PLS Group returns to profit in H1 with record margins

PLS Group (ASX:PLS) booked a sound performance for the first half of the 2026 fiscal year, marked by a turnaround in profitability and a significant expansion in operating margins.

The company’s interim results, covering the six-month period ended Dec. 31, 2025, highlight a 47% rise in revenue, reaching $624 million.

The growth was fueled by a potent combination of a 6% increase in production volume (432.8 kt) and a substantial 40% rise in realised pricing, which averaged US$965 per tonne.

PLS Group lowered its unit operating costs by 8% to $563/t, leveraging increased sales volumes and internal efficiencies.

The cost discipline, paired with higher market prices, propelled underlying EBITDA to $253 million—a staggering 241% increase compared to the previous year.

Consequently, EBITDA margins more than doubled, jumping from 17% to 41%.

The company swung back into the black with a net profit after tax of $33 million, a sharp recovery from the $69 million loss reported in H1 FY25.

The result was achieved despite absorbing $16 million in costs for the Mid-stream Demonstration Plant and $39 million in non-cash investment impacts.