MIN -5.25%: delivered a record half of revenue and a headline beat on earnings due to big uptick in Iron Ore volumes from Onslaw. Mining Services came in slightly below expectations, while higher Lithium prices benefited Wodgina.
1H25 Highlights
- Revenue $3.05bn, +33% y/y
- Underlying EBITDA $1.17bn – consensus $1.06bn
- Underlying profit $343m (vs loss y/y) – consensus $255m
- Iron ore revenue $1.87bn, +69% y/y
- Lithium revenue $423m, +23% y/y
- Free cash flow $293m after capex
- Net debt reduced $471m to $4.9bn
- Liquidity strengthened to $1.4bn
Onslow Iron was the standout, driving earnings recovery and underpinning improved cash generation. Guidance was reaffirmed and deleveraging is accelerating. Operational consistency was a highlight. That said, the result was still complex, lithium exposure is volatile, and the stock has already had a good recovery in 2025.
MM is neutral MIN ~$51
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