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Pilbara Minerals (PLS) investor relations material
Pilbara Minerals H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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