Lynas Rare Earths (LYC) investor relations material

Executive summary

• Achieved major milestones in the Lynas 2025 capital projects, including commissioning of Mount Weld expansion, new water recycling plant, and a 65 MW hybrid renewable power station, with 92% renewable electricity achieved in December.

• Launched 'Towards 2030' five-year growth strategy to optimize performance, increase capacity, and expand into the metal and magnet supply chain.

• Strengthened balance sheet with approximately $930m equity raising, including $182m SPP, and completed $932.6m equity raising to support growth strategy.

• Signed first customer contracts and shipments for separated heavy rare earths (Dy, Tb) from Malaysia.

• CEO Amanda Lacaze announced intention to retire by end of FY26; succession process underway.

Financial highlights

• Net profit after tax surged to $80.2m in 1H26, up 1,259% year-over-year, with sales revenue rising to $413.7m, a 63% increase.

• EBITDA increased 300% to $152.4m, and gross profit rose 190% to $142.0m.

• Cash and short-term deposits surged to $1,030.9m from $166.5m at June 2025.

• Basic EPS was 8.19 cents, up from 0.63 cents in 1H25.

• No dividends declared or paid during the period.

Segment performance

• Total REO production was 6,375t, up from 5,339t in 1H FY25; NdPr production reached 3,407t, up from 2,969t.

• Average selling price per kg REO increased to $68.4 from $44.6 year-over-year.

• Record quarterly NdPr production achieved; December quarter impacted by maintenance and electricity issues.

• Malaysian plant running at record levels post-maintenance, with stable new separation circuits and upcoming samarium production.

• U.S. operations strengthened by direct sales to defense industries and ongoing government engagement.