Northern Star Resources (NST) H2 2026 earnings summary

Executive summary

• Underlying EBITDA reached A$4.3 billion, up 22% year-over-year, with revenue rising 19% to A$7.6 billion and underlying NPAT increasing 26% to A$1.8 billion.

• Over A$3.3 billion has been returned to shareholders to date through dividends and share buy-backs, with A$0.9 billion returned in FY26.

• Market capitalization expanded from AUD 300 million to over AUD 30 billion, and the company now employs over 10,000 people globally.

• KCGM Mill Expansion commissioning is underway, expected to drive operational consistency and future free cash generation.

• Maintained investment-grade balance sheet with net cash position and strong liquidity.

Financial highlights

• Revenue: A$7,623M (+19% YoY); Underlying EBITDA: A$4,271M (+22% YoY); Underlying NPAT: A$1,789M (+26% YoY).

• Underlying free cash flow was A$190 million; cash earnings of A$2.9 billion.

• FY26 dividend of 55 cents per share (fully franked), with A$785 million paid and A$129 million spent on share buy-backs.

• Gold sold: 1,543koz (down 6% YoY); AISC: A$2,698/oz (+25% YoY); average realised gold price: A$4,925/oz (+26% YoY).

• Ended FY26 with A$1.2 billion in cash and bullion; all leverage and liquidity metrics within targets.

Outlook and guidance

• FY27 gold production guidance: 1,500–1,650koz, weighted to H2 due to planned shutdowns and KCGM commissioning.

• AISC guidance: A$3,050–3,450/oz, with costs expected to improve through the year.

• Sustaining capital forecast: A$850–915 million; total group capital investment: A$2,550–2,935 million.

• Growth capital: A$1,500–2,020 million; Hemi Project: A$200–250 million; exploration: A$230–250 million.

• Effective tax rate: 30–32%; cash tax payments: A$450–550 million, including Hemi-related tax benefits.