Pilbara Minerals (PLS) investor relations material

Executive summary

• FY 2025 was transformational, achieving record annual production of 755,000 tonnes, a 4% increase year-over-year, supported by major project completions and resilience amid challenging lithium prices.

• Operational excellence, cost discipline, and international expansion—including the Colina Project acquisition in Brazil—positioned the company for future growth.

• Maintained a robust balance sheet with AUD 1 billion cash and AUD 1.6 billion total liquidity at year-end.

• Sustainability and community engagement advanced, with emissions reductions and increased First Nations employment.

Financial highlights

• Revenue declined 39% year-over-year to AUD 769 million due to a 43% drop in average realised prices, partially offset by a 7% increase in sales volume.

• Underlying EBITDA was AUD 97 million, down 83% year-over-year, but remained positive.

• Statutory loss after tax was AUD 196 million, impacted by lower prices, higher depreciation, and non-cash JV impacts.

• Gross margin was AUD 210 million, supported by cost efficiencies from the P850 operating model.

• Cash margin from operations was AUD 192 million, with total CapEx of AUD 653 million.

Outlook and guidance

• FY 2026 production guidance: 820,000–870,000 tonnes, reflecting expanded capacity.

• Unit operating costs expected at AUD 560–600/tonne, with CapEx sharply reduced to AUD 300–330 million.

• Focus remains on operational excellence, cost control, and capital efficiency to drive margin expansion and preserve growth optionality.