PLS Group Limited (PLS.AX): 4Q26 Results: Strong Cash Generation to Support FY27 Growth

研报英文原文证据摘录

PLS Group Limited (PLS.AX): 4Q26 Results: Strong Cash Generation to Support FY27 Growth

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29 Jul 2026 19:15:53 ET │ 11 pages

PLS Group Limited (PLS.AX)

4Q26 Results: Strong Cash Generation to Support FY27 Growth

CITI'S TAKE

Buy PLS delivered a solid JunQ, with production of 214kt in line with CitiE and

consensus, while record sales of 250kt were 7% above CitiE and 9% above Price (29 Jul 26 16:00) A$4.10

consensus. Revenue of A$743m beat CitiE by 4%, despite realised price Target price A$5.00

5% below our estimate. Strong sales generated an A$579m operating Expected share price return 22.0%

cash margin and A$499m after mine development and sustaining capex. Expected dividend yield 3.2%

Cash increased A$835m QoQ to A$2.29bn, supported by operating cash Expected total return 25.1%

generation and A$442m of net borrowing proceeds, leaving net cash of

Market Cap A$13,217M A$1.34bn and liquidity of A$2.79bn. FY27 production guidance is 2%

US$9,192M above CitiE at the midpoint, while costs and capex are broadly in line. As

expected, capex nearly doubles to A$620–685m, including elevated

stripping and A$175m of P2000 pre-FID expenditure, consistent with our

note Australian Lithium - Strong Balance Sheets, Weak Momentum. PLS’s Thiago OjeaAC

cash generation and balance sheet provide ample capacity to fund growth +61-2-8225-2404

while retaining strategic flexibility. We reiterate our Buy rating. thiago.ojea@citi.com

Jack Whelan

Record sales drive revenue and strong cash generation — Pilgangoora produced +61-2-8225-5979

214kt of concentrate, down 8% QoQ but in line with CitiE and consensus, following jack.whelan@citi.com

the record March quarter. Sales increased 28% QoQ to a record 250kt, 7% above

CitiE and 9% above consensus, supported by available inventory.