Northern Star Resources Limited Q4 2026 Earnings Recap

Northern Star Resources’ shares rose 6.5% following FY '26 results, driven by better-than-expected underlying EBITDA growth and a solid margin profile despite ongoing operational transitions.

Key Takeaways

• Underlying EBITDA increased 22% year-on-year to $4.3 billion, with the group achieving a strong underlying EBITDA margin of 56%.
• Cash earnings totaled $2.9 billion, supporting a fully franked dividend of $0.55 per share for FY '26 and a $0.30 per share final dividend.
• The company generated $190 million of underlying free cash flow despite a peak investment phase in the KCGM mill expansion.
• Production guidance for FY '27 is set between 1.5 and 1.65 million ounces, weighted to H2 due to scheduled shutdowns and the ongoing KCGM commissioning.
• Costs are expected to reflect inflationary pressures, with all-in sustaining costs forecast at AUD 3,050 to AUD 3,450 per ounce.