Lynas Rare Earths reported a 27-fold increase in annual net profit to $222.4 million for the fiscal year ended June 30, 2026, compared with $8.0 million in FY25, as rare earth prices surged and production expanded.
Revenue rose 76% to $977.9 million from $556.5 million, while EBITDA more than tripled to $386.0 million. Cash and short-term deposits increased to $1.21 billion from $166.5 million a year earlier. The company completed a $930 million equity raising during the year.
Rare earth oxide production climbed 25% to 13,089 tonnes, with neodymium-praseodymium output up 11% to 7,260 tonnes. Average selling prices reached a record $80.7 per kilogram, a 60% increase from $50.6 in FY25. NdPr prices stabilized around $100–$110 per kilogram in 2026, supported by a 12-year supply agreement with Japan Australia Rare Earths (JARE) that includes a $110 per kilogram floor price.
Capital expenditure declined to $178.3 million from $430.8 million, reflecting reduced mine development spending. Operational challenges included a quadrupling of sulfuric acid costs and $23 million in underabsorbed costs at the Kalgoorlie facility during its ramp-up phase.
Production milestones included the completion of the Mt Weld expansion in December 2025 and the full operation of a hybrid power station in January 2026, delivering 93% renewable content in the second half. The Malaysia operations secured a 10-year license renewal, while heavy rare earths expansion targets early FY28 for gadolinium and yttrium production.
Shares fell 6.63% to $15.49 following the results, despite the profit surge, with the stock trading within a 52-week range of $12.15 to $22.37.
