Fortescue has announced its financial results for the half year to 31 December, 2024, being the first half of the 2025 fiscal year (H1 FY25). A record half year of shipments contributed to net profit after tax of US$1.6 billion and allowed a fully-franked interim dividend of A$0.50 per share, representing a 65% payout of first half net profit after tax. Highlights were:

• Strong supply chain performance contributed to iron ore shipments of 97.1 million metric tonnes (Mm/t), 3% higher than H1 FY24.
• Underlying EBITDA of US$3.6 billion for H1 FY25 and underlying EBITDA margin of 48%.
• Net profit after tax of US$1.6 billion and earnings per share of US$0.51.
• Net cash flow from operating activities of US$2.4 billion and free cash flow of US$0.7 billion after capital expenditure of US$1.8 billion.
• Net debt of US$2.0 billion at 31 December 2024, inclusive of cash balance of US$3.4 billion.

Fortescue Metals Chief Executive Officer, Dino Otranto said “It’s been an outstanding operational performance for the first half of FY25 with the team achieving our highest ever half year shipments while keeping costs low.

“The delivery of our decarbonisation plan is progressing well following a US$2.8 billion partnership signed with Liebherr for zero emissions mining equipment where Fortescue Zero will supply the battery power systems. Our award winning Billion Opportunities program also went from strength to strength, with now A$6.5 billion in contracts awarded to First Nations businesses since 2011.

Fortescue Energy Chief Executive Officer, Mark Hutchinson said “We have continued to advance and commercialise our portfolio of green technologies to assist Fortescue’s own decarbonisation goals and help other companies in their transition to Real Zero.

“Our global team is also continuing to progress and refine our green energy projects in a disciplined manner, amid challenging global market conditions. We have not changed our vision or direction and remain committed to producing green electrons and green molecules; however, we are adjusting our timelines to ensure any project we work on brings value to our shareholders,” said Hutchinson.