Northern Star Resources
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Northern Star Resources (NST) investor relations material

Northern Star Resources H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary11 Feb, 2026

Executive summary

  • Underlying EBITDA reached AUD 1,876 million for H1 FY26, up 34% year-over-year, with revenue rising 19% to AUD 3,414 million, reflecting resilience and strong gold prices despite lower gold sold.

  • Net profit after tax increased 41% to AUD 714.4 million, and underlying NPAT rose 49% to AUD 759.8 million.

  • Declared a fully franked interim dividend of AUD 0.25 per share, totaling AUD 358 million, supported by strong cash earnings and a positive outlook.

  • Net cash position of AUD 293 million and total liquidity of AUD 2.7 billion, including AUD 1.5 billion undrawn facilities, support ongoing growth and capital projects.

  • KCGM mill expansion is 86% complete and on schedule for commissioning in early FY27, expected to drive a step change in returns and cash flow.

Financial highlights

  • Underlying earnings per share grew 19% year-over-year to AUD 0.53 per share; basic EPS up 13% to 50.0 cents.

  • Underlying EBIT rose 47% year-over-year to AUD 1.1 billion; underlying NPAT up 49% to AUD 759.8 million.

  • Group EBITDA margin for the period was 55%, with all production centers achieving healthy margins.

  • All-in sustaining cost increased 29% to AUD 2,720/oz, while the average realised gold price rose 31% to AUD 4,670/oz.

  • Free cash flow was negative AUD 165.9 million, mainly due to higher capital investment and tax payments.

Outlook and guidance

  • FY26 gold sold guidance revised to 1.60–1.70Moz, with AISC expected at AUD 2,600–2,800/oz.

  • Free cash flow is expected to improve in H2 FY26 due to stronger operational outlook, normalized tax payments, and upcoming KCGM commissioning.

  • Growth capital expenditure for FY26 forecast at AUD 1,140–1,200 million, including KCGM Mill Expansion and Hemi Development Project.

  • Hemi project final investment decision now expected in FY27, with first gold forecast for FY30 at the earliest.

  • Board anticipates future dividends to be fully franked for at least the next 12 months, subject to profitability and gold price.

KCGM post-expansion: Impact on future resource?
Hemi FID timing: How will KCGM cash flow help?
Surplus cash post-KCGM: How will it be used?
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Frequently asked questions

Northern Star Resources Limited is an Australian gold producer operating on a global scale, with a portfolio of world-class projects situated in highly prospective and low sovereign risk regions across Australia and North America. The company's operations span Western Australia, the Northern Territory, and Alaska, encompassing the exploration, development, mining, and processing of gold deposits, along with the sale of refined gold. The company is headquartered in Subiaco, Western Australia, and its shares are listed on the Australian Securities Exchange (ASX) under the ticker NST.

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