Mineral Resources Limited (MALRF)
OTHER OTC:MALRF
Earnings Data
Report Date
Aug 31, 2026TBA (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
0.98Last Year’s EPS
-0.34Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights significant operational and financial progress: a record half driven by Onslow Iron ramp-up, strong Mining Services performance (166Mt and 29% EBITDA growth), improving lithium returns and a clear deleveraging trajectory supported by the POSCO transaction and a strengthened liquidity buffer. Key challenges remain — commodity price volatility, cyclone-related downtime and channel/dredging works, and elevated net debt until POSCO proceeds and further cash generation reduce leverage. Management has adopted prudent capital discipline (no interim dividend, >A$1bn liquidity target, <2x leverage goal) which tempers near-term returns but supports sustainable deleveraging and optionality for future growth.Company Guidance
Record Financial Performance
Underlying EBITDA of ~$1.2bn for the half on revenue of $3.1bn; free cash flow of ~$293m after CapEx of $600m. This was described as the strongest 6 months in company history.
Onslow Iron Ramp-up and Contribution
Onslow reached nameplate in August and sustained production; contributed just over $500m (Mark: $519m) of underlying EBITDA in the half. Onslow FOB cost of $52/tonne and management guidance that at $100/tonne iron price Onslow can generate >$1bn annual EBITDA.
Mining Services Growth and Margin
Mining Services delivered record volumes of 166 million tonnes and underlying EBITDA of $488m, up 29% year-on-year. EBITDA per tonne margin around $2.10, with sustaining CapEx only $24m for the division.
Lithium Price Recovery and Operational Gains
Average SC6 equivalent price of USD 972/tonne for the half (up from ~USD 600/t in June last year); lithium underlying EBITDA of $167m. Wodgina achieved ~70% processing recovery in December quarter and Marion reported higher feed tonnes and improved recoveries. Recent spot sale noted at ~$2,500/t.
Balance Sheet Strengthening & Liquidity
Net debt fell by almost $0.5bn to ~A$4.9bn and leverage 'more than halved' over the period. Liquidity increased to >A$1.4bn (cash >A$600m and a fully undrawn A$800m RCF). Successful refinancing of USD700m bond to April 2031 at a record low ~7% coupon.
Monetizations and Partnering
POSCO transaction announced (expected ~A$1.1bn proceeds, completion H1 calendar 2026) to materially strengthen the balance sheet while retaining mining services contracts; other capital recycling of ~A$3.3bn through partnerships highlighted.
Near-Term Capacity Upside at Onslow
Current run-rate ~35Mtpa; two additional transhippers due mid-year to move nominal capacity to ~38Mtpa with management aiming to 'sweat' assets toward a ~40Mtpa run-rate over time.
Disciplined Capital Framework
New capital allocation and financial policy: minimum liquidity buffer raised to A$1bn (incl. A$400m cash), target leverage <2x net debt/EBITDA through the cycle, dividend policy up to 50% underlying NPAT but only when liquidity/leverage thresholds are met, and growth projects to meet >20% post-tax ROIC.
MALRF Earnings History
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
MALRF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | $33.86 | $33.86 | 0.00% |
Aug 27, 2025 | $22.10 | $22.10 | 0.00% |
Feb 18, 2025 | $18.15 | $18.66 | +2.81% |
Aug 28, 2024 | $30.82 | $29.70 | -3.62% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Mineral Resources Limited (MALRF) report earnings?
Mineral Resources Limited (MALRF) is schdueled to report earning on Aug 31, 2026, TBA (Confirmed).
What is Mineral Resources Limited (MALRF) earnings time?
Mineral Resources Limited (MALRF) earnings time is at Aug 31, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is MALRF EPS forecast?
MALRF EPS forecast for the fiscal quarter 2026 (Q4) is 0.98.