Half Year 2026 South32 Ltd Earnings Call Transcript

Feb 11, 2026 / 12:00 AM GMT

Release Date Price: €2.68 (-4.29%)

Transcript

Key Points

Positve

South32 Ltd (SHTLF) reported strong financial results for the half-year, with an underlying EBITDA of $1.1 billion and a group operating margin of 28.2%.
The company announced a fully franked ordinary dividend of $175 million and a $100 million increase in its capital management program, reflecting high returns for shareholders.
South32 Ltd (SHTLF) is advancing its growth projects, including the Taylor zinc-led silver project and the Hermosa complex, with promising exploration results.
The company's balance sheet remains strong with net debt of $25 million, allowing for investment in high-return growth opportunities.
Commodity price tailwinds and planned inventory drawdowns are expected to enhance cash generation in the second half of the year.

Negative

The Mosel Aluminum operation is heading for care and maintenance due to power supply issues, impacting over 2,000 employees and contractors.
Challenges in the Hermosa project include shaft sinking difficulties and exposure to potential inflationary pressures on remaining capital expenditures.
The Brazil alumina operations have been underperforming, with significant unplanned outages affecting production capacity.
The Cannington mine faces variability in results due to aging infrastructure and smaller stokes, despite recent ore reserve extensions.
The manganese operations in South Africa face challenges due to lower-grade material and higher transportation costs, impacting profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

S32.AX - South32 Ltd
Half Year 2026 South32 Ltd Earnings Call - Australia
Feb 12, 2026 / 12:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone, and thanks for joining us today. On the call with me is our Deputy CEO Matt Daley for his first call, our Chief Financial Officer Sandy Sibannala, and our Chief Operating Officer for Southern Africa, Noel Pella.

I'd like to start with safety, where we're seeing improvements in key measures following our sustained effort to improve performance through our global safety improvement program. During the half, we achieved further improvement in significant hazard frequency, which demonstrates improved hazard awareness and a more proactive reporting culture.

We're also seeing positive reductions across our lag indicators. While the data is encouraging, we're determined to continuously improve on our

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