PLS Group Limited

I would now like to hand the conference over to your speaker today. Bill Henderson, Managing Director and CEO. Sir, please go ahead.

Thank you, Michelle. Good morning and good evening, and thank you all for joining us today. I'll begin by acknowledging the traditional owners on the lands on which PLS operates, the Wachuk people of the Nomad Nation in Perth, and the Nyamal and Garriara peoples in the Pilbara. We pay our respects to elders passed in prison, I'm joined today by Alex Wilcox, our Chief Financial Officer, and Sandra McInnes, our Chief People and Sustainability Officer. FY26 was a record year for PLS and a strong demonstration of our through-the-cycle strategy and action. Today, we will take you through the operational, financial and sustainability performance for the year, our strategic progress and the outlook for PLS before we open the line for questions. Turning now to slide 2. At Pilkingora, we delivered record production and sales, both up 17% on the prior year and we achieved our FY26 guidance and we lifted this year to a new record of 76.5%. As market conditions strengthened, we were also able to respond quickly. Approving and preparing for the restart of the Nagaju facility and accelerating P2000, including the approval of approximately $175 million of pre-FID investment for P2000. We continue to progress Kalina as our principal geographic diversification opportunity whilst maintaining a disciplined approach to chemicals, commencing commissioning of our mystery and demonstration plant and operating our PPLS, JV and batch mode to preserve capital. That strong operating performance together with improved market conditions translated into a significant improvement in our financial results, fitting now to slide 3. Revenue increased by 152% to $1.9 billion, driven by stronger realized pricing and record sales volumes. Underlying EBITDA increased to $1.1 billion at a 59% margin, reflecting the operating leverage of the business and delivering net profit after tax of $526 million. We finished the year with $2.3 billion in cash, providing the capacity to invest selectively in growth whilst maintaining our balance sheet strength. And in accordance with our capital management framework, as a board, we have determined to fully frank final dividend of $0.05 per share. Turning now to slide four. Alongside our operational and financial performance, we continue to make progress across our sustainability priorities. Safety remains our most important priority. Our group trips were improved by 11% from the prior year to 2.77%, but we remain focused on continuing to make improvements in this area. We also reduced absolute Scope 1 and 2 emissions by 5%, and we recorded zero major environmental, water or waste incidents. Sandra will cover our sustainability performance in more detail later in the presentation. Turning now to slide 5, which shows our through the cycle strategy and how this played out during FY26. During the weakened market, we positioned the business defensively, protecting the balance sheet, reducing costs and preserving operating flexibility. As market conditions improved, we were able to respond quickly, approving a restart of the Nuggetview facility and moving back towards the P1000 operating model and accelerating our growth options. Our strategy was not dependent on predicting the market turn. It was about ensuring the business was positioned to act when the opportunity emerged. As I've said historically, we've been using the cycle as leverage, not a limitation. And then slide 6 shows that operational flexibility has translated very quickly into cash generation, turning to slide 6 now. As pricing strengthened through FY26, the operating leverage in our low-cost platform became increasingly evident, Causing cash margin from operations increased from $8 million in the September quarter through to $579 million in the June quarter. And with 100% ownership of Putin Gora, our shareholders received the full benefit of the scale, the cost position and the operating leverage we've built. The strong cash generation, together with their balance sheet strength, gives us capacity to invest selectively, whilst maintaining financial strength. One more call-out from the slide. I draw your attention to the horizontal line. That is $2,465 per tonne. This is Benchmark Minerals' long-run expectations for pricing for the industry. Now that return that we see in the June quarter, $5.59 million, that was at a value less than the $2,465. As you can call it, it really does demonstrate the cash-generating potential of the platform, and it's exciting to think about the future, depending on what price you want to pick. It's an incredible platform. We've got the scale, we've got the low-cost position, and here are the results, as you can see in these results we've announced today. Now, with that, I'd now like to hand over to Alex to take us through the financials.

Thank you, Dale. Good morning and good evening, everyone. Turning now to slide eight. FY26 delivered strong financial performance, underlying EBITDA of $1.1 billion, NPAT of $526 million, and a closing cash balance of $2.3 billion. These results reflect disciplined execution, capitalizing on market recovery. Revenue of $1.9 billion was up 152%, driven by a 121% increase in real-life price to US$1,488 a tonne, combined with 17% volume growth, partially offset by some FX headwinds. Unit operating cost on an FOB basis improved 9% to $569 per tonne, reflecting volume leverage, ongoing operational improvements and our cost-smart future-ready program in action. Underlying EBITDA of $1.1 billion reflects that revenue growth and operational efficiency. Net profit after tax of $526 million captures our strong earnings, partially offset by higher depreciation from an expanded asset base and tax expense as we return to profitability. Capital expenditure of $328 million was in line with guidance and comprised mine development capex of $146 million and infrastructure projects and sustained capex of $182 million. These strong operational and financial results translated directly into substantial cash generation as shown in our cash flow bridge, now turning to 5.9. Cash margin from operations of $1.36 billion underpinned the 135% increase in cash to $2.2 billion, supported by volume growth, cost discipline and strong pricing. The year-end cash included the US $100 million prepayment associated with the CanMax off-take agreement announced earlier in the year. We received a prior period tax refund of $74 million, which will normalise now that we have returned profitability. Net financing cash flows of $353 million reflects net proceeds from the US $600 million inaugural US bond, partly offset by a $442 million RCF repayment, as well as lease costs and interest expenses. The combination of these factors resulted in a further strengthening of our cash position to $2.29 billion, and we finished the year with $2.79 billion of liquidity. Turning to the balance sheet on slide 10. We have maintained a strong balance sheet while deploying capital for growth and retained capacity to fund future investments. Property, plant and equipment increased 6% to $2.86 billion with $445 million in mine properties and development additions, partly offset by $275 million in depreciation. Tables increased to $436 million, reflecting in part the contract liability for the remaining unutilised portion of the CAMNAP repayment. Borrowings increased to $853 million, following the US $600 million bond issuance, net of the RPF repayment, with the remaining $500 million RPF facility undrawn. Leased liabilities increased 24% to $281 million, reflecting approximately $90 million invested in heavy mobile equipment. We expect to complete the last phase of the owner-operator transition as we progress through FY27. The strength of our balance sheet positions us well as we consider future investments supporting long-term value creation for our shareholders. Turning now to slide 11. On the back of this strong financial position, the Board has determined a fully franked final dividend of $0.05 per share, representing a distribution of approximately $160 million to shareholders. This implies a payout ratio of 22% of F126 adjusted free cash flow, which is within our payout ratio range of 20% to 30%. I'll now hand over to Sandra for an overview of sustainability performance.