Fortescue Ltd · ASX:FMG
Fortescue — FY2026 Earnings Presentation
34 slides from Fortescue's earnings presentation, Aug 20, 2026
Slide 1: Fortescue
© 2024 FORTESCUE FORTESCUE | 1
Slide 2: Important Notice: Forward Looking Statements Disclaimer
Important Notice The purpose of this presentation is to provide general information about Fortescue Ltd and its subsidiaries (“Fortescue”). It is not recommended that any person makes any investment decision in relation to Fortescue based on this presentation. This presentation contains certain stat
Slide 3: FY26 Highlights
FY26 HIGHLIGHTS US$3.5bn 172 LSI 201.3Mt Leading Safety Index Iron ore shipped Underlying net profit after tax US$18.74/wmt US$0.9bn 65% net debt payout ratio Industry leading hematite Robust balance sheet to C1 unit cost support growth In line with dividend policy FORTESCUE | 3
Slide 4: Safety
SAFETY 172 0.04 1.3 Critical Incident Total Recordable Injury Leading Safety Index (LSI)¹ Frequency Rate (CIFR) Frequency Rate (TRIFR) 1 LSI is a patented, data-driven metric that combines leading and lagging indicators to measure the presence and effectiveness of safety across the organisation. LSI
Slide 5: FY26 Iron Ore Production Highlights
FY26 IRON ORE PRODUCTION HIGHLIGHTS 201.3Mt US$91/dmt US$18.74/wmt 88% Total shipments Hematite average Hematite realised price Hematite C1 unit cost revenue realisation FORTESCUE | 5
Slide 6: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS US$17.0bn US$8.6bn US$3.5bn Revenue Underlying EBITDA Underlying net profit after tax 51% US$50/dmt1 US$1.13 Underlying EBITDA margin Underlying EBITDA per tonne Underlying earnings per share (A$1.66) 1Fortescue Metals Underlying EBITDA. FORTESCUE | 6
Slide 7: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS US$6.8bn US$3.2bn US$5.1bn US$5.9bn Net operating cash flow Free cash flow Cash on hand Gross debt FORTESCUE | 7
Slide 8: Shareholder Returns
SHAREHOLDER RETURNS A$0.46 per share A$1.08 per share A$3.3bn Fully franked final dividend FY26 total dividends Value of FY26 dividends 65% payout ratio FORTESCUE | 8
Slide 9: FY27 Guidance
FY27 GUIDANCE 197 - 207Mt 11 - 14Mt US$300m Total iron ore shipments Iron Bridge concentrate Energy net operating expenditure shipments (100% basis) US$20.50 - US$3.7 - US$150m US$21.75/wmt US$4.7bn Energy capital expenditure C1 unit cost for Hematite Metals capital expenditure Guidance is based on
Slide 10: Green Grid
Green Grid Solar and wind locations are subject to further studies FORTESCUE | 10 and regulatory approvals.
Slide 11: Diversity and Inclusion
DIVERSITY AND INCLUSION REAL DIVERSITY STRATEGY Creating safe, inclusive and high-performing teams 41% FEMALE EMPLOYMENT In senior leadership roles 15% INDIGENOUS PEOPLES Across our Pilbara workforce FORTESCUE | 11
Slide 12: Creating Opportunities
CREATING OPPORTUNITIES A$27.2 BILLION Total global economic contribution A$7.6 BILLION Contracts awarded to Aboriginal businesses since 2011 A$1.0 BILLION Spent with Aboriginal businesses in FY26, 5% higher than FY25 FORTESCUE | 12
Slide 13: Diversity, Inclusion and Equity: Creating Opportunities
DIVERSITY, CREATING INCLUSION OPPORTUNITIES AND EQUITY PKKP AGREEMENT Co-management of Country and new economic opportunities ACCESS TO CAPITAL Expanding our Buriya Capital Funding program to three major banks EMPLOYMENT PATHWAYS >1,600 training and employment opportunities delivered through VTEC1 s
Slide 14: Climate and Nature
CLIMATE AND NATURE REAL ZERO TARGET Electrifying our Pilbara iron ore operations GLOBAL DECARBONISATION Advancing technologies for hard-to-abate sectors BIODIVERSITY INVESTMENT >A$13m since FY24 to biodiversity conservation through partnerships and direct projects FORTESCUE | 14
Slide 15: Delivering Real Zero
DELIVERING REAL ZERO ELECTRIC FLEET BUILD Electric excavators, drills and locomotives operational Ancillary equipment arriving in October >1.3GW SOLAR + WIND Operational or under construction in the Pilbara 2.4GW total planned >1GWh BATTERY STORAGE Operational or under construction 4 - 5GWh total pl
Slide 16: Driving Innovation
DRIVING INNOVATION OPTIMISATION Driving productivity through AI across the supply chain TECHNOLOGY Improving planning, processing, fleet and rail performance R&D Advancing new green iron and zero-emissions technologies FORTESCUE | 16
Slide 17: Green Metal
GREEN METAL ENHANCING PILBARA’S FUTURE Ensuring the region remains globally competitive TECHNOLOGY DRIVEN Advancing multiple technology pathways GREEN METAL PROJECT First hot metal achieved on 16th August 2026 FORTESCUE | 17
Slide 18: Critical Minerals
CRITICAL MINERALS COPPER Diversification into commodities critical to the global energy transition CAÑARIACO Acquisition of top-tier large scale copper deposit GLOBAL EXPLORATION Peru, Argentina, Kazakhstan, Canada and Australia FORTESCUE | 18
Slide 19: Belinga Iron Ore Project
BELINGA IRON ORE PROJECT EXPLORATION 230,000 metres drilled and exploration expanded STUDIES ADVANCING Large undeveloped high-grade hematite deposits COMMUNITY ENGAGEMENT 50 students involved in We Train For Gabon program FORTESCUE | 19
Slide 20: Energy Project Pipeline
ENERGY PROJECT PIPELINE Global projects to progress when economically viable GREEN ELECTRONS Commercialise renewable resources for green hydrogen, green fuels or data centres GREEN ENERGY R&D Focus on long-term value creation and cost reduction FORTESCUE | 20
Slide 21: Technology
TECHNOLOGY FORTESCUE ZERO Power systems tested in motorsports and scaled for heavy mining equipment NABRAWIND Self-erecting technology cutting time and costs for wind projects ELYSIA Battery intelligence software for electric fleets and battery storage systems FORTESCUE | 21
Slide 22: FY26 Results
Fortescue. FY26 RESULTS’ — FORTESCUE | 22
Slide 23: Earnings
EARNINGS Full year earnings profile Revenue (US$m) Underlying EBITDA (US$m) Underlying NPAT (US$m) 18,220 10,561 10,708 17,390 9,963 16,871 16,966 8,635 6,197 7,941 5,5221 5,664 3,366 3,458 2 15,541 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 1 FY23 Statutory NPAT of U
Slide 24: Earnings Reconciliation
EARNINGS RECONCILIATION Robust earnings and disciplined cost control FY25 – FY26 Underlying EBITDA and NPAT Breakdown (US$m) GROUP UNDERLYING EBITDA US$694m Metals Energy Corporate US$443m US$319m (US$68m) 1,142 259 (81) 60 (68) 120 (223) (27) 3,366 (366) (158) 178 2,860 (488) (854) expenses Other i
Slide 25: Price Realisations
PRICE REALISATIONS FY26 hematite realised price of US$91/dmt Hematite price realisation of the Platts CFR Index 1 Platts CFR Index (US$/dmt)1 140 89% 90% 89% 120 85% 84% 84% 84% 83% 100 80 60 40 20 0 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 O
Slide 26: Prices and Margins
PRICES AND MARGINS Strong margins through the cycle 160 Prices and Metals Underlying EBITDA margin (US$/dmt) 140 120 100 80 60 65 63 60 48 50 40 20 0 FY22 FY23 FY24 FY25 FY26 1 Metals Underlying EBITDA Platts CFR Index Hematite realised price Avg Hematite realised price Avg Metals Underlying EBITDA
Slide 27: Cash Generation
CASH GENERATION Generating strong operating and free cash flow Net cash flow from operations (US$m) Capital expenditure (US$m)1 Free cash flow (US$m)2 7,919 7,432 5,108 6,646 6,836 6,474 4,317 3,930 3,572 3,640 3,204 3,074 3,170 2,895 2,555 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23
Slide 28: Capital Expenditure
CAPITAL EXPENDITURE Disciplined capital investments FY26 capital expenditure and investments (US$m) FY27 capital expenditure and investments guidance (US$m) 1 2 190 88 150 150 848 900 - 1,300 US$3.8 - US$3.6bn US$4.8bn 2,146 2,300 - 2,700 368 300 - 500 Sustaining and Hub Development Decarbonisation
Slide 29: Strong Balance Sheet
STRONG BALANCE SHEET With a balanced debt maturity profile Gross debt (US$m) Debt maturity profile excluding leases – principal (US$m) 6,103 5,931 5,321 5,400 5,439 1,025 2,090 1,000 800 233 600 450 102 FY22 FY23 FY24 FY25 FY26 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 Senior unsecured
Slide 30: Robust Credit Metrics
ROBUST CREDIT METRICS Gross debt to EBITDA to not exceed 2x and gross gearing to not exceed 40 per cent, through the cycle Gross debt to EBITDA (x) Gross gearing (%) 26 0.7 0.7 23 23 22 21 0.6 0.5 0.5 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FORTESCUE | 30
Slide 31: Return on Capital
RETURN ON CAPITAL Profitable and capital efficient Underlying return on equity (%) Return on capital employed 1 (%) 35 36 31 30 31 27 19 17 17 16 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 1 ROCE is calculated as earnings before interest and tax divided by average capital (total assets minus
Slide 32: Delivering Returns to Our Shareholders
DELIVERING RETURNS TO OUR SHAREHOLDERS Policy to pay out 50-80% of Underlying NPAT Dividends (A$/share) and payout ratio (%) 80% 78% 77% 75% 70% 65% 65% 65% 62% 3.58 52% 36% 2.07 1.97 1.76 1.75 1.14 1.10 1.08 0.46 0.45 0.15 0.23 0.62 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Dividends p
Slide 33: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Delivering Maintaining Investing in returns to balance sheet growth and shareholders strength development 50-80% payout BB+/Ba1 Value creation of Underlying NPAT, Committed to targeting Across Energy dividend policy strong credit ratings and Metals FORTESCUE | 33
Slide 34: We Are Fortescue
WE ARE Family FORTESCUE Empowerment Frugality Stretch Targets Integrity Enthusiasm Safety Courage and Determination Generating Ideas Humility FORTESCUE | 34