South32 Limited, a global mining company, has released its half-year financial results for the period ending December 31, 2025. The company reported a 29% increase in profit after tax attributable to members, reaching $464 million, compared to $360 million in the same period last year. This growth is attributed to strong operating performance and higher base and precious metals prices.
**Key Financial Highlights**
**Revenue** Revenue from continuing operations slightly decreased by 3% to $2,809 million, while underlying revenue grew by 4% to $4,008 million.
**Earnings** Underlying earnings attributable to members increased by 16% to $435 million, driven by higher commodity prices and improved operational efficiency.
**Dividends** The company announced an interim dividend of 3.9 cents per share, a 15% increase from the previous year, reflecting its strong financial position.
**Capital Management** South32 increased its capital management program by $100 million to $2.6 billion, with $209 million remaining to be returned to shareholders.
**Operational Performance**
**Base Metals** The company is focusing on growing its base metals production, with advancements in projects like Hermosas Taylor zinc-lead-silver project and Canningtons underground ore reserve expansion.
**Aluminium** Alumina and aluminium production increased, but the Mozal Aluminium smelter will transition to care and maintenance due to electricity supply challenges in Mozambique.
**Manganese** Production and sales volumes improved, particularly at Australia Manganese, following recovery from Tropical Cyclone Megan.
**Sustainability and Safety**
**Climate Change** South32 aims to halve its net operational greenhouse gas emissions by FY35 and achieve net-zero emissions by 2050. Operational GHG emissions increased by 16% in H1 FY26 due to increased coal-fired electricity use at Mozal Aluminium.
**Safety** The company reported improved safety performance, with a 36% reduction in lost time injury frequency (LTIF) and a 24% decrease in total recordable injury frequency (TRIF).
**Outlook**
**Production Guidance** FY26 production guidance remains unchanged for most operations, with a focus on safe and reliable operations.
**Costs and Capital Expenditure** Operating unit cost guidance is maintained, and capital expenditure guidance for FY26 is largely unchanged, with continued investment in growth projects like Hermosa.
South32s CEO, Graham Kerr, emphasized the companys consistent operating performance and its commitment to growing base metals production while maintaining a disciplined approach to cost management and safety. The companys financial results and strategic initiatives position it well for continued growth and value creation in the mining sector.
| Metric | H1 FY26 | H1 FY25 | % Change |
|---|---|---|---|
| Revenue from continuing operations | US$2,809M | US$2,884M | (3%) |
| Profit/(loss) after tax attributable to members | US$464M | US$360M | 29% |
| Underlying revenue | US$4,008M | US$3,850M | 4% |
| Underlying earnings attributable to members | US$435M | US$375M | 16% |
| Net tangible assets per share | US$2.02 | US$1.93 | 5% |
| Net debt | US$25M | US$123M (net cash) | N/A |
Note: The net debt figure for H1 FY25 is actually net cash of US$123M, which has been reclassified as net debt of US$25M in H1 FY26 due to the change in financial position.
**Key Observations:** * Revenue from continuing operations decreased by 3% year on year, primarily due to lower alumina prices and divestments. * Profit after tax attributable to members increased by 29%, driven by higher commodity prices, lower controllable costs, and the restart of operations at Australia Manganese. * Underlying revenue and earnings increased by 4% and 16%, respectively, reflecting strong operational performance and higher base metals prices. * Net tangible assets per share increased by 5%, while the company transitioned from a net cash position to a net debt position of US$25M, primarily due to growth capital expenditure at Hermosa and returns to shareholders.