Northern Star Resources H1 profit up 41% on gold surge

Northern Star Resources (ASX:NST) has delivered a robust set of financial results for the half-year ended Dec. 31, 2025, headlined by a significant surge in profitability.

The gold miner reported a net profit after tax of $714 million, representing a sharp 41% increase compared to the previous corresponding period.

On an underlying basis, performance was even stronger, with NPAT reaching $760 million, fueled largely by higher realised gold prices that helped cushion the impact of inflationary pressures and rising mining costs.

The company’s top-line strength was reflected in an underlying EBITDA of $1.88 billion, up 34% year-on-year.

Despite a "soft" second quarter and heavy investment in growth projects, Northern Star maintained a formidable balance sheet, ending the period with $1.18 billion in cash and bullion and a net cash position of $293 million.

The financial resilience allowed the board to declare an interim dividend of 25 cents per share, fully franked.

Managing Director Stuart Tonkin remains optimistic about the company's trajectory, specifically highlighting the upcoming KCGM mill expansion.

The project is on track for commissioning in early FY27, which is expected to boost cash generation and the company’s return on capital employed, currently sitting at 12.9%.

While underlying free cash flow saw a temporary dip to negative $320 million due to tax payments and disciplined reinvestment, the company remains focused on its "Hemi Development Project" and its long-term goal of becoming a lowest-half global cost producer.