Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Develop Global Lifts FY26 Revenue as Expansion Pipeline Accelerates
Highlights
FY26 Results Show Stronger Operations
Develop Global Limited (ASX: DVP) released its FY26 Annual Report on 28 September 2026, reporting substantial revenue growth as Woodlawn moved into commercial production and its Mining Services division expanded. Revenue from customers reached AU$388.54 million, compared to AU$231.47 million in FY25, while underlying EBITDA increased to AU$43.60 million from AU$26.89 million.
The Group recorded a pre-tax profit of AU$13.50 million, reversing the previous year’s AU$4.82 million loss. Net profit after tax stood at AU$9.08 million, compared to AU$72.82 million in FY25.
Woodlawn Reshapes Revenue Mix
Operational expansion was a major contributor to the stronger FY26 result. Woodlawn generated AU$161.6 million in concentrate sales, sharply higher than AU$14.6 million in FY25, following its transition from commissioning into commercial production.
Develop Mining Services generated AU$226.9 million in external contract revenue, compared to AU$216.8 million previously. Activity was supported by the Bellevue contract, commencement of mining at Waihi and mobilisation work at Core Lithium’s BP33 project.
Cash Flow Strengthens
The Group also delivered a notable improvement in cash generation during FY26.
Develop also secured a US$350 million debt facility and US$50 million warrant package with Trafigura to support Yitirrti and Pioneer Dome while refinancing the existing Woodlawn facility.
Outlook: Execution Becomes the Key Test
Develop enters FY27 with Woodlawn in production, Pioneer Dome targeting first lithium sales in the December 2026 quarter and Yitirrti progressing toward first concentrate production in the June 2028 quarter.
Corporate governance will also remain an important focus as the business expands. FY27 priorities include formal succession planning, an updated Risk Management Framework and Board Risk Appetite Statement, along with measurable gender-diversity objectives. These measures are expected to support oversight as Develop manages a larger operating footprint, higher capital commitments and increasing project complexity.
Note- All data presented is based on information available at the time of writing.
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