PLS Group (PLS) investor relations material

Executive summary

• Returned to profitability in H1 FY2026, with revenue up 47% to $624.2M, driven by higher sales volumes, improved pricing, and operational efficiencies.

• Underlying EBITDA surged 241% to $253M, with margin expanding to 41% from 17% in the prior period.

• Net profit after tax was $32.8M, reversing a $69.4M loss in the prior period.

• Disciplined capital management and a robust balance sheet with $954M in cash and $1.6B in total liquidity support ongoing growth initiatives.

• No dividends declared for the half, as capital was retained for growth projects and strategic flexibility.

Financial highlights

• Revenue for H1 FY2026 was $624.2M, up 47% year-over-year, with higher realised prices and sales volumes.

• Underlying EBITDA reached $253M, up from $74.1M, with a 41% margin.

• Net profit after tax was $32.8M, compared to a net loss of $69.4M in H1 FY25.

• Unit operating costs (FOB) decreased 8% to $563/t; (CIF China) decreased 6% to $682/t.

• Cash balance at period end was $954M, with undrawn debt capacity of $625M.

Outlook and guidance

• Market conditions have improved, with spodumene prices up 50% over two months and 150% over six months.

• Ngungaju plant restart approved, with production to commence by July 2026 and no material increase to FY26 CAPEX guidance.

• P2000 brownfields expansion feasibility study targeted for December Quarter 2026; Colina greenfields feasibility study for December Quarter 2027.

• FY27 production, cost, and capital guidance to be provided in July 2026.

• Growth projects will proceed only if market conditions, returns, and funding capacity are supportive.