ASX Weekly Earnings Review — 25 July 2026

The ASX saw 20 actual earnings results and 16 guidance updates land this week, out of 137 announcements in total. The standout stories came from resources: NEM posted a solid quarter despite lower revenue, S32 unveiled a transformational US$5.6 billion aluminium sale to Alcoa, and SFR and PDN both delivered record or guidance-beating production quarters. Sentiment across the announcements skewed positive (17 positive versus 2 negative), reflecting a broadly constructive tone from the mining and energy sectors heading into full-year reporting season.

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Earnings Results

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Newmont Corporation (NEM)

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Newmont, the week's largest reporter by market capitalisation at roughly $145 billion, delivered Q2 net income of $2.2 billion, or $2.06 per diluted share. Revenue of $6.12 billion was down 16.3% year-on-year, and NPAT fell 28.8% over the same period, even as the company generated record quarterly free cash flow of $2.2 billion and returned $1.9 billion to shareholders through dividends and buybacks. The declines in revenue and profit reflect softer volumes and operational disruptions, including seismic events at Cadia, though the company remains on track for its full-year guidance of 5.3 million gold ounces. Coverage was mixed, with Proactive describing the quarter as showing "mixed" results even as Yahoo Finance highlighted higher adjusted earnings. Shares closed the week up 4.5% to $135.72.

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South32 (S32)

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South32's June quarter update was overshadowed by a much bigger story: the agreed sale of its aluminium value chain (excluding Mozal) to Alcoa for US$5.6 billion enterprise value, plus US$1.2 billion in assumed rehabilitation provisions — reported locally as a $9.8 billion deal. The transaction repositions South32 as a base-metals-focused producer, with roughly 85% of pro-forma earnings expected to come from copper and zinc. Operationally, the company exceeded FY26 production guidance across most assets, with quarterly sales volumes up 15%, and approved a fourth grinding line at Sierra Gorda expected to lift copper-equivalent output by around 30% from FY31. The market responded firmly, with shares up 14.9% over the week to $4.48, alongside a declared dividend of 292 US cents.

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REA Group (REA)

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REA Group's filing this week was a notice of its upcoming FY26 results, due 6 August, rather than an actual result. No financial metrics were disclosed. Shares fell 5.0% over the week to $152.89 amid commentary questioning whether the stock is fully valued following a 13% rise in June property listings, with simplywall.st suggesting the shares could be as much as 9% overvalued on that basis.

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Sandfire Resources (SFR)

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Sandfire Resources reported a record June quarter, with group copper-equivalent production up 38% quarter-on-quarter to 47.6kt, record sales revenue of $574 million, and underlying EBITDA of $343 million, a 60% margin. Net cash grew by $277 million to $353 million. Both the MATSA and Motheo operations posted production records while keeping C1 unit costs below US$1.00/lb despite inflationary pressure. FY27 guidance points to 150-166kt of copper-equivalent production. Shares rose 5.9% over the week to $18.68, even as some commentary flagged softer commodity sentiment tied to Middle East risk.

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Paladin Energy (PDN)

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Paladin Energy confirmed it had completed the ramp-up of its Langer Heinrich mine, hitting the upper end of FY2026 production guidance at 4.82Mlb U3O8, with sales of 4.35Mlb at an average realised price of US$70.0/lb — also above guidance. Production costs of US$43.3/lb came in at the lower end of the guided range. The company also flagged a new high-grade uranium discovery at Atlas, near its Triple R deposit. Shares jumped 15.3% for the week to $9.71, though some analysts questioned whether the stock now looks "stretched" following the ramp-up news.

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Supply Network (SNL)

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Supply Network reported FY2026 revenue of $403.1 million and NPAT of $47.7 million, a net margin of 11.8%. The final dividend was lifted by 6.0 cents to 44.0 cents per share, fully franked. Sharecafe characterised the update as a "strong" result with a lifted payout, though Kalkine noted the stock has pulled back recently after a lengthy run, prompting questions about whether the "quality" name is cooling. Shares were up 3.0% for the week to $33.325.

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Hillgrove Resources (HGO)

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Hillgrove Resources posted its fifth consecutive quarter of rising copper production, reaching 3,170 tonnes, with revenue of $63.8 million, up 18.4% year-on-year. Net group cash flow rose 71% to $8.3 million, supported by operating mine cash flow of $23.3 million at a 36.6% margin. All-in sustaining costs of $5.76/lb landed at the lower end of guidance despite higher diesel and shipping costs. The company approved a third underground mining front at Emily Star. Shares slipped 2.5% over the week to 5.75 cents.

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Other results

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Among smaller names, RKT (RocketDNA) reported Q2 revenue of $2.53 million, up 52% year-on-year, and its second straight quarter of positive operating cash flow; shares rose 20.0% for the week. CXZ (Connexion Mobility) posted record quarterly revenue of $3.4 million (+12% QoQ) and net profit before tax of $1.1 million, up 83% QoQ, aided by its Hallam Road Automotive acquisition. GLS, the L1 Global Long Short Fund, reported a 18.9% quarterly return net of fees, ahead of the MSCI World's 13.8%. MOV (Move Logistics) confirmed it met its FY26 target of positive normalised earnings before tax, with three of four divisions now profitable. CYQ (Cycliq) reported customer receipts roughly flat year-on-year but returned to positive operating cash flow of $199,000 in the quarter. Several other companies — including PNI, SUL, KLS and AGI — merely confirmed upcoming results dates rather than reporting actual figures this week.

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Trading Updates & Guidance

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Paladin Energy (PDN) — FY2027 Guidance

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Alongside its quarterly, Paladin issued FY2027 guidance for Langer Heinrich, targeting 5.1-5.6Mlb U3O8 production at costs of US$44-48/lb and capex of US$29-35 million.

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Weebit Nano (WBT)

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Weebit Nano lifted its FY2026 revenue guidance to at least $13.5 million, up from at least $12 million previously, citing expanding customer projects. Audited results are due 28 August. Despite the upgrade, shares fell 10.2% over the week to $5.245, with Kalkine noting broader softness across semiconductor names.

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PolyNovo (PNV)

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PolyNovo confirmed FY26 revenue of $150.0 million, up 16.1% year-on-year, with commercial sales growth of 16.7%. Full EBITDA and NPAT figures are due 26 August. Shares fell 11.2% for the week to 87 cents, part of a broader pullback in healthcare names.

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Aurelia Metals (AMI)

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Aurelia Metals reported gold production of 50.4koz, ahead of revised guidance, alongside solid base metals output and a strengthened balance sheet of $143.9 million net cash. Shares surged 20.8% over the week to 32 cents.

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AIC Mines (A1M)

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AIC Mines outlined three-year production guidance for its combined Eloise and Jericho copper operations, targeting 17,500-18,500 tonnes of copper in concentrate for FY27, scaling to 25,000-27,000 tonnes by FY29. The company also expanded its Trafigura prepayment facility by US$10 million to US$50 million to accelerate its Stage 2 plant expansion. Shares rose 12.8% over the week to 68 cents.

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OFX Group (OFX)

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OFX agreed to a recommended all-cash takeover by Equals at $1.00 per share, valuing the company at $247 million — a 108% premium to the pre-announcement price. The board intends to unanimously recommend the deal, subject to financing confirmation and an independent expert's assessment. Shares rose 46.3% over the week to 79 cents, making it one of the largest weekly gainers on the market.

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Atturra (ATA)

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Atturra reported FY26 underlying EBITDA in line with guidance at $30-30.5 million, though revenue of $348-352 million came in slightly below expectations due to contract structure changes. The company also flagged a non-cash goodwill impairment of $20-25 million tied to weaker government and defence spending. Shares fell 3.5% for the week to 41.5 cents.

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Peninsula Energy (PEN)

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Peninsula Energy withdrew its CY2026 production guidance of 400,000-500,000 lbs U3O8, citing a slower-than-expected wellfield ramp-up at its Lance project in Wyoming. CY2027 guidance of 500,000-600,000 lbs was reconfirmed, and the company retains a cash position of US$47.1 million. The market reaction was sharply negative, with shares down 31.5% over the week to 25 cents — among the steepest declines on the ASX this week.

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Mastermyne Group (MYE)

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Mastermyne exceeded FY26 guidance, with unaudited revenue of $237.7 million and underlying EBITDA of $20.3 million, both ahead of guided ranges of $230 million and $18.0 million. The company cited a $432 million order book and $1.5 billion pipeline as support for the outlook. Shares jumped 29.0% for the week to 44.5 cents.

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Top Movers

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Weekly Price Movers

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