Fortescue publishes transcript of 2026 annual general meeting speeches
Fortescue reported FY26 underlying net profit of US$3.5 billion and a A$1.08 dividend, a 65% earnings payout. At its annual general meeting, executives discussed a 20-year power purchase agreement with Pilbara Minerals, fleet electrification cost savings and a target to end fossil-fuel use in 2028.
1. AGM disclosures
CEO Dino Otranto told shareholders Fortescue had signed a 20-year power purchase agreement with Pilbara Minerals and expected fleet electrification to cut unit costs by US$2 to US$4 a tonne in the next few years. Executive Chairman Andrew Forrest targeted ending fossil-fuel use in 2028, ahead of the formal 2030 goal. Growth and Energy CEO Gus Pichot said negotiations with China Mineral Resources Group were pressuring the business in the short term. Fortescue reported FY26 underlying net profit of US$3.5 billion and a A$1.08 dividend, representing a 65% earnings payout.
