PLS FINANCIAL STATEMENTS

Pilbara Minerals Ltd — balance sheet, income statement and cash flow trends

PLSPilbara Minerals Ltd

🇦🇺 Australia · AU · Basic Materials · Other Industrial Metals & Mining

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue967.4 M A$-63.4%

Gross Profit452.4 M A$-75.9%

Operating Income5.3 M A$-99.7%

EBITDA297.4 M A$-84.7%

Net Income-93.6 M A$-106.8%

Peer Comparison· Other Industrial Metals & Mining

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PLS	4.9%	46.8%	30.7%	-9.7%
MP	60.9%	24.2%	5.4%	-20.5%
BOL	9.1%	17.6%	25.4%	11.0%
IVN	162.2%	3.3%	36.8%	25.0%
MTRN	11.4%	15.8%	9.5%	4.0%
TECK-B	5.1%	30.3%	39.3%	14.9%
Industry median	5.1%	27.1%	26.0%	4.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
PLS	4.9%	46.8%	30.7%	-9.7%
LYC	48.3%	27.6%	26.0%	11.5%
S32	—	—	—	—
MIN	3.6%	64.4%	38.7%	7.6%
FMG	2.7%	39.4%	52.2%	22.9%
IGO	-38.2%	-28.9%	0.4%	-49.8%
Industry median	5.1%	27.1%	26.0%	4.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity3.6 B A$76%
Current Liabilities215.5 M A$5%
Long-term Liabilities913.1 M A$19%

Key Figures

YoY change

Total Assets4.7 B A$+6.8%

Total Liabilities1.1 B A$-5.3%

Total Equity3.6 B A$+11.4%

Cash & ST Investments954.4 M A$-55.6%

Total Debt931.2 M A$+61.2%

Net Debt-23.2 M A$—

Peer Comparison· Other Industrial Metals & Mining

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PLS	5.78	26.1%	-0.08	76.0%
MP	7.18	44.0%	-36.83	62.0%
BOL	1.76	28.5%	0.52	54.6%
IVN	2.33	21.0%	2.49	77.6%
MTRN	3.04	58.8%	3.02	51.0%
TECK-B	2.83	37.2%	0.89	56.3%
Industry median	2.33	37.8%	0.68	48.9%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
PLS	5.78	26.1%	-0.08	76.0%
LYC	9.25	8.5%	-4.00	84.2%
S32	2.71	18.3%	—	67.0%
MIN	1.56	150.5%	2.44	31.3%
FMG	3.03	30.0%	0.17	66.1%
IGO	4.03	1.1%	-259.47	89.6%
Industry median	2.33	37.8%	0.68	48.9%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow243.8 M A$-50.4%

Capital Expenditures334.1 M A$-36.6%

Free Cash Flow-90.4 M A$—

Dividends Paid0 A$-100.0%

Peer Comparison· Other Industrial Metals & Mining

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PLS	25.2%	-9.3%	34.5%	-260.5%
MP	-27.2%	-90.3%	63.1%	132.7%
BOL	24.5%	8.3%	16.2%	222.5%
IVN	-28.2%	-94.3%	66.1%	-112.6%
MTRN	4.2%	0.4%	3.9%	105.3%
TECK-B	22.4%	3.9%	18.5%	150.4%
Industry median	20.5%	5.2%	19.3%	159.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
PLS	25.2%	-9.3%	34.5%	-260.5%
LYC	20.5%	-2.9%	38.4%	177.8%
S32	—	—	—	—
MIN	20.3%	-4.7%	25.0%	265.3%
FMG	43.3%	24.0%	19.3%	189.3%
IGO	17.6%	16.8%	0.8%	-35.3%
Industry median	20.5%	5.2%	19.3%	159.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.