Pls Group Limited · ASX:PLS
Pls — FY2025 Earnings Presentation
47 slides from Pls's earnings presentation, Aug 25, 2025
Slide 1: FY25 Full Year Financial Results
25 August 2025 FY25 Full Year Financial Results ASX:PLS
Slide 2: FY25 – Executing through the cycle
FY25 – Executing through the cycle Operate Grow Chemicals Diversify ✓ Record annual ✓ Commissioned world’s ✓ Key milestones achieved ✓ Acquired Colina production of 755kt largest lithium ore sorter in South Korean Lithium Project (Brazil) hydroxide JV plant via Latin ✓ Implemented P850 ✓ Expanded pr
Slide 3: FY25 financial highlights
FY25 financial highlights Robust balance sheet maintained Sales Revenue Unit Operating Costs 760.1kt $769M $627/t FOB US$406/t FOB Underlying EBITDA 1 Cash Total liquidity $97M ~$1.0B ~$1.6B Reported EBITDA2 $78M 1. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Plant pr
Slide 4: FY25 sustainability highlights
FY25 sustainability highlights Valuing our people and Sustainable operations Responsible and ethical actions communities SAFETY FOCUS 2.79 3.1% 7.1% $1.2B $41.3M TRIFR1 – achieving First Nations peoples Absolute scope 1 and 2 Total procurement spend Royalties paid target and below employed – increas
Slide 5: FY25 Full Year Results - Financials
FY25 Full Year Results - Financials 5
Slide 6: Financial results summary
Financial results summary Strong operational performance impacted by lower prices period-on-period Summary Operational and Financial Metrics Units FY25 FY24 % • Production volume of 754.6kt, 4% higher than the prior Operations corresponding period (pcp) driven by P680 and P1000 projects. Production
Slide 7: Operating cost summary
Operating cost summary Optimising costs while scaling operations Total Operating Cost and Unit Operating Cost Metrics • Operating costs (FOB) of $476M increased by 3%, associated Units FY25 FY24 % with a 4% increase in production volumes. Total cost • Operating costs (CIF) reduced by 3% to $559M dri
Slide 8: Profit and loss summary
Profit and loss summary Positive margin and EBITDA despite pricing pressure Profit and Loss – Underlying ($M) • Revenue of $769M, 39% lower than pcp, mainly due 769 to weaker pricing, partially offset by a 7% increase in sales volume. • Gross margin of $210M was driven by cost efficiencies under the
Slide 9: Cash flow bridge
Cash flow bridge Strong cash position through disciplined investment Cash Flow bridge – 30 June 2024 to 30 June 2025 ($M) • Total cash outflow of $652M was driven by capex of $653M resulting in cash declining from ~$1.6B to ~$1.0B. 832 • Cash margin from operations of $192M reflects strong cash gene
Slide 10: Balance sheet summary
Balance sheet summary Summary Balance Sheet Metrics • Receivables declined at 30 June 2025, primarily driven by lower $M 30-Jun-25 30-Jun-24 % pricing. Cash 974 1,626 (40) • Inventory increased by 29% mainly due to higher ore stockpiles from Receivables 38 78 (51) reduced ore processed under the P85
Slide 11: FY25 Full Year Results - Sustainability
FY25 Full Year Results - Sustainability 11
Slide 12: Sustainability pillars
Sustainability pillars Valuing our Sustainable Responsible people and operations and ethical communities actions Great People who We Deliver as One Shaping Tomorrow champion Safety Team to make a by delivering First and are positive contribution, responsible and proud of creating minimise our impact
Slide 13: Valuing our people and communities
Valuing our people and communities Great People, proud of creating shared value with communities TRIFR 1 • 2.79 - TRIFR for Australian operations outperforming the safety target of ≤3.41. 4.7 • 2.71 - quality safety interactions frequency rate.2 3.41 • 21.1% female employment. • Increase in First Na
Slide 14: Sustainable operations
Sustainable operations Delivering as One Team to make a positive contribution, minimise our impacts and leverage opportunities • 7.1% reduction in absolute scope 1 & 2 emissions. • Stage 1 of Pilgangoora Power Strategy completed – new on-site LNG and battery energy storage system. • Climate Transiti
Slide 15: Responsible and ethical actions
Responsible and ethical actions Responsible and ethical actions which underpin long-term success • $1.25B total procurement spend - $1.2B in Australia- maximising local economic contribution. • $30.5M spent with 16 First Nations businesses. • $41.3M in royalties paid to government, traditional lando
Slide 16: Transparent disclosures
Transparent disclosures Gender Pay Sustainability Equality Databook Statement RAP 2025 2025 2024-2025 Corporate Industry Modern Governance Associations Slavery Statement Review Statement 2025 2025 2024 For more information visit pls.com/reporting-disclosures 16
Slide 17: Strategy delivery
®PLS Strategy delivery 17
Slide 18: Our Purpose
Our Purpose Vision A leader in the provision of materials supporting the global energy transition Mission Powering a sustainable energy future Strategic Operate Grow Chemicals Diversify pillars Deliver our Achieve full Extract greater Diversify operating potential of our value along the revenue beyo
Slide 19: Pilgangoora Operation - from investment to returns
Pilgangoora Operation - from investment to returns Investment cycle complete - delivering scale, operational flexibility and cost reduction P680 expansion • Crushing and ore sorting facility – supports higher proportion of lower grade contact material (a blend of ore and host rock from the ore conta
Slide 20: Building long-run cost advantage
Building long-run cost advantage Cost Smart, operating scale and processing improvements driving sustained cost-out – continuing into FY26 FY24-FY26 Production (kt) and Unit cost trend (A$/t) Mining Processing 845 Owner-Operator model Consumption Pattern review 755 725 transition complete for drilli
Slide 21: Building growth optionality
Building growth optionality Measured investments provide diversification and future growth optionality Ngungaju Processing Plant • Ngungaju to remain in care and maintenance in FY26 - provides flexibility to increase production capacity upon sustained higher lithium pricing. Mid-Stream Demonstration
Slide 22: POSCO JV provides supply chain integration
POSCO JV provides supply chain integration P-PLS a key component of South Korean battery and EV ecosystem • 18% interest in lithium hydroxide (LH) facility in Gwangyang, South Korea - nameplate capacity of 43ktpa. • Train 1 and Train 2 achieved production of battery grade quality LH – Train 2 custom
Slide 23: Asia to the Atlantic – Colina Project Brazil
Asia to the Atlantic – Colina Project Brazil Asset portfolio diversified and enlarged with the Latin Resources acquisition • 100% owned hard rock project. • PLS drilling in progress targeting mineralisation extensions. • Study optimisation underway – outcomes due June Quarter 2026. • Proximity to At
Slide 24: Balance sheet built on discipline
Balance sheet built on discipline Capital discipline maintained with ~$230M cash flow improvement in FY25 supporting $1.6B liquidity Ongoing cost reduction initiatives achieved estimated cash flow Have improvement of ~$230M1 in FY25 supported FY24 No Capex reduced Reduction Corporate cost Cash Balan
Slide 25: Converting cycle returns to structural strength
Converting cycle returns to structural strength cycle $3.1B returns strategically create allocated to growth, into enduring advantage structural dividends and advantage balance sheet strength – converting cycle gains Capital allocation – 1 July 2022 to 30 June 2025 ($M) PLS generated significant cas
Slide 26: Robust balance sheet
Robust balance sheet Sector-leading net cash provides resilience today and flexibility for the future ASX and North American listed lithium producers, pro-forma net cash / (debt) position (A$M) PLS Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 1,000 599 500 280 105 84 24 - (234) (500) (1,0
Slide 27: Outlook
®PLS Outlook 27
Slide 28: FY26 priorities – focused and disciplined
FY26 priorities – focused and disciplined Driving operational excellence and cost discipline to unlock full value, while preserving future optionality Unlocking Pilgangoora’s full potential through operational Operate excellence, efficiency gains, and reliability - maximising returns from our founda
Slide 29: FY26 guidance – scale and margin expansion
FY26 guidance1 – scale and margin expansion Lower capex, reduced costs and higher volumes enable stronger cash margins Production volume2 (kt) 820-870 Unit operating cost (FOB) (A$/t) 560-600 Capital expenditure (A$M) 300-330 1. See ASX announcement “June Quarterly Activities Report” dated 30 July 2
Slide 30: FY26: Capex down, costs down, output up
FY26: Capex down, costs down, output up Efficiency and scale improvement trend continues as investment cycle completes Capital Expenditure Unit Operating Costs Production ($M) (FOB A$/t) (kt) 865 654 845 627 569 755 725 580 315 1 1 1 FY24 FY25 FY26e FY24 FY25 FY26e FY24 FY25 FY26e 30 1. Mid point of
Slide 31: Markets
®PLS Markets 31
Slide 32: Lithium market – untamed and evolving
Lithium market – untamed and evolving An evolving market shaped by volatility, emerging maturity, and rising end-use demand Spodumene concentrate price (SC6.0%, CIF China basis)(USD/t)1 8,000 • Industry emergence - Demand and CY2025 price movement to 15 August supply growing rapidly from a small bas
Slide 33: Rapid growth to date
Rapid growth to date EV adoption and global electrification has driven rapid growth of lithium demand to date EV sales (M units)1 BESS demand (GWh)1 Lithium demand by end-use (Kt LCE)1 30 300 1,500 46% CAGR 93% CAGR 31% CAGR 20 200 1,000 10 100 500 0 0 0 2020 2021 2022 2023 2024 2025e 2020 2021 2022
Slide 34: Strong future growth fundamentals
Strong future growth fundamentals Structural drivers including energy transition, technology adoption and government policy to fuel demand growth Global EV penetration (%)1 BESS demand (GWh)1 Lithium supply and demand (Kt LCE)1 80% 1,200 8% CAGR 10% CAGR 6,000 10% CAGR 70% 1,000 5,000 60% 800 50% 4,
Slide 35: Questions
®PLS Questions 5)
Slide 36: 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 36
Slide 37: Appendix A
Appendix A Additional operational and financial information 37
Slide 38: Appendix A1 – Physicals summary
Appendix A1 – Physicals summary Total Ore Mined and Processed Units Sep Q FY25 Dec Q FY25 Mar Q FY25 Jun Q FY25 FY25 FY24 Ore mined wmt 1,388,698 1,191,453 1,137,437 1,500,849 5,218,437 6,407,034 Waste material wmt 8,078,567 5,728,569 4,503,580 4,890,456 23,201,172 30,875,419 Total material mined wm
Slide 39: Appendix A2 – Reconciliation
Appendix A2 – Reconciliation Statutory P&L to Management P&L Profit and loss - Statutory Profit and loss – Management $M FY25 FY24 % Cross ref $M FY25 FY24 % Cross ref Operating revenue 769 1,254 (39) A Operating revenue 769 1,254 (39) A B excluding depreciation Operating costs (777) (725) (7) B Ope
Slide 40: Appendix A3 – Reconciliation
Appendix A3 – Reconciliation Reconciliation – FY25 Underlying net loss and EBITDA ($M) 218 97 References A. Consolidated statement of profit or loss and other comprehensive income in the financial statements B. Refer to note 2.3 in the FY25 Financial Report C. Refer to note 2.1.2 in the FY25 Financi
Slide 41: Appendix A4 - Reconciliation
Appendix A4 - Reconciliation Reconciliation – FY25 statutory operating cost to FOB operating cost ($M) 777 Unit Cost (CIF) References $735/t A. Operating costs as per financial statements note 2.1. (Based on 760.1k Unit Cost (FOB) tonnes sold) $627/t B. Refer to note 2.1.2 in the FY25 financial stat
Slide 42: FY26 guidance
FY26 guidance Focus on optimisation and cost reduction FY26 guidance commentary 1• Production: volumes are expected to be steady FY26 Guidance1 Unit FY26 Guidance quarter-on-quarter. • Ngungaju plant is expected to remain in care and 1 Production volume2 kt 820 – 870 maintenance for FY26. 2 Unit ope
Slide 43: 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 44: Appendix B
Appendix B Important notices and other supporting information 44
Slide 45: Important notices
Important notices This document has been prepared by Pilbara Minerals Limited (PLS or the Group) and is dated 25 August 2025. This document should be read in conjunction with the PLS 2025 Annual Report, dated 25 August 2025 and the ASX announcement titled “FY25 Full Year Results”” released to the AS
Slide 46: 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
Slide 47: Pro-forma net debt calculations – PLS & peers
Pro-forma net debt calculations – PLS & peers Company Source As at Audited? Filing currency $M reported FX rate A$M Pilbara Minerals Cash & cash equivalents FY25 Full Year Results 30-Jun-25 Y AUD 974 1.000 974 RCF drawn FY25 Full Year Results 30-Jun-25 Y AUD (375) 1.000 (375) Pro-forma net cash / (d