PLS Group (PLS) Q2 2026 TU earnings summary

Executive summary

• December quarter saw strong operational and financial performance, with production at 208,000 tons, sales at 232,000 tons, realized pricing up 57% quarter-on-quarter, and cash margin from operations rising to AUD 166 million.

• Cash balance increased 12% to AUD 954 million, with total liquidity at approximately AUD 1.6 billion.

• Strategy remains focused on disciplined capital allocation, balance sheet resilience, and value creation through the cycle.

• Operations leveraged 100% owned assets in Australia and Brazil, with robust mining and processing efficiencies.

Financial highlights

• Revenue for the quarter rose 49% to AUD 373 million, driven by a 57% increase in average realized price and 8% higher sales volumes.

• Cash margin from operations was AUD 166 million for the quarter, with an additional ~AUD 85 million in positive provisional pricing adjustments expected in the next quarter.

• H1 FY26 revenue was AUD 624 million, up 47% year-over-year, with a 40% increase in average realized price and 7% higher sales volume.

• Unit operating cost (FOB) increased to AUD 585/ton for the quarter due to lower production and inventory drawdown; H1 FY26 at AUD 563/ton.

• Capital expenditure for the quarter was AUD 45 million, with H1 FY26 capex totaling AUD 123 million.

Outlook and guidance

• FY26 guidance reaffirmed across all key metrics, with cost pressures expected to persist but full-year unit cost guidance on track.

• Growth project timelines for Ngungaju restart, P2000 expansion, and Colina Project under review, with updates expected in March quarter 2026.

• Board to consider Ngungaju plant restart in March quarter, with potential production resumption within four months if approved.

• No further equity contributions expected to the POSCO/P-PLS JV in FY26.

• P-PLS lithium hydroxide facility in South Korea expected to remain idled for H2 FY26, with spodumene reallocated to other customers.