Deterra Earnings: Down on Lower Prices but Still Solid

Deterra Royalties’ first-half fiscal 2025 result was in line with our expectations, with revenue down by 6% to AUD 112 million as a 22% decline in iron ore prices offset 13% growth in volumes at BHP’s Mining Area C. Despite the acquisition of Trident, more than 90% of revenue is from MAC. Underlying net profit after tax declined 13% to AUD 69 million, or AUD 0.13 per share. Deterra will pay a fully franked interim dividend of AUD 0.09 per share in March for a roughly 70% payout ratio.