PLS Group Limited

For H1 FY26, revenue was $624 million, up 47% year over year; underlying EBITDA was $253 million with a 41% margin; and net profit after tax was $33 million versus a $69 million loss in the prior corresponding half. Sales volume increased 7% to 446,000 tonnes, production rose 6%, and FOB unit operating cost declined to $563 a tonne. Closing cash was $954 million, down $20 million in the half mainly due to working capital timing, and the company cited more than $1.6 billion of total liquidity including $625 million of undrawn debt capacity. Management said FY26 FOB guidance would be toward the upper end of the $560 to $600 a tonne range because most Ngungaju restart costs will be expensed. Forward-looking milestones included Ngungaju production restarting in July '26, P2000 feasibility targeted for the December quarter this calendar year, and Colina feasibility targeted for the December quarter next year.

Dale Henderson framed the first half as proof that PLS’s through-cycle strategy is working: the company built operating leverage during the downturn, and that is now translating into stronger earnings and a more resilient business. He repeatedly emphasized balance sheet strength, disciplined capital allocation, and staging growth only when returns are attractive and sustainable. On Ngungaju, he described the restart as a tactical reactivation of existing infrastructure rather than a greenfield expansion, and said the company is sequencing growth from a position of control.

Flavio Garofalo highlighted solid execution and favorable pricing as the main drivers of the half. He pointed to revenue of $624 million, underlying EBITDA of $253 million, EBITDA margin of 41%, and NPAT of $33 million, while noting $16 million of midstream demonstration plant project costs and $39 million of noncash P-PLS impacts in NPAT. He also said closing cash was $954 million, cash margin from operations was $174 million, and cash margin from operations including mine development and sustaining capital was $111 million, with adjusted underlying cash margin around $291 million or $228 million after timing adjustments. He said the Ngungaju restart costs will mostly be expensed, which is why FOB guidance moves toward the upper end of $560 to $600 a tonne.

Analysts focused heavily on Ngungaju: ore sourcing, fleet and processing ramp-up, restart economics, and the role of the recently secured Canmax offtake with a $1,000 a tonne floor. Management said ore feed will come from the full mine, the restart adds only a small fleet increase, and ramp-up will be staged, with more detail coming in next year’s guidance. On the Canmax contract, management said the restart likely would have proceeded anyway given strong inbound demand, and that the floor price was simply the outcome of a competitive tender process. Questions also probed P2000 scope, permitting, and sequencing versus Colina; management said P2000 is the more mature brownfield expansion, permits are secured, Colina is earlier-stage and needs more drilling and resource work, and the order reflects maturity rather than a change in strategic importance.