Northern Star Resources (NST) H1 2026 earnings summary

Executive summary

• Underlying EBITDA rose 34% year-over-year to A$1,876 million, with revenue up 19% to A$3,414.3 million, driven by a 31% increase in average realised gold price despite lower gold sales volume.

• Net profit after tax increased 41% to A$714.4 million, with underlying NPAT up 49% to A$760 million and basic EPS up 13% to 50.0 cents.

• Declared a fully franked interim dividend of A$0.25 per share, totaling A$358 million, reflecting confidence in cashflow and to be paid on 26 March 2026.

• Balance sheet remains strong with net cash of A$293 million and total liquidity of A$2.7 billion, including A$1.5 billion undrawn facilities and cash and bullion of A$1,176 million.

• 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 NPAT rose 49% year-over-year to A$760 million; underlying EPS increased 19% to 53.2 cents.

• Group EBITDA margin improved to 55%, with all production centers achieving healthy margins.

• Operating cash flow was A$1,031 million, down 18% year-over-year, with underlying free cash flow at negative A$320 million due to significant capital investment and tax payments.

• All-in sustaining cost (AISC) increased to A$2,720/oz, while the average realised gold price rose 31% to A$4,670/oz.

• Net tangible assets per share increased to A$10.61 from A$7.76 year-over-year.

Outlook and guidance

• FY26 production guidance revised to 1,600–1,700koz due to lower gold sales; AISC guidance raised to A$2,600–2,800/oz.

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

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

• Hemi Project FID now expected in FY27, with first gold forecast for FY30 at the earliest, subject to regulatory approvals.

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