Highlights:

• Underlying EBITDA surged 22% to AU$4.271 billion, while underlying NPAT climbed 26% to AU$1.789 billion.
• FY26 gold sold reached 1.543 million ounces, with the average realised gold price rising 26% to AU$4,925/oz.
• FY27 guidance targets 1.50–1.65 million ounces of gold production, supported by major growth investments.

Strong Financial Performance

Northern Star Resources (ASX: NST) delivered a robust FY26 performance, supported by stronger realised gold prices, improved operating margins and continued investment across its asset portfolio. The company presented its FY26 Financial Results in August 2026, highlighting substantial growth across several key financial measures. Revenue increased 19% year-on-year to AU$7.623 billion, while underlying EBITDA jumped 22% to AU$4.271 billion. Underlying net profit after tax rose 26% to AU$1.789 billion, with underlying earnings per share increasing 5% to 124 cents. The company's underlying EBITDA margin also improved to 56%, compared with 55% in FY25. Although gold sold declined 6% to 1.543 million ounces, the average realised gold price increased 26% to AU$4,925 per ounce, more than offsetting the lower production volume.

Shareholder Returns Remain a Priority

Northern Star continued returning capital to shareholders during FY26. The company declared a 55-cent-per-share dividend and repurchased approximately AU$129 million worth of shares under its AU$500 million on-market buy-back program. Overall, more than AU$0.9 billion was returned to shareholders during the year. The balance sheet also remained strong, with gearing at 10%, leverage of just 0.1x and liquidity of approximately AU$3.0 billion.

FY27 Production Outlook

For FY27, the company expects gold sales between 1.50 million and 1.65 million ounces, with total AISC forecast at AU$3,050–AU$3,450 per ounce. Growth capital is expected to reach AU$1.70–AU$2.02 billion, including investment in the KCGM Mill Expansion and Hemi Project.The KCGM expansion is progressing toward a 27Mtpa processing hub, while the Hemi Project holds 13.2 million ounces of Mineral Resources and 5.5 million ounces of Ore Reserves.

Conclusion

With higher gold prices strengthening earnings, a solid balance sheet and major growth projects advancing, Northern Star enters FY27 with significant investment momentum. Its focus on production growth, operational efficiency and shareholder returns could support further value creation ahead.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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