South32 (ASX:S32) EPS Loss In H1 2026 Tests Bullish Earnings Growth Narrative

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South32 (ASX:S32) has put a mixed set of numbers on the table for H1 2026, with total revenue of US$2,797 million and a basic EPS loss of US$0.012, while trailing twelve month figures show revenue of ...

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Over the last three reported halves, the company has seen revenue move from US$2,459 million in H2 2024 to US$3,185 million in H1 2025 and US$2,797 million in H2 2025. EPS shifted from a loss of US$0.093 to a profit of US$0.083 and then back to a small...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BK4112":"金融交易所和数据","S32.AU":"SOUTH32 LTD","BK7507":"资源股","BLSX":"Tradr 2X Long BLSH Daily ETF","BK7095":"多种金属与采矿","BLSG":"2倍做多BLSH ETF-Leverage Shares"},"translate_title":"South32(ASX：S32)2026年上半年每股收益亏损考验看涨的盈利增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"S32.AU":1.98,"BLSX":0.6,"BLSG":0.6},"content_text":"South32 (ASX:S32) has put a mixed set of numbers on the table for H1 2026, with total revenue of US$2,797 million and a basic EPS loss of US$0.012, while trailing twelve month figures show revenue of US$5,906 million and basic EPS of US$0.087. Over the last three reported halves, the company has seen revenue move from US$2,459 million in H2 2024 to US$3,185 million in H1 2025 and US$2,797 million in H2 2025. EPS shifted from a loss of US$0.093 to a profit of US$0.083 and then back to a small loss. This leaves investors weighing how durable the recent profitability trend really is. Overall, the latest numbers point to earnings that are still sensitive to margin pressure, which will be front of mind as you assess what is driving returns. See our full analysis for South32. With the headline figures in hand, the next step is to see how these results line up against the widely followed narratives about South32’s growth, risks and earnings quality, and where those stories may now need updating. See what the community is saying about South32 ASX:S32 Earnings & Revenue History as at Feb 2026 AdvertisementTrailing Profitability Helped By One Offs  Over the last 12 months, South32 reported net income from continuing operations of US$394 million on US$5.9b of revenue, while that same period also contained a one off loss of US$373 million, which has a big impact on how clean those earnings look.  Consensus narrative points to earnings growing much faster than revenue, yet the recent history is heavily shaped by non recurring items.\n     Analysts expect earnings to reach about US$1.1b with profit margins rising from 5.3% to 15.6%, while the last 12 months still show that large US$373 million one off loss in the mix. This creates a tension where the consensus sees stronger, higher margin earnings ahead, but the trailing period is still absorbing clean up effects that may not repeat.    High 36.6x P/E Versus Peers  On the latest trailing numbers, South32 is on a P/E of 36.6x compared with a peer average of 22.2x and an industry average of 25x, so investors are paying a higher price for each dollar of reported earnings.  Bears argue that this richer multiple leaves less room for disappointment, even though earnings have only recently moved back into profit.\n     The company has returned to profitability over the last year and earnings are forecast to grow about 34% a year, yet the 36.6x P/E already prices in stronger earnings than peers on these trailing figures. If revenue only grows at about 4.2% a year versus the Australian market at 6.1%, skeptics see a risk that the current premium P/E proves hard to justify if forecast earnings do not come through as expected.    South32’s rich 36.6x P/E and mixed profit history have split opinion, so it can help to see how skeptics frame the downside case in full before you make up your mind. 🐻 South32 Bear Case DCF Fair Value Versus Current Price  A DCF fair value of A$9.71 sits well above the current share price of A$4.52, which implies the stock trades at a large discount to that particular valuation reference.  Bulls point to this gap and the earnings outlook as the core of their argument that the market may be underestimating South32.\n     The same dataset shows the company trading about 53.5% below that DCF fair value, while analysts are also expecting earnings to grow around 34% a year from the current 12 month profit base of US$394 million. Supporters argue that if margins move from 5.3% toward the double digit levels analysts have in mind, the current A$4.52 price could look low relative to both the DCF fair value and the forecast earnings path.    If you want to see how optimistic investors connect today’s results to that A$9.71 DCF fair value, it is worth reading their thesis in full at 🐂 South32 Bull Case  Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for South32 on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. See the numbers differently? Take a couple of minutes to test your own view against the data and shape it into a clear thesis, then Do it your way A great starting point for your South32 research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Explore Alternatives South32’s rich 36.6x P/E against peers, recent EPS loss and reliance on one off items suggest its earnings profile and valuation carry meaningful uncertainty. If that combination of premium pricing and patchy profitability makes you cautious, it is worth lining it up against our 5 resilient stocks with low risk scores that aim for steadier earnings and fewer surprises.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}