Highlights

• Record revenue of AU$6.46 billion and underlying EBITDA of AU$2.55 billion reflected strong performances across all three operating divisions.
• Mineral Resources returned to profitability with reported NPAT of AU$1.22 billion, compared with a loss in FY2025.
• Net debt fell by approximately AU$1.08 billion, while fully franked dividends of AU$0.83 per share were reinstated.

Mineral Resources Limited (ASX: MIN) delivered a powerful financial turnaround in FY2026, reporting record earnings, stronger cash generation and a significantly improved balance sheet. The company released its FY2026 results on 26 August 2026, highlighting the benefits of improved operational performance and favourable commodity market conditions.

Record Financial Performance

The company generated record revenue of AU$6.461 billion, representing a 44% increase on FY2025. Underlying EBITDA surged 183% to AU$2.551 billion, lifting the underlying EBITDA margin to 39%. Reported net profit after tax reached AU$1.215 billion, marking a sharp reversal from the AU$896 million loss recorded in the previous year. Underlying NPAT also recovered strongly to AU$822 million, compared with an underlying loss of AU$112 million in FY2025.

Onslow Iron Delivers a Step Change

Operational progress across Mining Services, Iron Ore and Lithium underpinned the result. Iron Ore became the group's largest underlying EBITDA contributor, generating AU$1.001 billion. A key driver was the successful ramp-up of the Onslow Iron project, which reached its 35Mtpa nameplate capacity and established itself as a major cash-generating operation. Mining Services also delivered record underlying EBITDA of AU$976 million, supported by higher production volumes and increased third-party activity.

Lithium Recovery Adds Momentum

The Lithium division contributed AU$771 million in underlying EBITDA, benefiting from higher sales volumes, improved operating costs and a recovery in lithium prices during the second half. The stronger commodity environment complemented improved utilisation and recoveries across the company's lithium operations, including Wodgina and Mt Marion.

Balance Sheet Strengthens

Strong earnings translated into improved cash generation and lower leverage. Free cash flow reached approximately AU$800 million, while net debt declined to AU$4.267 billion from AU$5.350 billion. The net debt-to-underlying EBITDA ratio improved substantially to 1.7 times, while liquidity increased to AU$2.362 billion. Mineral Resources also reinstated fully franked dividends, declaring a full-year payout of AU$0.83 per share. With Onslow Iron operating at scale and its balance sheet in a stronger position, Mineral Resources enters FY2027 with a considerably improved financial platform.

Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.