12 FEBRUARY 2026
In the first half of the 2026 financial year, consistent operating performance and higher base and precious metals prices underpinned strong financial results for South32.
We delivered Underlying EBITDA of US$1.1 billion and 16 per cent growth in Underlying earnings to US$435M.
FY26 production and Operating unit cost guidance is unchanged across our operated businesses, as we maintain a disciplined focus on delivering safe and reliable operating performance.
"We’re continuing work to grow our base metals production and unlock value across multiple development horizons,” said Graham Kerr, South32 CEO.
"At Hermosa, we advanced construction of our large-scale, long-life Taylor zinc-lead-silver project. We’re also continuing work to unlock value from Hermosa’s broader land package, today releasing further positive exploration drilling results from the Peake copper deposit.
"At Cannington, we have today announced a 28 per cent increase in the underground Ore Reserve, while also targeting further potential growth through both underground and open pit development options.
"Sierra Gorda progressed options to grow future copper production, advancing studies for the fourth grinding line project, and defining an exploration target at Catabela Northeast which highlights the potential for future mine life extension.
"As announced in December 2025, Mozal Aluminium will transition to care and maintenance in March 2026 due to the inability to secure sufficient and affordable electricity supply. We are working closely with our people and stakeholders through this change.”
We have today announced a fully-franked interim ordinary dividend of US 3.9 cents per share (US$175M) in respect of the December 2025 half year.
Reflecting our strong financial position and positive outlook for the business, we have also increased our capital management program by US$100M to US$2.6B, with US$209M remaining to be returned to shareholders.
"I’d like to thank our teams around the world for their work to deliver these strong results, as we look to continue our positive momentum into the second half of the year,” said Graham.