Shares fell 2.3% following the FY '26 results, reflecting investor caution despite record financial performance, as the outlook and margin expansion potential appear less compelling than suggested.
- FY '26 revenue reached a record $6.5 billion (up 44%), with underlying EBITDA hitting $2.6 billion (up 183%).
- Mining Services posted record volumes of 341 million tonnes and EBITDA of $976 million, supported by Onslow Iron ramping to a 38 million tonne run rate.
- Net debt reduced by $1.1 billion to $4.3 billion; liquidity more than doubled to $2.4 billion.
- FY '27 guidance targets 370–390 million tonnes in mining services volume (+9% to +14%), but margin and cash flow growth hinges on operational transitions and lithium cost reductions.
- Key lithium operations expect increased sales and lower costs, yet expansion projects remain in construction or pre-feasibility stage; gas exploration continues with uncertain near-term impact.
Community Discussion