• Strong operational performance with record spodumene concentrate production
• Revenue declined 39% due to 43% decrease in average realised price
• Underlying EBITDA decreased by 83% to $97M, remaining positive despite pricing pressure

Pilbara Minerals Ltd (PLS.ASX) reported its FY25 full year results, highlighting a strong operational performance with spodumene concentrate production of 754.6 thousand tonnes, a 4% increase compared to the prior corresponding period. However, revenue declined 39% to $769M, driven by a 43% decrease in the average realised price of US$672/t (CIF China) on a ~SC5.3% basis, partly offset by a 7% increase in sales to 760.1kt. Underlying EBITDA decreased by 83% to $97M, remaining positive despite the pricing pressure. The statutory loss after tax of $196M reflects lower pricing, higher depreciation expense, construction costs for the Mid-Stream Demonstration Plant Project and non-cash impacts from the Group's investment in P-PLS. The company completed the Pilgangoora expansion projects (P680 and P1000) and acquired the Colina Project in Brazil. A focus on capital discipline and cost reduction through the implementation of the P850 operating model and an ongoing cost review program has delivered a net cash flow improvement of approximately $230M in FY25. Pilbara Minerals closed the year with approximately $1.0 billion in cash and $1.6 billion in total liquidity, supported by a strong operating cash margin and disciplined capital management.

In FY26, Pilbara Minerals' focus will be on delivering further cost reductions and efficiency gains through the expanded Cost Smart program, and embedding continuous improvement across all areas of the business. The company is well positioned to create value through the cycle with its scaled, independent production platform, diversified growth pipeline and strong balance sheet.