Mineral Resources (MIN) H1 2026 earnings summary

Executive summary

• Record underlying EBITDA of AUD 1.2 billion (up 286% year-over-year) and revenue of AUD 3.1 billion for H1 FY24, marking the strongest six months in company history, driven by Onslow Iron ramp-up and operational excellence.

• Net profit after tax rebounded to AUD 573 million in 1H26, a turnaround from a loss in 1H25, supported by improved commodity prices, Onslow Iron reaching steady state, and one-off gains.

• Free cash flow of AUD 293 million generated, with net debt reduced by almost AUD 500 million and liquidity increased to over AUD 1.4 billion.

• Strategic asset monetization and partnerships, including the POSCO lithium JV and gas JV with Hancock, are strengthening the balance sheet and supporting deleveraging.

• No interim or final dividends declared as focus remains on liquidity and balance sheet strength.

Financial highlights

• Revenue reached AUD 3.1 billion, up 33% year-over-year; underlying EBITDA was AUD 1.2 billion, up 286% year-over-year, with a margin of 38%.

• Underlying NPAT was AUD 343 million, reported NPAT was AUD 573 million; basic EPS was 251.4 cents.

• Free cash flow: AUD 293 million after AUD 600 million CapEx; operating cash flow before interest and tax was AUD 1,076 million.

• Net debt reduced to below AUD 4.9 billion, with a target of below 2.0x net debt/EBITDA.

• Liquidity increased to over AUD 1.4 billion, including more than AUD 600 million in cash and an undrawn AUD 800 million facility.

Outlook and guidance

• FY26 guidance reaffirmed, with Mining Services expected to deliver record production volumes of 305-325Mt and nearly AUD 1 billion in annualised EBITDA.

• Onslow Iron capacity expected to reach 38 million tonnes with two new transhippers by late 2024, with potential to push towards 40 million tonnes over time.

• Wodgina and Mt Marion lithium projects targeting improved recoveries and full three-train operation by early 2025.

• POSCO transaction to bring in AUD 1.1 billion in H1 2026, supporting further de-leveraging.

• Focus remains on safe operations, delivering guidance, optimizing assets, and strengthening the balance sheet.