First Resources (EB5) H1 2025 earnings summary

Executive summary

• 1H2025 revenue rose 47.4% to US$673.9m and profit attributable to owners increased 43.6% to US$149.2m, driven by higher production volumes and average selling prices.

• EBITDA increased 56.3% to US$262.3m; underlying net profit, excluding biological-asset fair-value effects, rose 67.8% to US$152.0m.

Financial highlights

• Gross profit increased 50.4% to US$280.9m; gross margin expanded to 41.7% from 40.8%.

• Operating profit grew 45.4% to US$208.6m; EBITDA margin was 38.9% versus 36.7%.

• Net profit was US$156.8m, up 44.4%; profit attributable to owners was US$149.2m, up 43.6%.

• Net operating cash flow fell to US$13.8m from US$112.4m as receivables and inventories absorbed cash; cash and cash equivalents closed at US$157.6m.

Outlook and guidance

• ANJ integration is expected to support production growth and strengthen operational performance.

• Focus remains on replanting and strengthening operational capabilities amid macroeconomic uncertainty.