The PLS Group Ltd (ASX: PLS) share price is in focus today after the company reported FY26 revenue up 152% to $1.93 billion and a shift to a $526 million net profit.
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What did PLS report?
- Revenue: $1,934 million (up 152% from FY25)
- Underlying EBITDA: $1,137 million (59% margin; up from $97 million in FY25)
- Net profit after tax: $526 million (from a $196 million loss in FY25)
- Production: 879.5k tonnes spodumene concentrate (up 17%)
- Final dividend: 5 cents per share, fully franked ($161 million distribution)
- Cash balance: $2,290 million (up 135%)
What else do investors need to know?
PLS moved from a defensive footing to focus on growth, following improved lithium prices and market sentiment during FY26. The company restarted the Ngungaju processing plant and advanced key projects including P2000 and Colina, with $175 million in pre-investment approved for P2000 in June.
Operational performance was strong, with a 9% drop in unit operating costs (FOB) to $569 per tonne and record sales volumes. The company's financial strength also improved, thanks in part to a successful $600 million (USD) bond issue.
Sustainability initiatives delivered a 5% reduction in Scope 1 and 2 emissions and a higher workforce engagement score, with female participation up to 21.9%.
What did PLS management say?
Commenting on the results, PLS Group's CEO, Dale Henderson, said:
FY26 was a record year for PLS, demonstrating our through-cycle strategy in action. We had positioned the business to respond quickly when market conditions improved and, as the lithium market strengthened, we acted – bringing idled capacity back into production and shifting our focus decisively from defence to growth. That preparation is reflected in the results. We delivered record production of approximately 880 thousand tonnes while reducing unit operating costs by 9%, generating $1.1 billion of underlying EBITDA at a 59% margin and $1.4 billion of cash margin from operations.
These are strong outcomes and a credit to our team. With 100% ownership of Pilgangoora, our shareholders receive the full benefit of the scale, low-cost position and operating leverage we have built. We also strengthened the business for what comes next. During the year we accessed the international debt capital markets for the first time through our US$600 million bond and finished FY26 with $2.3 billion of cash. That financial strength gives us flexibility: we can continue investing in Pilgangoora, bring Ngungaju back into production, advance P2000 and Colina, and pay a fully franked final dividend of 5 cents per share.
We enter FY27 larger, lower cost and financially stronger than we were a year ago. We remain confident in the long-term opportunity for lithium, and our focus is on continuing to execute well, allocating capital with discipline and delivering value for our shareholders.
What's next for PLS?
Looking ahead, Pilbara Minerals aims to keep building on its strong base by advancing growth projects such as P2000 and Colina, and ramping up production at Ngungaju. The company plans to maintain its disciplined capital allocation approach to navigate potential market volatility and capitalise on lithium sector demand.
Management has released FY27 guidance and says the business enters the new year larger, lower cost, and with significantly strengthened finances and flexibility.
PLS share price snapshot
The PLS Group share price has smashed the S&P/ASX 200 index (ASX: PLS) over the past 12 months with a stunning 135% gain.
