PLS FY26 Revenue Up 152% to $1,934m, Statutory NPAT $526m

PLS Group (ASX:PLS) reported FY26 revenue of $1,934 million, up 152% on FY25, which the company attributed to a 121% increase in the average estimated realised price and record sales volume of 891.6kt. Spodumene concentrate production was a record 879.5kt and sales were 891.6kt, each 17% higher than FY25. The average estimated realised price was US$1,488 per tonne on an approximately 5.2% Li2O grade CIF China basis, against US$672 per tonne in FY25 on an approximately 5.3% grade basis, and the company notes the final adjusted price may be higher or lower than the estimated realised price; on an SC6 basis the realised price was US$1,708 per tonne against US$769. Underlying EBITDA, which the company defines as earnings before net finance costs, tax, depreciation, amortisation, share of profit or loss from P-PLS and Mid-stream Demonstration Plant Project costs, was $1,137 million against $97 million in FY25, a margin of 59% of revenue. Unit operating cost on an FOB Port Hedland basis excluding freight and royalties improved 9% to $569 per tonne, or US$386 per tonne, while unit operating cost on a CIF China basis, which adds freight and royalties, was $739 per tonne, up 1%. Statutory net profit after tax was $526 million against a loss of $196 million in FY25, which the company said reflects strong earnings partially offset by higher depreciation from an expanded asset base and tax expense on a return to profitability. All references to dollars in the announcement are to Australian dollars unless otherwise stated.

Cash margin from operations was $1,357 million and the cash balance closed FY26 at $2,290 million, an increase of $1,316 million that includes proceeds from the company's inaugural US$600 million senior unsecured notes offering completed in April 2026. Liquidity was $2,790 million and capital expenditure was $328 million, 42% lower than FY25. The Board determined a fully franked final dividend of 5 cents per share, a distribution of approximately $161 million representing a payout ratio of approximately 22% of FY26 adjusted free cash flow, payable on 24 September 2026 to shareholders on the register at 3 September 2026. PLS said that following a sustained increase in commodity pricing and improved market sentiment it shifted from defensive positioning to a focus on growth, which resulted in the decision to restart the Ngungaju processing plant and an update to the study timelines for the P2000 and Colina projects, with approximately $175 million of pre-FID capital expenditure for P2000 approved in June. The company said FY26 guidance was achieved and FY27 guidance was released with the June Quarter update. On safety and sustainability, the Group Total Recordable Injury Frequency Rate, measured on a 12-month moving average across Australian and Brazilian sites, reduced to 2.77, which the company said represents an improvement from FY25, while scope 1 and 2 emissions fell 5% and female employment increased to 21.9%.