PLS Group (PLS) Q2 2026 TU earnings summary

Executive summary

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

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

• Revenue for the quarter rose 49% to AUD 373 million, driven by higher pricing and sales volumes.

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

• Operations delivered solid results, with production and sales in line with or exceeding plan.

Financial highlights

• H1 FY26 revenue was AUD 624 million, up 47% year-over-year; cash margin from operations for H1 was AUD 174 million.

• Unit operating cost (FOB) for the quarter was AUD 585/ton, up 8% quarter-on-quarter due to inventory drawdown; H1 unit cost improved 8% to AUD 563/ton.

• Cash margin after capex was AUD 130 million for the quarter.

• Capital expenditure for the quarter was AUD 45 million.

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

Outlook and guidance

• FY26 guidance reaffirmed across all key metrics.

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

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

• FY26 capital expenditure expected to be second half weighted due to timing of mine development and infrastructure projects.

• Cost pressures expected to persist due to seasonal wet season impacts, but full-year unit cost guidance remains on track.