PLS Group: 4Q26: Solid quarterly results and FY27 guidance; retain OW

Research evidence excerpt

PLS Group: 4Q26: Solid quarterly results and FY27 guidance; retain OW

J P M O R G A N Asia Pacific Equity Research

30 July 2026

PLS Group Overweight

PLS.AX, PLS AU

4Q26: Solid quarterly results and FY27 guidance; retain Price (29 Jul 26):A$4.10

OW ▼Price Target (Jun-27):A$7.10 Prior (Jun-27):A$7.30

Key takeaways from 4Q26 results: 1) Q4 results were strong with production/sales/

revenue ahead of JPMe and costs broadly in line. 2) FY27 production came in 7% Head of Australia Metals & Mining

above JPMe on a faster Ngungaju ramp up, whilst costs were materially below our Lyndon Fagan AC

forecasts, where we had allowed for material inflation. 3) Ngungaju has been restarted (61-2) 9003-8648

and will ramp up to nameplate in 4 months. P2000 remains on track for an FID lyndon.fagan@jpmorgan.com

J.P. Morgan Securities Australia Limited

decision in DecQ26 whilst PLS is concurrently studying an UG option (no scope

Jonathon Sharpdisclosed). We continue to view the disconnect between spodumene prices (+30%

(61 2) 9003-8312

YTD) and lithium performance (PLS -2% YTD vs ASX200 +6%) as an attractive jonathon.sharp@jpmorgan.com

entry point for investors. PLS offers exposure to solid operating performance, a strong J.P. Morgan Securities Australia Limited

balance sheet, and aggressive production growth. We retain our OW rating, citing a Devwrat Vegad

cheap 0.6x P/NPV - albeit spot prices are currently below our FY27 forecast. After the (91-22) 6157-3608

result, our FY26/27 earnings move up ~8-9% post incorporating the result and FY27 devwrat.vegad@jpmchase.com

guidance into our model. Our NPV falls 3% after factoring in lower recoveries near- J.P. Morgan Securities Australia Limited/ J.P. Morgan India Private Limited

term on Ngungaju restart, partially offset by lower costs.