FY26 Full Year Results were underpinned by growth in Mining Services, the ramp-up of Onslow Iron and improved Lithium performance and prices.
Financial performance
- Revenue: $6.5 billion, up 44% year-on-year on the prior comparative period (pcp), driven by record volumes across all divisions and improved commodity prices.
- Underlying EBITDA: $2.6 billion, up 183% pcp, representing a record margin of 39%.
- Underlying NPAT: $822 million, up 831% pcp.
- Liquidity: $2.4 billion, up 114% pcp, with net debt to Underlying EBITDA falling to 1.7 times.
- Fully franked full year dividend of $0.83 per share declared, representing a 20% payout of Underlying NPAT.
Operational highlights
- Onslow Iron achieved nameplate capacity of 35 million tonnes per annum (Mtpa) in August 2025, just three years after Final Investment Decision. Production volume was 19.7 million tonnes (Mt) (100% basis) at a FOB cost of $52 per tonne, contributing Underlying EBITDA of $909 million.
- Mining Services delivered record production of 34Mt, driven by the Onslow Iron ramp-up, new contract wins and renewals. Underlying EBITDA grew to a record $689 million.
- Iron Ore delivered Underlying EBITDA of $1.0 billion, the largest divisional contributor, bolstered by Onslow Iron reaching nameplate and higher achieved prices.
- Lithium operations delivered record volumes and improved prices in the second half, with Wodgina producing 317,000 dmt SC6 and Mt Marion producing 242,000 dmt SC6, together contributing Underlying EBITDA of $771 million.
- The POSCO transaction, subject to conditions precedent, is expected to complete in 1H27, generating gross proceeds of US$765 million and reducing net debt to $3.2 billion.
Board Chair Mal Bundey said FY26 was a year of meaningful progress on the governance, leadership and balance sheet priorities outlined to shareholders 12 months ago.
"It was also a year of record financial and operational results delivered by a committed and talented workforce, of whom I'm very proud," Bundey said.
"The Board is pleased to declare a fully franked FY26 full year dividend of $0.83 per share. This reflects the Board's confidence that the balance sheet is healthy and we are generating cash to sustain returns through the cycle."
Managing Director Chris Ellison said the past 12 months stand among the most significant in MinRes' history.
"Record operational and financial results reflect years of strategic investment, positioning the company to enter its third listed decade with a stronger foundation than at any point in our 20-year journey on the ASX," Ellison said.
"Onslow Iron achieved nameplate capacity just three years after we reached a Final Investment Decision. The speed of delivery is a demonstration of the in-house capability we have developed across the business.
"Our priorities for FY27 are to achieve guidance across all divisions, execute low-risk, high-returns brownfield investments, continue to strengthen the balance sheet and ensure MinRes is positioned for our next phase of growth."
Outlook
MinRes enters FY27 with a stronger balance sheet and forecast growing volumes across every operating division, guiding to Mining Services volume growth of 9% to 14% on the prior year.
At Onslow Iron, the arrival of transhippers six and seven has increased the project's installed capacity towards 40Mtpa and ensures sufficient redundancy as the fleet rotates through maintenance.
Following years of investment to improve plant recoveries and reduce costs, MinRes' three lithium assets are well placed to capitalise on improved prices as demand is driven by energy storage and the transition to electric vehicles.
At Wodgina, after several years of increased stripping, we expect clean ore to feed all three trains from Q2 FY27, while a transitional year at Mt Marion will see investment in a flotation plant and underground mining. Bald Hill is targeting nameplate capacity in the first half of FY27.
The year also saw the creation of a new Chief Operating Officer role, with Darren Killeen appointed to the position, alongside embedded governance improvements and a clear leadership succession pathway.
For further details, read the full 2026 Full Year Results ASX announcement.
