting or exceeding guidance.

• Returned to profitability with underlying NPAT of AUD 822 million, up 831% year-over-year, and reinstated a fully franked dividend of AUD 0.83 per share, representing a 20% payout on underlying profit.

• Operational milestones included Onslow Iron ramping to a 38 million ton run rate, record mining services volumes, and strong lithium sales growth.

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

• Strategic focus on brownfield growth, disciplined domestic expansion, and selective international opportunities, with governance improvements and leadership succession plans embedded.

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 contributed AUD 771 million, with Wodgina, Mt Marion, and Bald Hill all contributing.

• 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.

• Underlying EBITDA margin was 39%; net debt/underlying EBITDA improved to 1.7x from 5.9x.

Outlook and guidance

• FY 2027 mining services production volumes guided at 370–390 million tons, a 9–14% increase; Iron Ore guidance at 30–32.7 million tons; Lithium guidance at 660–750k dmt SC6.

• Wodgina FY 2027 sales volume guidance is 360–390 kt SC6, with FOB cost guidance of AUD 640–710/t.

• CapEx guidance for FY 2027 is AUD 1.425 billion gross, or AUD 1.27 billion net, focused on brownfield projects and sustaining capital.

• Sustaining CapEx expected to range AUD 700–750 million going forward.

• POSCO transaction expected to close in H2, delivering $765 million in proceeds and reducing net debt.