Mineral Resources has delivered record financial results for FY26, the company’s strongest performance in its 20-year history as a listed entity. The standout metrics include underlying net profit after tax of $822 million, up 831 percent year-on-year, alongside record underlying EBITDA of $2.6 billion, up 183 percent, and revenue reaching $6.5 billion, up 44 percent. The reported NPAT of $1.2 billion reflects a significant rebound in profitability across all business segments, with the company benefiting from the ramp-up of its Onslow Iron operation, strong Mining Services growth, and improved lithium pricing and performance.
The cash generation story is equally compelling. MinRes generated free cash flow of $849 million during FY26 and doubled its liquidity position to $2.4 billion, providing a substantial buffer for capital allocation and strategic opportunities. The company has also made meaningful progress on balance sheet repair, reducing net debt by $1.1 billion to $4.3 billion despite significant capital investment. The net debt to underlying EBITDA ratio improved to 1.7 times, down substantially from 5.9 times in the prior year, demonstrating the company’s improved financial flexibility.
The board’s decision to reinstate a fully franked dividend of $0.83 per share, representing 20 percent of underlying NPAT, reflects confidence in the sustainability of earnings and cash generation through the commodity cycle. This reinstated distribution comes after a nil dividend in the prior year, signaling a shift in capital allocation as the balance sheet strengthens and leverage improves. The upcoming completion of the POSCO transaction, expected to deliver gross proceeds of US$765 million, will further enhance MinRes’ financial position, with net debt expected to fall to approximately $3.2 billion, or around 1.2 times net debt to underlying EBITDA, post-completion.
Operationally, the company has demonstrated strong execution across its integrated business model. Onslow Iron reached nameplate capacity of 35 million tonnes per annum in August 2025, just three years after the final investment decision, reflecting the company’s project delivery capabilities. The Mining Services division continues to be the earnings engine, contributing $689 million in underlying EBITDA, while lithium operations at Wodgina and Mt Marion have benefited from improved market conditions and pricing.
Looking ahead, investors should monitor several key developments. The completion and closure of the POSCO transaction will be a key milestone for balance sheet improvement. The sustainability of iron ore and lithium pricing will remain crucial to maintaining earnings momentum, as commodity exposure represents a significant component of the earnings profile. Capital allocation decisions and the pace of any debt reduction beyond the POSCO proceeds will warrant close attention. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Mineral Resources Limited (ASX: MIN)
Mineral Resources Limited is an Australian mining company that operates mining services and mineral production across multiple commodities including iron ore and lithium, primarily in Western Australia. The company provides pit-to-ship mining solutions, mineral processing and transport services, and develops and mines iron ore from its flagship Onslow project and lithium from its Western Australian mines. It operates through Mining Services, Iron Ore, Lithium, and Energy and Other segments.
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