The South32 Ltd (ASX: S32) share price is in focus after the diversified miner reported a 29% jump in profit to US$464 million and announced a fully-franked interim dividend of US 3.9 cents per share. Underlying earnings rose 16% to US$435 million, with strong contributions from higher base and precious metal prices.
Image source: Getty Images
What did South32 report?
- Revenue from continuing operations: US$2,809 million (down 3% on H1 FY25)
- Profit after tax attributable to members: US$464 million (up 29%)
- Underlying EBITDA: US$1,107 million (up 9%)
- Underlying earnings attributable to members: US$435 million (up 16%)
- Fully-franked interim dividend: US 3.9 cents per share (up 15%)
- Net tangible assets per share: US$2.02 (up from US$1.93 at 30 June 2025)
What else do investors need to know?
South32 increased its total capital management program by US$100 million to US$2.6 billion, with US$209 million left to return to shareholders by February 2027. H1 FY26 production and operating unit cost guidance remains unchanged across operated assets, reinforcing the company's disciplined operational approach.
During the half, South32 completed divestments of Cerro Matoso and Illawarra Metallurgical Coal, focusing its portfolio on critical base metals. The Mozal Aluminium smelter will move to care and maintenance in March 2026 due to ongoing electricity supply issues in Mozambique.
What did South32 management say?
Chief Executive Officer Graham Kerr said:
Our consistent operating performance and higher base and precious metals prices underpinned strong financial results for the half. We delivered Underlying EBITDA of US$1.1B and 16 per cent growth in Underlying earnings to US$435M. 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.
What's next for South32?
Looking ahead, South32's production and unit cost guidance is unchanged for FY26, with a steady focus on safe and reliable operations. The group is prioritising the growth of its base metals business ― with significant investment at the Hermosa Taylor zinc-lead-silver project in the USA and life extension options underway at Cannington.
South32 continues to explore new base metals projects and ramp up brownfield developments. Management expects to maintain their capital management approach and support returns to shareholders, while also seeking further value in next-generation mining and development projects.
South32 share price snapshot
Over the past 12 months, South32 shares have risen 41%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.
