Northern Star Resources Limited (ASX: NST) has released its first-half financial results for the six-month period to 31 December 2025, alongside declaring a 25c interim dividend.
Northern Star is the largest gold producer with a primary listing on the ASX. Its production centres are Kalgoorlie and Yandal in Western Australia and Pogo in Alaska, US. The company also owns the Hemi development project in the Pilbara, Western Australia.
Northern Star’s management team will be hosting an investor call today at 9am AEDT (6am AWST) to discuss the first-half financial performance. The live audio stream of the call can be accessed here.
First-half highlight
- Reported NPAT of A$714 million (eps: A50.0 cents), up 41% pcp;
- Underlying NPAT of A$760 million (eps: A53.2 cents), up 49% pcp
- Underlying free cash flow of A$(320) million, reflected soft 2Q26 performance, A$275 million of tax payments relating to the prior period and growth project investment to drive higher future cash flows
- Cash Earnings of A$1,100 million, corresponding to A77.0 cents per share
- Interim dividend of A25.0 cents per share (fully franked)
- Strong balance sheet with net cash of A$293 million; cash and bullion of A$1,176 million
- 12-month rolling underlying return on capital employed (ROCE) of 12.9% set to strengthen in the near term with KCGM mill commissioning in FY27
- Underlying EBITDA of A$1,876 million, up 34% pcp, driven by higher realised gold prices offset by increased costs from mining activity and inflation
Commenting on the first-half financial performance, Northern Star managing director Stuart Tonkin said:
“This first half result demonstrates the resilience and growing returns we are embedding in our business, which allowed the Board to declare a 25cps interim dividend despite a soft operating performance. Our balance sheet remains in a net cash position notwithstanding the significant investments we are making to transform Northern Star into a lowest-half global cost producer.
“We look forward to safely commissioning the KCGM Mill Expansion on schedule in early FY27, positioning the business for a significant uplift in cash generation and ROCE. This enhanced cash flow outlook strengthens our ability to deliver attractive returns on investment, supports capital management, and allows us to continue to advance the Hemi Development Project in a disciplined manner.
“Northern Star remains committed to improving operating performance across our existing asset base. Notwithstanding recent challenges, we reaffirm our commitment to operational excellence. We continue to prioritise medium-term production growth, while advancing initiatives to reduce unit costs. Our diversified portfolio provides a pipeline of options that underpins long-term value creation and returns for shareholders.”
