Report published August 27, 2026
Mineral Resources (MIN) FY26 Results & FY27 Guidance: Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 27, 2026
- Analysis as of
- August 27, 2026
Authors / editors: Paul Young, Chris Bulgin, Hugo Nicolaci
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs maintains a Neutral rating on Mineral Resources (MIN.AX) with a revised price target of A$59.00/sh following FY26 results that beat underlying EBITDA and NPAT consensus and reinstated dividends. While Onslow and Wodgina ramp-ups support strong near-term cash generation and rapid deleveraging, FY27 cost guidance is mixed and commodity price headwinds persist for iron ore and lithium.
Key Takeaways
- 1.MIN reported FY26 underlying EBITDA of A$2.55bn and NPAT of A$0.8bn, beating consensus estimates and declaring an unexpected final dividend of A83c per share.
- 2.Deleveraging continues rapidly, with net debt down >A$1bn YoY to A$4.3bn and liquidity expanding to A$2.4bn, which will be further aided by the ~US$765mn Wodgina/Mt Marion lithium sell-down to POSCO.
- 3.FY27 guidance is mixed: volume growth continues at Onslow and Wodgina with favorable lithium unit costs at Wodgina, but offset by higher Onslow iron ore costs and Mt Marion capex.
Table of Contents
- Mineral Resources (MIN.AX): FY26 result: earnings & div beat, FY27 guidance mixed, mining services growth (Cu & Fe) key upside; Neutral
- EBITDA/NAV changes and Investment Thesis
- Exhibit 1: MIN operating and financial summary
- GS Recommendation NEUTRAL
- EXCIBITDA Scorecard
- NTM EXCIBITDA Valuation
- Exhibit 2: MIN PT, valuation, and earnings revisions
- Key FY26 figures
- Exhibit 3: MIN FY26 Financial Summary (vs. GSe and consensus)
- FY27 guidance
- PT methodology and investment risks
- Disclosure Appendix
Report data
Exhibit 4: MIN FY27 guidance vs. GSe and prior consensus — as of August 27, 2026.
| Metric | Estimate | Context |
|---|---|---|
| FY26 Underlying EBITDA | 2.55 A$bn | Reported underlying EBITDA beating Goldman Sachs (A$2,528mn) and VA consensus (A$2,503mn) |
| FY26 Underlying NPAT | 822 A$mn | Reported underlying net profit after tax, returning to profitability from -A$112mn in FY25 |
| FY26 Final Dividend per Share | 83 A cents/share | Final dividend declared vs consensus of zero |
| Net Debt | 4.267 A$bn | Net debt reduced by over A$1bn YoY from A$5,350mn in FY25 |
| 12-Month Target Price | 59.00 A$/share | Revised down 2% from previous target of A$60.00/sh |
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Authors / Editors
Reported Data Context
- FY26 Underlying EBITDA: 2.55 A$bn (FY26) · Source: Company data
- FY26 Underlying NPAT: 822 A$mn (FY26) · Source: Company data
- FY26 Final Dividend per Share: 83 A cents/share (FY26) · Source: Company data
- Net Debt: 4.267 A$bn (FY26) · Source: Company data
- 12-Month Target Price: 59.00 A$/share (12-month forward) · Source: Goldman Sachs Global Investment Research
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