PLS Group Limited has delivered what the company describes as a record year, with revenue reaching $1,934 million, representing a 152 percent increase from the prior corresponding period as the lithium market recovery gathered momentum. The company’s shift from defensive positioning to a growth focus, triggered by sustained improvements in commodity pricing and market sentiment, is now reflected in substantial financial outcomes that position the business for the next phase of its development.
The revenue growth was driven by two primary factors: a 17 percent increase in sales volumes and a 121 percent jump in average realised prices. What makes this particularly significant is that PLS achieved this expansion while reducing unit operating costs (FOB) by 9 percent to $569 per tonne, reflecting the benefit of higher production volumes flowing through a fixed cost base and the company’s continued operational discipline. Production reached approximately 880 thousand tonnes, demonstrating the operational execution that underpinned the financial outcome.
These operational improvements flowed through to the bottom line. Underlying EBITDA reached $1,137 million at a 59 percent margin, showcasing both the scale and profitability of the lithium business when pricing is favourable. The statutory net profit after tax of $526 million, having recovered from FY25’s loss of $196 million, confirms that the business has returned to strong earnings despite the drag from higher depreciation on the expanded asset base and normalising tax expense on the return to profitability.
The balance sheet has been materially strengthened through the year. Cash balances increased by $1,316 million to $2,290 million, bolstered by the company’s inaugural US$600 million international bond issue, which provides both financial firepower and diversification of funding sources. This financial position is now funding a dividend and a substantial capital program spanning multiple projects.
The company has approved pre-FID investment of approximately $175 million for the P2000 project, while also deciding to restart the Ngungaju processing plant to bring idled capacity back into production. These commitments, combined with the decision to maintain a fully franked final dividend of 5 cents per share, signal confidence that the current pricing environment offers genuine opportunity. Investors should focus on the company’s execution against its FY27 guidance, the progress of P2000 and Colina feasibility studies, and the successful restart of Ngungaju. The company’s ability to sustain cost discipline while bringing new capacity online will be critical to shareholder returns. This announcement has been declared price sensitive and flagged as material by the ASX.
View the full ASX announcement (PDF)
About PLS Group Limited (ASX: PLS)
PLS Group Limited is a global producer of lithium materials that explores, develops, and operates mineral resources with a focus on lithium extraction. The company owns and operates the Pilgangoora lithium mine in Western Australia’s Pilbara region and the Colina Project in Brazil, with spodumene concentrate primarily exported to lithium chemical converters in China. The company is also integrated into the lithium value chain through a joint venture with POSCO in South Korea for battery-grade lithium hydroxide production.
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