Fortescue (FMG) Q3 2026 TU earnings summary

Executive summary

• Achieved record nine-month iron ore shipments of 148.7Mt, up 4% year-over-year, with Q3 shipments up 5% from the same quarter last year.

• Strong operational performance and supply chain resilience, despite weather disruptions impacting Iron Bridge output.

• Maintained leading safety performance with a TRIFR of 1.4 and LSI of 173 for the 12 months to 31 March.

• Advanced decarbonization initiatives, including construction of 133MW wind and 440MW solar projects, and progress on the Green Metal Project.

• Completed acquisition of Alta Copper, adding the Cañariaco copper project in Peru to the portfolio.

Financial highlights

• Closing cash balance of $4.2 billion and net debt of $1.6 billion after interim dividend and CapEx payments.

• Hematite C1 unit cost down 4% quarter-on-quarter to $18.29/ton, with year-to-date C1 cost at $18.52/ton.

• Realized hematite price at $92/ton (89% of Platts 61% Index); Iron Bridge concentrate at $122/ton (101% of Platts 65% Index).

• Interim dividend of $1.3 billion paid; CapEx and investments totaled $915 million in the quarter.

Outlook and guidance

• FY 2026 total shipment guidance unchanged at 195–205 million tons, with Iron Bridge guidance revised to 9–10 million tons due to weather impacts.

• Portfolio optimization underway for Pilbara operations, with an update expected in three months.

• Full-year cost guidance maintained at guided exchange rate of AUD 0.65 and C1 unit cost guidance at $17.50–18.50/ton.