Energy Resources of Australia (ERA) H2 2025 earnings summary

Executive summary

• Focus remained on safe and responsible rehabilitation of the Ranger Project Area, with significant progress and ongoing challenges in capping Pit 3 and water management.

• Safety performance was strong, with an all-injury frequency rate of 0.25 and one lost time injury in 2025.

• Rio Tinto commenced compulsory acquisition of remaining shares, with the process pending court approval.

• New Section 41CA Rehabilitation Authority was conferred, enabling completion of rehabilitation activities.

Financial highlights

• Net loss after tax was $50 million in 2025, a significant improvement from a $246 million loss in 2024.

• Negative cash flow from operating activities was $192 million, compared to $184 million in 2024.

• Interest income rose to $58 million from $36 million year-over-year, driven by higher cash balances.

• Total cash and security receivables at year-end were $1,159 million, with no debt.

• Rehabilitation provision decreased to $2,301 million from $2,423 million, reflecting payments and estimate changes.

Outlook and guidance

• Funding from the 2024 entitlement offer supports rehabilitation activities until Q3 2027; additional funding will be needed beyond this period.

• Ongoing studies into post-2027 activities and cost optimizations are underway.

• Delays in Pit 3 capping increase risk of extended timelines and additional costs.