ASX Stock Delivers Record FY26 Results and Strong Growth

A record FY26 result marked a major turnaround for Mineral Resources. Strong operational growth and lower debt have strengthened the outlook.

Mineral Resources Limited (ASX: MIN)

As on 27 August 2026, published its June ending full year results for FY26, reflecting massive growth driven by its diversified mining and services group benefitting from record volumes, the successful ramp-up of Onslow Iron and a strong improvement in lithium earnings. Revenue for the year increased significantly by 44% compared to previous year to $6.5 billion, while underlying EBITDA also surged remarkably by 183% to a record $2.6 billion. Underlying NPAT reached $822 million compared with a recorded loss in the previous year, while free cash flow turned positive at $849 million. The improved performance also allowed MinRes to pay out dividends, with a fully franked 83 cents per share declared for FY26, to be paid on 30 October 2026.

All three core operating divisions contributed towards the successful year. Mining Services performed really well, delivering a record production volume of 341 million tonnes and underlying EBITDA of $976 million which was supported by Onslow Iron reaching steady-state operations and continued growth in external contracts. Another major contributor was Iron Ore which recorded an increased underlying EBITDA of $1 billion as Onslow Iron shipments increased sharply and the operation achieved a 38Mtpa run-rate during the June quarter. Lithium also showed a strong recovery with underlying EBITDA rising to $771 million with an EBITDA margin of 59% as sales volumes and realised prices improved. Group revenue across Mining Services, Iron Ore and Lithium reached $3.1 billion, $3.6 billion and $1.3 billion, respectively. This highlights the advantages of MinRes’ increasingly diversified earnings base.

Beyond the operating performance, FY26 marked a major improvement in MinRes’ financial position. The company’s leverage improved as the net debt went down by around $1.1 billion to $4.3 billion, while net debt to underlying EBITDA dropped sharply from 5.9 to 1.7. Liquidity more than doubled to $2.4 billion, giving the company greater financial flexibility. The proposed POSCO partnership, expected to complete in the first half of FY27 subject to conditions, could further accelerate debt reduction. The company has a market capitalisation of approximately $13.28 billion and is continuously progressing brownfield projects across its portfolio, including the Mt Marion underground development and flotation plant, the Bald Hill restart, Wodgina expansion studies and further opportunities at Onslow Iron.

Looking ahead, MinRes is targeting growth across every major division in FY27 while maintaining disciplined capital management. Mining Services production guidance stands at 370-390Mt, while Iron Ore volumes are expected to grow across both Onslow Iron and the Pilbara Hub. In lithium, the focus will be on the Bald Hill ramp-up, improved recoveries at Wodgina as cleaner ore becomes available from the second quarter, and the continued development of Mt Marion’s underground operations. Management also plans to pursue further brownfield growth opportunities, including potential expansions at Wodgina and Bald Hill and an Onslow Iron wet plant, while prioritising debt reduction, organic free cash flow, governance improvements and the flexibility to support future growth and dividends.

(Source: Company Announcements)