Underlying net profit after tax of US$5.5 billion and fully franked FY23 total
dividends of A$1.75 per share.
Highlights
• Appointment of Dino Otranto as Fortescue Metals Chief Executive Officer.
• Safety is Fortescue’s most important Value, and the team achieved a Total Recordable Injury
Frequency Rate of 1.8 in the 12 months to 30 June 2023 (FY23).
• Record iron ore shipments of 192 million tonnes achieved the top end of market guidance,
contributing to the third highest earnings in Fortescue’s 20 year history.
• Underlying EBITDA of US$10.0 billion with an Underlying EBITDA margin of 59 per cent.
• Underlying net profit after tax (NPAT) of US$5.5 billion.
• Statutory NPAT of US$4.8 billion after a US$726 million non-cash impairment charge relating
to Iron Bridge.
• Net cash flow from operating activities of US$7.4 billion and free cash flow of US$4.3 billion.
• Strong balance sheet with cash of US$4.3 billion and net debt of US$1.0 billion as at 30 June 2023.
Gross debt to last 12 months Underlying EBITDA of 0.5 times and gross gearing of 23 per cent.
• Fully franked final dividend of A$1.00 per share, increasing total dividends declared in FY23 to
A$1.75 per share, equating to A$5.4 billion and a 65 per cent payout of Underlying NPAT.
• Iron Bridge achieved first concentrate loaded on ship in July 2023. The updated life of mine C1
cost attributable to Fortescue is estimated at US$45/wet metric tonne.
• Continued progress on decarbonisation, including the deployment of the first battery electric
haul truck and the first dual fuel green ammonia locomotive prototypes to the Pilbara.
• Total global economic contribution of A$26.3 billion in FY23, including A$5.5 billion in corporate
taxes and State government royalties.
• Operating segments realigned to Fortescue Metals and Fortescue Energy to reflect the
strategic objectives and operations of each segment. Fortescue Energy comprises Fortescue
Future Industries (FFI), Fortescue WAE and Fortescue Hydrogen Systems.
• Disciplined capital allocation framework prioritises maintaining a strong balance sheet and capital
returns to shareholders with the dividend policy maintained to payout 50 - 80 per cent of
Underlying NPAT.
• Guidance provided for Fortescue Energy, with FY24 net operating expenditure of approximately
US$800 million and capital expenditure and investments of approximately US$400 million. This
includes operating expenditure incurred for decarbonisation.
• Consistent with the new operating segments, going forward, the 10 per cent of Fortescue’s
NPAT to fund FFI will no longer apply and all projects and investments will be assessed on their
own merits consistent with Fortescue’s capital allocation framework.

Fortescue Metals Chief Executive Officer, Dino Otranto, said “I am honoured and humbled to be
appointed CEO of Fortescue Metals. We are a unique company at a unique point in time. The
opportunity before us is immense. I am proud to be working alongside our people and alongside
Hutch as we forge the next chapter in our history.
“The team has delivered a fourth consecutive year of record operational performance for FY23,
contributing to underlying net profit after tax of US$5.5 billion and free cash flow of US$4.3 billion.
This was achieved while maintaining our focus on safety, with a Total Recordable Injury Frequency
Rate of 1.8 across our iron ore operations.
"Fortescue celebrated a number of significant milestones during the financial year including first
production at our Iron Bridge Magnetite project, and first ore mined from the Belinga Iron Ore project
in Gabon as part of the early stage mine development.”
"Reflecting our ongoing commitment to delivering enhanced shareholder returns, the Board has
declared a fully franked final dividend of A$1.00 per share, bringing total dividends declared for
FY23 to A$1.75 per share. This represents a 65 per cent payout of underlying net profit after tax.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson, said “We maintained momentum in our
journey to decarbonise our Australian iron ore operations with the arrival of our battery electric haul
truck prototype to site in the Pilbara for testing, as well as a retrofitted locomotive engine to run
dual fuel with ammonia.
“As Fortescue celebrates its 20th anniversary, we are moving to one brand to represent our global
metals and green energy Company. Through operational excellence, our disciplined approach to
capital allocation and ongoing investment in metals, green energy and green technologies, we are
well positioned to continue to deliver benefits to all of our stakeholders.”
"Today, we released our FY23 annual reporting suite which outlines in detail our commitment to
the communities in which we operate, our strong financial performance and our goal to tackle
climate change and eliminate emissions across our business.”
Appointment of Chief Executive Officer
• Dino Otranto has been appointed Chief Executive Officer of Fortescue Metals.
• Mr Otranto joined Fortescue in 2021 as Chief Operating Officer. A highly qualified senior
executive, Mr Otranto has over twenty years’ experience in the global energy and resources
industry, spanning various commodities and operations across the globe.
• Mr Otranto brings significant operational, technical and financial expertise, and a strong focus
on safety leadership and employee engagement to Fortescue’s Senior Executive team.
• Fiona Hick has made a joint decision with the Fortescue Board to leave the Company and
pursue other opportunities.
Sustainability
• Sustainability is critical to Fortescue’s future success and it is integrated into all aspects of the
Company’s business. Fortescue’s FY23 Sustainability Report, along with the FY23 Annual
Report, Climate Change Report and Corporate Governance Statement are available on the
Company’s website at www.fortescue.com.
• The safety and wellbeing of the Fortescue team members is the Company’s highest priority. In
FY23, Fortescue Metals’ Total Recordable Injury Frequency Rate was 1.8 and the injury
frequency risk profile decreased by 22 per cent compared to FY22.
• Fortescue is committed to providing a workplace where everyone feels safe to be themselves.
Through the Fortescue Family Diversity Plan, the Company is building a workforce that reflects
the communities in which team members live.

see & read more on
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/2597639.pdf?sfvrsn=ce197012_4