South32
S32.ASXMaterials
Diversified mining and metals
Market Data
$4.780
-0.0%$21.6B
41.1x
$0.117
1.96%
+0.3%
Latest Earnings
March 2026 Quarterly Report
22 April 2026
South32 delivered mixed operational results in Q3 FY26 despite adverse weather impacts, with strong performances from Brazil Alumina (record YTD production) and Sierra Gorda (record US$135M quarterly distribution), while generating US$121M net cash after investing US$158M in Hermosa growth capex. However, Australia Manganese guidance was revised 6% lower due to elevated water levels and cyclone impacts, and a fatal incident at Worsley Alumina in March underscores ongoing safety challenges. The company maintains annual production guidance for most operations and remains well-positioned with a strong balance sheet, though Middle East geopolitical tensions are expected to create cost inflation headwinds. Key points: Brazil Alumina achieved record YTD production of 1,060kt (up 5% YoY), operating above nameplate capacity with improved plant availability; Sierra Gorda delivered record quarterly distribution of US$135M (South32 share) with US$375M in total distributions for 9M FY26, demonstrating strong cash generation from equity-accounted investment; Net cash position improved by US$121M to US$96M in Q3 despite investing US$158M in Hermosa growth capex, reflecting strength in aluminium and base metals commodity prices
Recent Announcements
March 2026 Quarterly Report
South32 delivered mixed operational results in Q3 FY26 despite adverse weather impacts, with strong performances from Brazil Alumina (record YTD production) and Sierra Gorda (record US$135M quarterly distribution), while generating US$121M net cash after investing US$158M in Hermosa growth capex. However, Australia Manganese guidance was revised 6% lower due to elevated water levels and cyclone impacts, and a fatal incident at Worsley Alumina in March underscores ongoing safety challenges. The company maintains annual production guidance for most operations and remains well-positioned with a strong balance sheet, though Middle East geopolitical tensions are expected to create cost inflation headwinds. Key points: Brazil Alumina achieved record YTD production of 1,060kt (up 5% YoY), operating above nameplate capacity with improved plant availability; Sierra Gorda delivered record quarterly distribution of US$135M (South32 share) with US$375M in total distributions for 9M FY26, demonstrating strong cash generation from equity-accounted investment; Net cash position improved by US$121M to US$96M in Q3 despite investing US$158M in Hermosa growth capex, reflecting strength in aluminium and base metals commodity prices
Ceasing to be a substantial holder from MQG
MQG ceased to be a substantial holder.
2026 Half Year Results Presentation
South32 delivered strong H1 FY26 results with underlying EBITDA of US$1,107M and profit after tax of US$464M, driven by higher commodity prices and consistent operational performance. The company paid a US$175M dividend and returned US$35M through share buybacks while continuing to invest US$338M in growth projects, maintaining its FY26 guidance across all operations. Key points: Strong financial results with 28% operating margin and underlying EBITDA up 8.7%; Completed divestment of Cerro Matoso, reducing complexity and lifting margins; Increased Cannington Ore Reserve by 28% and extended underground mine life by approximately two years
Appendix 4D and 2026 HY Financial Results and Outlook
South32 delivered strong H1 FY26 results with 16% growth in underlying earnings to US$435M, driven by higher commodity prices (particularly copper, silver, aluminium) and improved operational performance. The company announced a fully-franked interim dividend of US 3.9 cents per share and increased its capital management program by US$100M to US$2.6B, reflecting confidence in its financial position and outlook. Key points: Underlying EBITDA of US$1.1B with 28.2% margin, up from 27.5% in prior period; Strong commodity price environment, particularly for copper (+US$137M), silver (+US$142M) and aluminium (+US$100M); Cannington underground Ore Reserve increased 28% to 13Mt, extending mine life by ~2 years to FY33
Earnings Release - 12 February 2026
Upcoming earnings release expected 12 February 2026 (from Yahoo Finance (confirmed))
December 2025 Quarterly Report
South32 delivered consistent Q2 FY26 operating performance with production guidance maintained across all operated assets. The company progressed major growth projects including US$338M invested at Hermosa and received strong US$240M distributions from equity investments, while completing the Cerro Matoso divestment to simplify the portfolio. Key points: Strong commodity price environment with significant increases in copper (+45% vs pcp), gold (+58%) and silver (+75%); Received US$240M in distributions from equity investments (US$180M from Sierra Gorda, US$60M from manganese); Progressed US$338M investment at Hermosa project with Taylor zinc-lead-silver project construction advancing
September 2025 Quarterly Report
South32 delivered strong Q1 FY26 operational performance with 12% increase in Sierra Gorda copper equivalent production and 33% uplift in manganese volumes from successful Australia Manganese recovery plan. The company maintained unchanged FY26 production guidance across all operations while continuing significant growth investments at Hermosa ($160M capex) and benefiting from $117M net distributions from equity-accounted investments. However, a key concern emerged regarding Mozal Aluminium's electricity supply beyond March 2026, with negotiations failing to provide confidence of continued operations. Key points: Sierra Gorda payable copper equivalent production increased 12% to 24.9kt driven by higher planned copper grades and significant molybdenum uplift; Australia Manganese executed operational recovery plan successfully with 33% production increase to 854kwmt and ramped up export shipments; Received $117M net distributions from equity-accounted investments (Sierra Gorda $81M, manganese $36M) demonstrating strong cash generation
2025 Full Year Financial Results Presentation
South32 released its 2025 full year financial results presentation on 28 August 2025, reporting increased profit after tax to US$213M (from a US$203M loss), underlying EBITDA of US$1,928M (+7%), and underlying earnings of US$666M, while completing the divestment of Illawarra Metallurgical Coal and agreeing to divest Cerro Matoso as part of a portfolio transformation toward higher-margin base metals production.
Appendix 4E and 2025 Financial Results and Outlook
South32 delivered strong FY25 results with revenue from continuing operations up 17% to US$5.78B and Underlying EBITDA increasing 7% to US$1.93B, driven by improved commodity prices and 20% copper production growth. Underlying earnings surged 75% to US$666M, though the company announced Mozal Aluminium will move to care and maintenance in March 2026 due to electricity supply concerns, and is divesting Cerro Matoso. The company declared a fully-franked dividend of 6.0 cents per share for FY25 and extended its capital management program. Key points: Strong operational performance with 17% revenue growth and 7% Underlying EBITDA growth to US$1.93B driven by commodity price improvements; Underlying earnings surged 75% to US$666M with Underlying EPS increasing 76% to 14.8 cents, demonstrating earnings leverage from operational scale; Copper production grew 20% to 88.1kt with Sierra Gorda delivering 58% operating margin; aluminum production up 6% to 1,211kt
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