Mineral Resources (MIN) H1 2025 earnings summary

Executive summary

• Revenue for 1H25 was $2.3bn, down 9% year-over-year, with underlying EBITDA down 55% to $302M, mainly due to weaker iron ore and lithium prices, partially offset by record Mining Services earnings as Onslow Iron ramped up.

• Statutory NPAT was a loss of $807M, impacted by $352M post-tax impairment charges (mainly Bald Hill) and $232M post-tax FX translation losses.

• No interim dividend declared for 1H25 to preserve liquidity during peak investment in Onslow Iron; closing cash balance at $720M and total liquidity of $1,520M.

• Board and management are aligned on strategy, with governance enhancements and a new Chair search underway.

Financial highlights

• Underlying EBITDA for the half was $302M, down 55% year-over-year; Mining Services EBITDA rose 49% to $379M, while Commodities EBITDA dropped to -$28M.

• Reported NPAT was a loss of $807M, with underlying NPAT swinging from a $196M profit in 1H24 to a $196M loss in 1H25.

• Free cash flow from operations was -$825M, reflecting high capex and working capital outflows; net debt increased to $5.1bn.

• CapEx for the half was $1.1bn–$1.4bn, mainly for Onslow Iron; capital commitments at 31 Dec 2024 were $590M.

• Cash and cash equivalents at 31 Dec 2024 were $720M; available liquidity of $1,520M, including $800M undrawn debt facilities.

Outlook and guidance

• Onslow Iron FY25 attributable volume guidance reduced to 8.8–9.3Mt due to weather-related haul road repairs; FOB cost revised to $60–$70/t.

• Mining Services production volumes guidance lowered to 280–300Mt; all other operational guidance maintained.

• Lithium division expects benefits from cost reductions and operational efficiency in 2H25.

• CapEx guidance for FY25 is $1.9bn–$2.1bn, with cost savings identified and some spend deferred.

• Onslow Iron expected to reach nameplate 35Mtpa capacity in Q1 FY26, delivering significant cash flow and deleveraging.