Pilbara Minerals has reported record production and sales, stronger financial results and continued progress across its growth portfolio in its FY26 full-year results.
Revenue increased 152 per cent to $1.934 billion, driven by a 121 per cent increase in average estimated realised price and a 17 per cent increase in sales volumes.
Production increased 17 per cent to 879.5kt during the year, while sales also rose 17 per cent to 891.6kt.
Unit operating cost (FOB) improved 9 per cent to $569/t, reflecting increased volumes, ongoing operational improvements and the Cost Smart Future Ready program.
Underlying EBITDA of $1.137 billion (59 per cent margin) was driven by revenue growth and cost discipline.
Net profit after tax of $526 million reflects strong earnings partially offset by higher depreciation from expanded asset base and tax expense on return to profitability.
Capex of $328 million comprised mine development of $146 million and infrastructure, projects and sustaining capex of $182 million.
Cash balance of $2,290 million increased 135 per cent, with total liquidity of $2,790 million available to support strategic investment.
Strong operating cash generation and the successful completion of PLS’ inaugural US$600 million bond offering also strengthened the company’s financial position.
The result marks a significant improvement in operating performance as lithium market conditions strengthened.
PLS said its through-cycle strategy enabled the business to respond quickly to changing market conditions, including the return of idled capacity to production.
The company continued to advance its growth strategy during the year, progressing the restart of the Ngungaju processing plant and moving forward with studies for the P2000 and Colina Projects.
The Ngungaju restart forms part of PLS’ response to improving lithium market conditions and is expected to support additional processing capacity as the company shifts its focus towards growth.
PLS Managing Director and Chief Executive Officer 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.”
The Board has determined a fully franked final dividend of 5 cents per share, representing an approximately $161 million distribution to shareholders.
The dividend reflects the company’s financial performance and strengthened balance sheet following a year of record production and sales, and provides a direct return to shareholders as PLS continues to invest in its operations and future growth projects.
Alongside its financial results, PLS released its 2026 Sustainability Reporting Suite, outlining progress across safety, people, communities and climate.
The suite complements the FY26 financial results, with coverage including workplace safety, workforce matters, community engagement and climate-related initiatives.