Energy Resources of Australia (ERA) H1 2026 earnings summary

Executive summary

• Reported a net loss after tax of $214 million for H1 2026, a significant increase from $35 million loss in H1 2025, mainly due to higher rehabilitation provision and related finance costs.

• Revenue for H1 2026 was $25 million, down from $32 million in H1 2025, primarily from interest income as operational activities are focused on rehabilitation.

• Cash outflow from operating activities was $97 million, slightly improved from $100 million outflow in H1 2025.

• No interim dividend declared for H1 2026; no final dividend paid for FY2025.

• Company remains focused on the rehabilitation of the Ranger Project Area, with execution of Tranche 1A underway and revised forecasts indicating increased costs and schedule risk.

Financial highlights

• Revenue decreased 21% year-over-year to $25 million for H1 2026.

• Net loss after tax increased 504% year-over-year to $214 million.

• Loss per share was (0.1) cents, compared to (0.0) cents in H1 2025.

• Cash and cash equivalents at 30 June 2026 were $296 million, with total cash resources (including term deposits and trust fund) at $1,074 million.

• Rehabilitation costs incurred were $101 million, down from $106 million in H1 2025.

Outlook and guidance

• Cash reserves expected to fund rehabilitation activities until approximately Q4 2027, extending beyond previous Q3 2027 estimate.

• Additional funding will likely be required by Q4 2027 to meet full rehabilitation obligations.

• Strategic priorities remain execution of rehabilitation, progressing technical studies, and preservation of undeveloped resources.