Margin & EBITDA ImprovementFY2025 delivered a material step‑up in underlying EBITDA and per‑tonne margins, reflecting operating leverage. Higher margins boost durable cash generation capacity and provide flexibility for reinvestment, buybacks and debt repair, strengthening structural earnings power.
Balance‑sheet Repair And Tax ShieldsSubstantive deleveraging in 2025 and large carryforward tax losses (~$184M) materially improve cash flexibility and limit near‑term tax outflows. Reduced gross debt and increased equity provide a stronger capital structure to support growth and weather cyclical downturns.
Operational De‑risking & Freight AdvantageAsset upgrades, commissioning of a tougher‑sea floating terminal and multi‑year freight contracts lower delivered cost and improve delivery consistency. These structural changes should reduce unit costs and variability, supporting sustainable lower cost‑curve positioning.