Mineral Resources (ASX:MIN) has kicked off the 2026 fiscal year with a record-breaking performance, posting its strongest half-year results to date for the period ended Dec. 31, 2025.
The company reported a massive $3.1 billion in revenue, representing a 33% increase compared to the previous corresponding period.
The surge was primarily fueled by the exceptional operational performance of the Onslow Iron Project, which has maintained its 35Mtpa nameplate capacity since August, alongside record earnings from Mining Services and improved lithium recoveries.
Underlying EBITDA skyrocketed by 286% to $1.2 billion, while reported net profit after tax reached $573 million.
The robust earnings have significantly strengthened the company's balance sheet; MinRes generated $293 million in free cash flow and reduced its net debt by $471 million to $4.9 billion.
MinRes entered a binding agreement to sell a portion of its interest in the Wodgina and Mt Marion projects to POSCO Holdings for US$765 million.
The expected cash influx in the second half of 2026 is projected to push the company toward its target net debt-to-EBITDA ratio of less than 2.0x.