Fortescue (FMG) Q4 2026 TU earnings summary

Executive summary

• Achieved record FY26 iron ore shipments of 201.3Mt, up 1% year-over-year, with strong operational performance and cost control.

• Safety performance remained strong, with a TRIFR of 1.3 and LSI of 172 for FY26.

• Significant progress on decarbonisation, including construction of the 690MW Turner River solar farm and commissioning of electric mining equipment.

• New Native Title and Co-Management Agreements with PKKP people and compensation settlement with Yindjibarndi Ngurra Aboriginal Corporation.

• Leadership changes with the resignation of the Executive Director and appointment of a new Non-Executive Director.

Financial highlights

• Hematite C1 unit cost was US$18.74/wmt for FY26, within guidance despite inflation and higher diesel prices.

• Hematite realised price was US$90.66/dmt for FY26, 88% of the Platts 61% CFR Index.

• Iron Bridge Concentrate realised price was US$120.46/dmt for FY26, 101% of the Platts 65% CFR Index.

• Cash balance at 30 June 2026 was US$5.1 billion, with net debt of US$0.8 billion after US$3.6 billion in FY26 capital expenditure.

Outlook and guidance

• FY27 shipment guidance is 197–207Mt, including 11–14Mt from Iron Bridge.

• Hematite C1 unit cost guidance for FY27 is US$20.50–US$21.75/wmt, assuming AUD:USD 0.70.

• Metals capital expenditure guidance for FY27 is US$3.7–US$4.7 billion, with decarbonisation spend of US$0.9–US$1.3 billion.