• Production volume of 432.8kt, up 6% on prior corresponding period
• Revenue increased 47% to $624M reflecting improved realised pricing and higher sales volume
• Underlying EBITDA of $253M increased 241% with margins expanding to 41%

Pilbara Minerals Ltd (ASX: PLS) reported its FY26 interim financial results, showcasing robust operational and financial performance. Production volume increased 6% to 432.8kt, while sales grew 7% to 446.0kt with an average realised price of US$965/t, up 40% from the prior corresponding period. The improved pricing and higher sales volumes drove a 47% increase in revenue to $624M. Unit operating costs (FOB) improved 8% to $563/t, driven by operational efficiencies and increased sales volumes. Underlying EBITDA surged 241% to $253M, with margins expanding to 41% from 17% in the prior period. The company reported a net profit after tax of $33M, compared to a loss of $69M in the prior corresponding period. Pilbara Minerals maintained a strong cash balance of $954M and total liquidity of $1.6B, providing financial flexibility for strategic opportunities and growth. The company also announced the restart of the Ngungaju plant, a capital-light expansion that will deliver incremental production capacity from July 2026. Additionally, the company provided updates on its upstream growth pipeline, including the P2000 brownfields expansion at Pilgangoora and the Colina greenfields project in Brazil, both of which are subject to further study and investment decisions. Pilbara Minerals also highlighted its downstream investments, including the Mid-Stream Demonstration Plant and the POSCO Pilbara Lithium Solution joint venture, which provide diversification and long-term optionality.

Pilbara Minerals expects unit operating costs (FOB) to increase modestly in H2 FY26 due to the Ngungaju plant restart, but to remain within the FY26 guidance range of A$560/t to A$600/t. The company will provide production, cost, and capital guidance for FY27 in July 2026.

Pilbara Minerals is strategically positioned to capitalize on the strong long-term demand outlook for lithium, driven by the global energy transition and the growth in electric vehicles and battery storage. The company's disciplined approach to portfolio sequencing and capital allocation, combined with its high-quality assets and cost-competitive position, provide a solid foundation for future growth and value creation.