Fortescue has reported a 23 per cent increase in underlying first half net profit driven by record iron ore shipments and higher prices for the commodity.
The world’s fourth-largest iron ore producer reported underlying earnings of US$4.5 billion for the six months to December 31, 2025, up from US$3.6 billion in the prior-year half. Net profit jumped 23 per cent to US$1.9 billion compared to US$1.5 billion.
Fortescue said strong supply chain performance contributed to iron ore shipments of 100.2 million tonnes in the first half, 3 per cent higher than 96.7 million tonnes shipped in the first half of 2025 and the highest first half shipments in Fortescue’s history.
The company’s revenue came in at US$8.4 billion, up 10 per cent from US$7.6 billion in the first half of 2025.
Fortescue Metals and Operations CEO, Dino Otranto said: “It’s been a standout first half of the financial year. We delivered record shipments of 100.2 million tonnes while keeping our people safe and costs low.
“We have the lowest operating cost in the industry, and decarbonisation is pushing that even lower. By removing diesel across our operations, we’re structurally improving our cost position. The more diesel we eliminate, the less exposure we have to price volatility, and the stronger and more predictable our margins become.”
Looking ahead, the company expects iron ore shipments to reach 195 million tonnes to 205 million tonnes for fiscal 2026, with metals capital expenditure of US$3.3 billion to US$4 billion.
Fortescue declared a fully franked interim dividend of 62 Australian cents per share, 24 per cent higher than last year and equivalent to a 65 per cent payout of first-half profit.
The miner continued its decarbonisation initiatives, including delivery of the first battery energy storage system (BESS), deployment of electric mobile equipment and new technology partnerships.
Around 3,600 solar panels are being installed at its Cloudbreak mine, with another gigawatt of solar in the pipeline.
“Construction is underway on our first wind farm, we’ve delivered two large battery energy storage systems at our sites, and we’re working with leading global manufacturers to roll out electric mining equipment, battery systems and large-scale renewable infrastructure,” Otranto said.
Fortescue is also progressing on other growth initiatives to support long-term value creation, including a binding agreement with Alta Copper Corp. under which Fortescue proposes to acquire the remaining 64 per cent of Alta Copper’s issued and outstanding common shares not already owned through a Canadian Plan of Arrangement.
Fortescue is maintaining a pipeline of green energy and technology projects and continues to assess project viability and timing in line with evolving customer demand.
