Sandfire Resources (SFR) H2 2026 earnings summary

Executive summary

• Achieved record operating and financial results for FY26, driven by strong performance at MATSA and Motheo and elevated commodity prices.

• Group Copper Equivalent (CuEq) production reached 154.2kt, within guidance.

• Declared a fully franked final dividend of 35 Australian cents per share, the first in over four years, representing 48% of H2 FY26 underlying earnings.

• Ended FY26 with a net cash balance of $353M after full debt repayment, adding $750M to the balance sheet over two years.

• Tragically recorded the Group's first fatality at MATSA in February 2026.

Financial highlights

• Record sales revenue of AUD 1.7 billion (up 41% YoY) and underlying EBITDA of AUD 867 million (up 64% YoY) for FY26, with an EBITDA margin of 52%.

• Underlying profit more than tripled to AUD 350 million; statutory profit at AUD 354 million; net profit after tax attributable to members rose 282% to $355.8M.

• Motheo EBITDA up 45% to AUD 461 million (62% margin); MATSA EBITDA up 71% to AUD 499 million (55% margin).

• Operating cash flow reached $887M, up 54% year-over-year.

• Net tangible assets per share rose to $4.30 from $3.69.

Outlook and guidance

• FY27 Group CuEq production guidance set at 150–166kt, with MATSA and Motheo expected to maintain or slightly increase production.

• Operating unit costs expected to rise to $90/t at MATSA and $47/t at Motheo.

• Total capital expenditure to increase to $299M, with $51M allocated to Kalkaroo and a 30% overall increase focused on drilling and project development.

• Exploration and evaluation expense to increase to $68M, reflecting accelerated drilling programs.

• Strategic review of Black Butte project nearing completion.