• 6% increase in production volume to 432.8kt
• Revenue increased 47% to $624M
• Underlying EBITDA increased 241% to $253M with margins expanding to 41%

Pilbara Minerals Ltd (PLS) delivered a strong first half, generating Underlying EBITDA of $253 million at a 41% margin reinforcing the company's low cost position and ability to generate positive EBITDA through the cycle. The result was driven by higher realised pricing, reliable operating performance and continued cost discipline, with unit operating costs declining 8% to $563 per tonne (FOB). Reported cash decreased modestly during the half, primarily reflecting customer refunds from the prior year and the timing of pricing settlements. PLS ended H1 with $954 million in cash and approximately $1.6 billion in total liquidity. These outcomes reflect consistent execution of the company's through-the-cycle strategy - aligning production with market conditions while preserving balance sheet strength and maintaining full operational control. PLS's scale and 100% ownership across its Australian and Brazilian assets provide structural flexibility and clear differentiation within the sector. Consistent with the company's capital allocation framework and disciplined approach to capital management, the Board has determined not to declare an interim dividend for H1 FY26, prioritising financial flexibility through the cycle.