Slide 1: FY26 Interim Financial Results
FY26 Interim Financial Results 19 February 2026 ASX: PLS 1
Slide 2: Our Purpose
Our Purpose Vision Mission Powering a sustainable energy future Li Strategic Operate Grow Chemicals Diversify pillars Deliver our Achieve full Extract greater Diversify operating potential of our value along the revenue beyond performance global assets battery materials Pilgangoora commitments suppl
Slide 3: Built for resilience through the lithium cycle
Built for resilience through the lithium cycle Scale, strength, discipline, and diversification Asset quality and cost resilience 100% owned Tier-1 assets with growth potential and strong cost position that protects margins through the cycle GWANGYANG, SOUTH KOREA POSCO Pilbara Lithium Solution Bala
Slide 4: FY26 Interim results
FY26 Interim results Increase in sales and pricing supports strong financial outcomes Sales Pricing Underlying NPAT EBITDA 1 446.0kt US$965/t $253M $33M 2 7% 40% 241% 147% vs H1 FY25 vs H1 FY25 vs H1 FY25 vs H1 FY25 Positioning Ngungaju restart approved – production to commence by July 2026 for grow
Slide 5: FY26 Interim sustainability performance
FY26 Interim sustainability performance Continued focus on safety first culture and sustainability outcomes Valuing our people Sustainable operations Responsible and and communities ethical actions YEAR TO DATE SAFETY FOCUS 3.79 Positive trend ESG ratings $397.7M TRIFR1 increased Procurement spend w
Slide 6: FY26 Interim Results - Financials
FY26 Interim Results - Financials 6
Slide 7: Financial results summary
Financial results summary Production growth, lower cost and improved pricing deliver strong H1 FY26 earnings Summary Operational and Financial Metrics • Production volume of 432.8kt, up 6% on prior corresponding Units H1 FY26 H1 FY25 %∆ period (pcp), driven by expanded capacity under P850. Operation
Slide 8: H1 FY26 – cash flow bridge
H1 FY26 – cash flow bridge Sustainable cash generation through operational discipline and cost efficiency Cash flow bridge – 30 June 2025 to 31 December 2025 ($M) • Cash balance remained strong at $954M as at 31 December 499 2025, decreasing $20M during the half, primarily due to working capital tim
Slide 9: Balance sheet summary
Balance sheet summary Summary Balance Sheet Metrics $M 31-Dec-25 30-Jun-25 %∆ • Receivables increased primarily due to higher trade debtors from favourable Cash 954 974 (2) provisional pricing adjustments on December Quarter shipments. Receivables 122 38 218 • Inventory remained flat with increased
Slide 10: Strategically positioned and disciplined
Strategically positioned and disciplined 10
Slide 11: Building scale and strengthening margins
Building scale and strengthening margins Structural operating improvements are enhancing margin resilience through-the-cycle Recovery Production Unit Operating Costs (%) (kt) (FOB A$/t) 870 Guidance range 77% 820 654 72% 627 68% 600 755 Guidance 725 range 560 1 2 2 FY24 FY25 H1 FY26 FY24 FY25 FY26e
Slide 12: Disciplined portfolio sequencing through the cycle
Disciplined portfolio sequencing through the cycle Preserved balance sheet strength; selectively activating value levers as fundamentals improve Spodumene concentrate price (US$/t SC6.0, CIF China basis)1,2 1 CY23 → CY25 – Capital preservation phase 7,500 Preserved operating capability and balance
Slide 13: Ngungaju restart – disciplined capacity reactivation
Ngungaju restart – disciplined capacity reactivation Capital-light reactivation delivering incremental production capacity from July 2026 Ngungaju operation restart approved • Following sustained improvement in pricing and secured offtake support, the Board has approved the restart of the ~200ktpa1
Slide 14: Sequenced growth pipeline
Sequenced growth pipeline Upstream portfolio staged, subject to returns and market conditions P2000 – Brownfields expansion (to ~2Mtpa) Colina Project – Greenfields development Study Timeline Study Timeline • Feasibility Study targeted for release in December Quarter 2026. • Feasibility Study target
Slide 15: Potential production profile
Potential production profile Top 3 global primary lithium producer with further long-term production capacity potential CY25 global lithium production – key peers Colina project4 (kt LCE primary production, attributable basis)1 (future) All future production subject to study outcomes, P2000 Project
Slide 16: Growth optionality - chemicals
Growth optionality - chemicals Measured downstream investments provide diversification and long-term optionality Image: Mid-Stream demonstration plant as at 29 January 2026 Mid-Stream Demonstration Plant • Demonstration-scale facility to inform potential commercial development. • Construction comple
Slide 17: Market update
©®PLS Market update 17
Slide 18: Global electrification supporting energy transition
Global electrification supporting energy transition Global electricity demand growth (Thousand TWh)1,2 ~5,400 TWh of additional electricity demand 2.3 to 2030 – growing 3.6% p.a. 50% above prior decade 2.0 33.6 Battery storage 1.1 critical to enabling the 28.2 global energy transition 2025 demand Tr
Slide 19: Long-term demand trajectory
Long-term demand trajectory Policy settings, technology adoption and energy transition underpin multi-decade demand EV sales (M units)1 BESS demand (GWh)1 Lithium demand by end-use (Kt LCE)1 100 1,400 6,000 1,200 5,000 11% CAGR 75 1,000 10% CAGR 9% CAGR 4,000 800 50 3,000 600 2,000 400 25 200 1,000
Slide 20: Supply to fall materially short over next decade
Supply to fall materially short over next decade Lithium supply and demand forecast (Mt LCE)1 Mine development cycles2 Years, discovery to production 28 1.8 18 16 5.5 2.2 11 6 1.5 2025 supply High-Probability Supply Supply Gap 2040e Demand 1990-99 2000-09 2010-19 2020-24 2025+ 1. 2. Benchmark Minera
Slide 21: Questions
Questions
Slide 22: Contacts
Contacts Investor Relations James Fuller Group Manager, Investor Relations T: +61 (0) 488 093 763 James.Fuller@pls.com Media Michael Vaughan Fivemark Partners T: +61 (0) 422 602 720
Slide 23: Appendix A
©®PLS Appendix A
Slide 24: Physicals summary
Physicals summary Total Ore Mined and Processed Units Sep Q FY26 Dec Q FY26 H1 FY25 H1 FY26 Ore mined wmt 1,725,478 1,514,444 2,580,151 3,239,922 Waste material wmt 5,978,805 6,627,413 13,807,137 12,606,218 Total material mined wmt 7,704,283 8,141,857 16,387,288 15,846,140 Average Li2O grade mined %
Slide 25: Appendix A2 – Reconciliation
Appendix A2 – Reconciliation Statutory P&L to Management P&L Profit and loss - Statutory Profit and loss – Management $M H1 FY26 H1 FY25 % Cross ref $M H1 FY26 H1 FY25 % Cross ref Operating revenue 624 426 47 A Operating revenue 624 426 47 A Operating costs (426) (390) (9) B B excluding depreciation
Slide 26: Appendix A3 - Reconciliation
Appendix A3 - Reconciliation Reconciliation – H1 FY26 statutory operating cost to FOB operating cost ($M) 426 References Unit Cost (CIF) A. Operating costs as per financial statements note 2.1 $682/t B. Refer to note 2.1.2 in the financial statements for (Based on 432.8k Unit Cost (FOB) depreciation
Slide 27: PLS Capital Management Framework
PLS Capital Management Framework Safe and reliable operations Capital productivity Net operating cash flow Sustaining capital Investment in sustainability commitments Strong balance sheet Target leverage ratio of <1.5x through the cycle 1 Target dividend payout ratio of 20-30% of free cash flow 2 Ex
Slide 28: Peer production data
Peer production data CY25e primary production (kt LCE) Operation Country Production Equity Attributable Source Mar'Q-25 Jun'Q-25 Sep'Q-25 Dec'Q-25 (kt LCE)1 (%) (kt LCE) (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 (kt SCx) (% Li2O)2 PLS Group Limited Pilgangoora Australia 100 100% 100 P
Slide 29: Appendix B
Appendix B Important notices 29
Slide 30: Important notices
Important notices This document has been prepared by PLS Group Limited (PLS or the Group) and is dated 19 February 2026. This document should be read in conjunction with the ASX announcement titled “FY26 Interim Results” released to the ASX on 19 February 2026. Not an offer of securities This docume
Slide 31: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P850 and P1000 operating models and the P2000 expansion project, are underpi