PLS Group (PLS) Q2 2026 TU earnings summary

Executive summary

• December quarter saw a significant inflection, with realized pricing up 57% quarter-on-quarter, production reaching 208,000 tons, 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.

• Operations delivered solid results, with production in line with plan and sales volumes up 8% to 232,000 tons, exceeding production to meet strong demand.

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

• Maintained strategic flexibility, leveraging 100% owned assets in Australia and Brazil.

Financial highlights

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

• 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.

• H1 FY26 revenue was AUD 624 million, up 47% year-over-year; unit operating costs decreased 8% to AUD 563/ton.

• Unit operating cost (FOB) increased 8% quarter-over-quarter to AUD 585/ton, mainly due to lower production and inventory drawdown.

• Cash margin from operations for H1 FY26 was AUD 174 million, up 323% year-over-year.

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 restart of Ngungaju in the March quarter; early operational readiness works completed.

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

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