Northern Star Resources (NST) H2 2026 earnings summary

Executive summary

• Underlying EBITDA rose 22% to A$4.3 billion, with revenue up 19% to A$7.6 billion and underlying NPAT increasing 26% to A$1.8 billion; leadership transition announced after 13 years of growth.

• Over A$0.9 billion returned to shareholders via dividends and share buy-backs in FY26, with total capital returns to date reaching A$3.3 billion.

• Maintained investment-grade balance sheet with A$1.2 billion cash and bullion at year-end and strong liquidity.

• Major investments included completion of stage 1 KCGM mill expansion and ongoing progress on the Hemi Project.

• The company is shifting focus from investment to operational execution and value realization in FY27.

Financial highlights

• Revenue reached A$7,623 million (+19% YoY); underlying EBITDA was A$4,271 million (+22% YoY); underlying NPAT was A$1,789 million (+26% YoY).

• Underlying free cash flow was A$190 million despite peak investment at KCGM; cash earnings totaled A$2.9 billion.

• Total FY26 dividends declared at 55 cents per share (A$785–763 million paid), with A$129 million share buy-back completed as part of a A$500 million program.

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

• Group underlying EBITDA margin was 56%, with Kalgoorlie at 64%, Pogo at 60%, and Yandal at 47%.

Outlook and guidance

• FY27 group production forecast at 1,500–1,650koz, weighted to the second half due to planned shutdowns and KCGM commissioning.

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

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

• Growth capital of A$1,700–2,020 million, with A$200–250 million for the Hemi Project; exploration spend of A$230–250 million.

• Effective tax rate forecast at 30–32%, with cash tax payments of A$450–550 million.