Fortescue Ltd (FMG) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and welcome all. It's great to be back with you again. I'm here in London and joining me is Mark Hutchinson, an Apple Padgett CFO. Last month, we presented our quarterly production results, which included our highest ever first half shipments of 97.1 million tonnes. We did this while achieving an outstanding safety performance with a significant improvement across all our safety indicators, including a 44% improvement in truth. We remain on track to deliver our FY25 guidance, despite recent weather events in the Pilbara, including cyclone Zelia last week. The team was well prepared and did a phenomenal job in managing its impacts, working hard to resume normal activities as safely and quickly as possible. Apple will talk to the financial shortly. However, there were a few results I wanted to call out. We continue to keep our costs low. achieving a hematite C1 of 19.17 a tonne in the half, delivering a strong underlying EBITDA of 3.6 billion and a net profit after tax of 1.6 billion. Reflecting these results, the board today declared a fully franked interim dividend of 50 Aussie cents per share, representing a 65% payout of net profit after tax and a return of 1.5 billion Aussie dollars to our shareholders. There were many highlights during the half. Our Billion Opportunities Program has now awarded $6.5 billion Australian dollars in contracts to First Nations businesses since 2011. We continued to ramp up Ironbridge with more than 5 million tonnes of high-grade magnetite concentrate now shipped to our customers since operations began. We commenced construction on our green metal project at Christmas Creek with first production on track for later this year. And we continue to work closely with Chinese steel mills and renewable energy companies to further def...