Northern Star Resources (NST) H1 2026 earnings summary

Executive summary

• Underlying EBITDA reached AUD 1,876 million for H1 FY26, up 34% year-over-year, with revenue rising 19% to AUD 3,414 million, reflecting resilience and strong gold prices despite lower gold sold.

• Net profit after tax increased 41% to AUD 714.4 million, and underlying NPAT rose 49% to AUD 759.8 million.

• Declared a fully franked interim dividend of AUD 0.25 per share, totaling AUD 358 million, supported by strong cash earnings and a positive outlook.

• Net cash position of AUD 293 million and total liquidity of AUD 2.7 billion, including AUD 1.5 billion undrawn facilities, support ongoing growth and capital projects.

• KCGM mill expansion is 86% complete and on schedule for commissioning in early FY27, expected to drive a step change in returns and cash flow.

Financial highlights

• Underlying earnings per share grew 19% year-over-year to AUD 0.53 per share; basic EPS up 13% to 50.0 cents.

• Underlying EBIT rose 47% year-over-year to AUD 1.1 billion; underlying NPAT up 49% to AUD 759.8 million.

• Group EBITDA margin for the period was 55%, with all production centers achieving healthy margins.

• All-in sustaining cost increased 29% to AUD 2,720/oz, while the average realised gold price rose 31% to AUD 4,670/oz.

• Free cash flow was negative AUD 165.9 million, mainly due to higher capital investment and tax payments.

Outlook and guidance

• FY26 gold sold guidance revised to 1.60–1.70Moz, with AISC expected at AUD 2,600–2,800/oz.

• Free cash flow is expected to improve in H2 FY26 due to stronger operational outlook, normalized tax payments, and upcoming KCGM commissioning.

• Growth capital expenditure for FY26 forecast at AUD 1,140–1,200 million, including KCGM Mill Expansion and Hemi Development Project.

• Hemi project final investment decision now expected in FY27, with first gold forecast for FY30 at the earliest.

• Board anticipates future dividends to be fully franked for at least the next 12 months, subject to profitability and gold price.