PLS Group (PLS) H2 2025 earnings summary

Executive summary

• Achieved record annual production of 755,000–755,000 tons, a 4% increase year-over-year, supported by P680, P850, and P1000 projects and the world's largest lithium ore sorting facility.

• Expanded international portfolio with the acquisition and development of the Colina Project in Brazil and advanced downstream participation through the Gwangyang JV in South Korea.

• Maintained a robust balance sheet with $1 billion cash and $1.6 billion total liquidity at year-end.

• Prioritized operational excellence, cost control, and capital efficiency, positioning for stronger margins and long-term returns.

• Advanced sustainability initiatives, including improved safety, a 20% reduction in power-related emissions intensity, and increased community and First Nations engagement.

Financial highlights

• Revenue was $769 million, down 39% year-on-year, mainly due to a 43% drop in average realized price to $672/ton, partially offset by a 7% increase in sales volumes.

• Underlying EBITDA was $97 million, down 83% from the prior year, with margin dropping to 13% from 46%.

• Statutory loss after tax was $196 million, reflecting lower prices, higher depreciation, and project costs.

• Cash margin from operations was $192 million, with a gross margin of $210 million.

• Cash balance at year-end was $1 billion, with total liquidity of $1.6 billion.

Outlook and guidance

• FY 2026 production guidance is 820,000–870,000 tons, with unit operating costs expected at $560–$600/ton and CapEx of $300–$330 million.

• Focus remains on operational excellence, cost control, and capital efficiency, with readiness to scale as market conditions improve.

• Further cost reductions and efficiency gains targeted through the expanded Cost Smart program.