Melbourne, Feb 25, 2026, 17:33 AEDT — Market closed.
Fortescue Ltd (FMG.AX) shares closed up 4.7% at A$21.14 on Wednesday after the miner’s half-year release hit the tape. The stock swung between A$20.42 and A$21.15 and finished near the day’s high. (Investing)
The move matters because Fortescue is still treated as a cash-return story first, iron ore story second — at least when it comes to day-to-day trading on the ASX. Reporting season has been pushing investors back toward payouts, and miners don’t get many “quiet” weeks once dividends and guidance are on the table.
There’s also the awkward mix Fortescue keeps carrying: it wants to squeeze costs in the Pilbara while spending on decarbonisation and new growth options. That tension doesn’t show up in one day’s candle, but it sits behind the bids and the scepticism.
Fortescue said net profit after tax rose 23% to US$1.91 billion in the six months ended Dec. 31, while underlying EBITDA — a measure of operating profit — climbed to US$4.49 billion. Record shipments of 100.2 million tonnes and a realised hematite price of US$90.87 a dry metric tonne helped; hematite C1 unit cost — its cash cost per tonne — fell 3% to US$18.64, and the miner held FY26 guidance at 195–205 million tonnes of shipments and US$17.50–US$18.50 in unit costs. “We have the lowest operating cost in the industry,” metals and operations chief executive Dino Otranto said.
A separate dividend notice showed the interim payout is A$0.62 a share, fully franked — meaning it carries Australian tax credits — with an ex-dividend date of March 2 and payment due March 30. The record date is March 3, and the deadline for dividend reinvestment plan elections is March 4. (Global)
Fortescue executives declined to comment on supply negotiations with China’s state-backed iron ore buyer, referring to “phased discussions that are ongoing”, after China Minerals Resources Group restricted shipments from rival BHP amid annual contract talks. Otranto told the results call: “Our products are moving well. We expect that to continue.” The world’s fourth-largest iron ore miner is using AI to tighten shipment scheduling and expects replacing diesel with renewable power to cut US$2 to US$4 a tonne from iron ore costs by 2030, Reuters reported. (Reuters)
But this is still an iron ore stock, and iron ore stocks don’t get to pick their own weather. A sharper slip in China steel demand, or wider discounts for lower-grade ore, would hit realised prices and put pressure back on dividends.
Going into Thursday’s session, traders will watch whether the post-results pop holds once the first round of broker notes and model tweaks lands. The dividend timetable is now a feature, too, and that can distort flows around the ex-date.
Next hard markers are Fortescue’s March 2026 quarterly production report on April 23, followed by FY26 full-year results on Aug. 24 and its annual general meeting on Oct. 29. (Investor Centre)
