Australia January-June 2026 earnings: gold against coal and iron ore

Australian coverage has closed the period ended 30 June 2026, which for most issuers in the country is the end of the financial year. We went through 15 companies. Median revenue growth was 19% and net profit growth 26%, the best of any market we cover internationally. Behind that median sits the sharpest split of the season, and it runs inside commodities.

- All four gold miners grew: median revenue up 32%, profit up 76%, without a single exception.

- Both coal miners fell on rising revenue: Yancoal lost 90% of profit while revenue rose 12%.

- Iron ore followed the same logic: Fortescue revenue up 8%, profit down 48%.

- The two best reports on the market are not about gold: Lynas Rare Earths grew profit 66-fold, copper miner Sandfire six-fold.

- Almost nobody carries debt here: falling profit hits the dividend, not solvency.

Metals and mining

Lynas Rare Earths - revenue 564 mn dollars (+96%), EBITDA 190 (+88%), net profit 142 (66x). Net margin 25%, +24pp; 53.7x ebitda; net cash.

Sandfire Resources - revenue 975 mn dollars (+59%), EBITDA 554 (+93%), net profit 259 (6x). Net margin 26%, +20pp; 8.6x ebitda; net cash.

Regis Resources - revenue 1264 mn dollars (+45%), EBITDA 751 (+75%), net profit 392 (+136%). Net margin 31%, +12pp; 3.9x ebitda; net cash.

Genesis Minerals - revenue 922 mn dollars (+59%), EBITDA 530 (+70%), net profit 364 (+125%). Net margin 39%, +12pp; 9.9x ebitda; net cash.

Evolution Mining - revenue 2764 mn dollars (+19%), EBITDA 1587 (+38%), net profit 708 (+26%). Net margin 26%, +1pp; 9.7x ebitda; net debt 0.0x.

Northern Star Resources - revenue 4209 mn dollars (+19%), EBITDA 2344 (+15%), net profit 950 (+14%). Net margin 23%, -1pp; 8.2x ebitda; net debt 0.1x.

Whitehaven Coal - revenue 2924 mn dollars (+22%), EBITDA 2505 (+97%), net profit 316 (-42%). Net margin 11%, -12pp; 2.9x ebitda; net debt 0.4x.

Fortescue - revenue 8396 mn dollars (+8%), EBITDA 2869 (-27%), net profit 956 (-48%). Net margin 11%, -12pp; 5.4x ebitda; net debt 0.0x.

Yancoal Australia - revenue 3024 mn dollars (+12%), EBITDA 562 (-11%), net profit 17.0 (-90%). Net margin 1%, -5pp; 3.5x ebitda; net cash.

IGO Ltd - revenue 269 mn dollars (+18%), EBITDA 65.2 (back to profit), net profit 179 (back to profit). Net margin 67%, +142pp; net cash.

Mineral Resources - revenue 3409 mn dollars (+56%), EBITDA 1422 (+57%), net profit 566 (back to profit). Net margin 17%, +21pp; 6.6x ebitda; net debt 1.5x.

Pilbara Minerals - revenue 916 mn dollars (+97%), EBITDA 942 (6x), net profit 493 (back to profit). Net margin 54%, +81pp; 13.9x ebitda; net cash.

South32 - revenue 2948 mn dollars (+4%), EBITDA 1429 (+98%), net profit 623 (back to profit). Net margin 21%, +26pp; 7.7x ebitda; net cash.

Oil and gas

Woodside Energy - revenue 7446 mn dollars (+13%), EBITDA 4219 (+6%), net profit 1672 (+27%). Net margin 22%, +2pp; 5.3x ebitda; net debt 0.7x.

Santos - revenue 2620 mn dollars (+2%), EBITDA 1257 (-18%), net profit 355 (-19%). Net margin 14%, -4pp; 7.9x ebitda; net debt 1.6x.

What looks interesting

Regis Resources at 3.9x EBITDA with a 31% net margin and profit up 136%.

Sandfire Resources at 8.6x EBITDA, a 27% net margin and net cash.

Genesis Minerals has a 39% net margin, the best among the gold miners in the sample.

Where there is nothing to look at yet

Yancoal Australia has a net margin of 0.6%; the low valuation reflects risk, not opportunity.

Lynas Rare Earths grew 66-fold, but 53.7x EBITDA already prices in a continuation.

Whitehaven Coal and Fortescue are margin-compression stories, not growth stories.