2026 financial year financial results
MinRes’ revenue increased by 44% to AUD 6.5 billion in the 2026 financial year. Underlying EBITDA rose by 183% to AUD 2.6 billion, while underlying net profit increased by 831% to AUD 822 million.
Free cash flow amounted to AUD 849 million. Liquidity increased to AUD 2.4 billion, while net debt decreased by 20% to AUD 4.3 billion. The net debt-to-underlying EBITDA ratio declined from 5.9x to 1.7x.
The company declared a fully franked dividend of AUD 0.83 per share for the 2026 financial year.
Onslow Iron and Pilbara Hub’s combined EBITDA contribution reaches AUD 1 billion
MinRes’ iron ore operations comprise Onslow Iron and Pilbara Hub. The Onslow Iron project reached its nameplate capacity of 35 million tonnes per year in August 2025, three years after the final investment decision.
In the 2026 financial year, Onslow Iron’s production volume reached 19.7 million tonnes. MinRes held a 57% share in the project, while FOB costs stood at AUD 52 per tonne and underlying EBITDA contribution amounted to AUD 909 million.
Production at Pilbara Hub reached 9.9 million tonnes. FOB costs stood at AUD 79 per tonne, while underlying EBITDA contribution was recorded at AUD 98 million.
2027 financial year iron ore outlook
According to MinRes’ guidance for the 2027 financial year, production at Onslow Iron is expected to reach 20-21.7 million tonnes, while production at Pilbara Hub is forecast at 10-11 million tonnes.
The company expects FOB costs of AUD 54-58 per tonne at Onslow Iron and AUD 74-79 per tonne at Pilbara Hub. MinRes’ guidance for the 2027 financial year reflects a 57% share in Onslow Iron and a 100% share in Pilbara Hub. Onslow Iron’s output consists entirely of fines, while lump accounts for 25% of Pilbara Hub’s output.
With the arrival of transshipment vessels No. 6 and No. 7 at Onslow Iron, the project’s installed capacity is planned to increase to 40 million tonnes per year.
POSCO transaction expected
MinRes expects the transaction with POSCO Holdings Inc. (POSCO) to be completed in the first half of the 2027 financial year, subject to the satisfaction of the required conditions. Upon completion of the transaction, the company expects to receive approximately AUD 765 million in gross proceeds and reduce net debt to around AUD 3.2 billion.
According to the company’s guidance for the 2027 financial year, completion of the POSCO transaction is expected to result in an approximately 30% reduction in MinRes’ attributable volumes and capital expenditure at Onslow Iron.
Mining Services
The Mining Services division recorded production of 34.1 million tonnes in the 2026 financial year. The division’s underlying EBITDA amounted to AUD 976 million.
MinRes expects Mining Services volumes to increase by 9-14% year on year in the 2027 financial year. The company forecast total capital expenditure of AUD 1.4 billion for the 2027 financial year, while net capital expenditure excluding financing impacts is expected to amount to AUD 1.3 billion.
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