EarningsQ4 2026 Earnings Report

Mineral Resources Limited (MALRF) Q4 2026 Earnings Report

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Previous Report: Q2 2026

MALRF Q4 2026 EPS Results

Actual EPS$1.84

Consensus EPS$1.40

Beat/MissBeat by +$0.44

One Year Ago EPS-$0.34

MALRF Q4 2026 Revenue Results

Actual Revenue$2.37B

Expected Revenue$2.24B

Beat/MissBeat by +$137.23M

YoY Revenue Growth+56.23%

Earnings Announcement Details

QuarterQ4 2026

Date08/26/2026

TimeAfter Close

Conference CallWednesday, August 26, 2026

MALRF Upcoming Earnings

Mineral Resources Limited's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q4 2026 Earnings Call Audio

MALRF Q4 2026 Earnings Call

0:00 / 0:00

Q4 2026 Earnings Slide Deck

Q4 2026 Earnings Call Summary

Q4 2026

Earnings Call Date:Aug 26, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents a strongly positive operational and financial result with record revenue, EBITDA, improved cash generation, and significant deleveraging. Management reinstated dividends and provided growth guidance while emphasizing brownfield, disciplined investments and long‑dated, high‑quality Mining Services contracts. Notable risks include margin pressure in Mining Services, cost escalation (notably diesel), elevated sustaining and growth capex, and execution/transaction timing risks (POSCO sale and expansion projects). Overall the positives—large earnings upgrade, balance sheet repair, clear capital allocation policy and strong forward guidance—outweigh the headwinds.

Company Guidance

MinRes guided FY‑27 mining services volumes of 370–390 million tonnes (↑9–14% vs FY‑26), driven by running Onslow Iron beyond nameplate (Onslow finished FY‑26 at a ~38 Mt run rate and transshippers 6–7 lift installed port capacity towards ~40 Mt), the Bald Hill restart (targeting nameplate ~140 kt SC6 by the Dec quarter), increased mining at Mt Marion (investments to add ~100 kt and a new float plant/underground development) and growth in the external order book; Wodgina FY‑27 sales are guided to 360–390 kt SC6 (↑14–23%) with FOB costs of ~$640–$710/t (↓4–13%). FY‑27 capital guidance is $1.425 billion gross / $1.27 billion net (Mt Marion and Wodgina shown at 50% = $475m), sustaining CapEx ~$815m for FY‑27 (with a forward run‑rate of $700–750m), and diesel is assumed at ~$1.25/L; balance sheet priorities remain (minimum liquidity $1.0bn), with FY‑26 net debt down $1.1bn to $4.3bn (net debt/underlying EBITDA 1.7x), liquidity $2.4bn (cash $1.6bn + $800m undrawn RCF), a declared fully franked dividend of $0.83/share (20% payout of underlying NPAT of $822m), expected POSCO proceeds of ~US$765m (pro‑forma net debt ~A$3.2bn, leverage ~1.2x), and ongoing focus on low‑risk brownfield growth while maintaining ~70% of the Mining Services order book on >15‑year indexed contracts.

Record Revenue and Earnings

Revenue of $6.5 billion (up 44% year‑on‑year) and record underlying EBITDA of $2.6 billion (up 183% YoY). Underlying NPAT of $822 million versus a loss in FY'25.

Strong Cash Generation and Deleveraging

Operating cash flow (ex Onslow carry loan and iron ore prepayment) of $2.6 billion equating to 102% cash conversion on underlying EBITDA. Free cash flow of $849 million after $1.1 billion CapEx. Net debt reduced by ~$1.1 billion to $4.3 billion; net debt / underlying EBITDA fell from 5.9x to 1.7x.

Restored Liquidity and Improved Debt Profile

Liquidity more than doubled to $2.4 billion (cash $1.6 billion + undrawn $800 million RCF). Weighted average cost of debt lowered from 8.6% to 7.4% and weighted average debt maturity extended to ~5 years via bond refinancings and new senior notes (USD 1.3bn at 6% and 6.25%).

Dividend Resumed

Board declared a fully franked final dividend of $0.83 per share, representing a 20% payout of underlying NPAT for FY'26, with a stated dividend framework to return surplus cash after balance sheet and growth priorities (dividends contemplated when leverage <2x within 12–18 months).

Mining Services Operational Scale and Quality Earnings

Mining Services delivered record volumes of 341 million tonnes and record underlying EBITDA of $976 million (up 32% YoY). Management highlights ~70% of the Mining Services order book under long‑dated (>15 year) contracts with indexed rates and low sustaining capital.

Onslow Iron Ramp-up and Resilience

Onslow Iron reached 35 Mtpa nameplate in August and finished the year at a ~38 Mtpa run rate; transshippers 6 & 7 lift installed port capacity toward ~40 Mtpa. The project sustained no major damage from two cyclones.

Lithium Production and Cost Improvement

Lithium contributed EBITDA of $771 million driven by improved operating performance and higher prices. Wodgina FY'27 sales guidance 360k–390k t SC6 (up 14%–23%) with FOB cost guidance $640–$710/t (down 4%–13%), reflecting 'more tonnes and lower cost.'

Strategic Transaction with POSCO

Agreement to sell a 30% interest in Wodgina and Mt Marion to POSCO expected to deliver gross proceeds of ~USD 765 million, which management plans primarily to use to reduce debt; pro forma net debt would be ~USD 3.2 billion and leverage ~1.2x.

Clear FY'27 Operational Guidance and Growth Focus

Guidance to grow Mining Services volumes to 370–390 million tonnes (up 9%–14% YoY). FY'27 CapEx guidance $1.425 billion gross ($1.27 billion net), with emphasis on brownfield, low‑risk, high‑return projects (Mt Marion, Lamb Creek completion, Onslow accommodation).

Safety and Governance Improvements

Completed review of injury and illness classification aligned to ICMM standards to strengthen safety reporting and transparency; Board and governance enhancements noted and new COO appointed to support consistent operating model execution.

MALRF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Feb 25, 2027	2027 (Q2)	1.21 / -	1.742	―
Aug 26, 2026	2026 (Q4)	1.40 / 1.84	-0.337	644.42% (+2.17)
Feb 19, 2026	2026 (Q2)	0.83 / 1.74	-0.69	352.63% (+2.43)
Aug 27, 2025	2025 (Q4)	-0.18 / -0.34	-0.167	-101.67% (-0.17)
Feb 18, 2025	2025 (Q2)	-1.22 / -0.69	0.704	-198.02% (-1.39)
Aug 28, 2024	2024 (Q4)	-0.34 / -0.17	1.379	-112.12% (-1.55)
Feb 21, 2024	2024 (Q2)	0.74 / 0.70	1.397	-49.65% (-0.69)
Aug 28, 2023	2023 (Q4)	1.01 / 1.38	1.609	-14.29% (-0.23)
Feb 23, 2023	2023 (Q2)	1.69 / 1.40	-0.13	1172.73% (+1.53)
Aug 28, 2022	2022 (Q4)	2.54 / 1.61	2.779	-42.09% (-1.17)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed