Highlights

  • FY26 Revenue was AUD 977.9 million, compared with AUD 556.5 million a year earlier.
  • EBITDA reached AUD 386.0 million and net profit after tax was AUD 222.4 million.
  • Ready-for-sale rare earth oxide production reached 13,089 tonnes.
  • Cash and short-term deposits totalled AUD 1,209.1 million at year-end.

Lynas Rare Earths Limited (ASX:LYC) mines rare earth material at Mt Weld in Western Australia and processes it through facilities in Western Australia and Malaysia. Its products include neodymium-praseodymium oxide, used in permanent magnets, alongside other separated rare earth oxides. During FY26, ready-for-sale rare earth oxide production reached 13,089 tonnes, including 7,260 tonnes of neodymium-praseodymium. Changes in production mix, processing performance and realised selling prices all influence the company’s revenue.

FY26 financial results

Lynas Rare Earths Limited (ASX:LYC) reported revenue of AUD 977.9 million for the year ended 30 June 2026, compared with AUD 556.5 million in FY25. EBITDA was AUD 386.0 million against AUD 101.2 million, while net profit after tax was AUD 222.4 million. The average selling price was AUD 80.7 per kilogram of rare earth oxide. Higher realised pricing contributed to the revenue increase alongside greater production. Cash and short-term deposits reached AUD 1,209.1 million, reflecting financing activity as well as Business cash flows; the balance should not be interpreted solely as operating cash generation.

Processing capacity and project costs

Lynas Rare Earths Limited (ASX:LYC) continued work on additional rare earth separation capacity during 2026. The company has described plans to expand output of heavier rare earth products alongside its existing neodymium-praseodymium operations. Its expanded heavy rare earth Facility cost estimate increased from approximately AUD 180 million to AUD 294 million. This higher estimate matters because additional processing capacity requires construction, commissioning and Working Capital before the associated production is available for sale. Timetables for new products remain company expectations rather than realised output.

Contracts, maintenance and exposure

Lynas Rare Earths Limited (ASX:LYC) entered Supply arrangements in 2026 that include minimum pricing provisions for specified rare earth products. Such terms can change realised pricing relative to prevailing market prices, depending on the contract and product mix. Management also identified scheduled maintenance at its Malaysian processing facility and grid-related work at Kalgoorlie during the December 2026 quarter. Those interruptions may affect near-term production. The company remains exposed to processing costs, ore quality, Capital Project execution and changes in global rare earth Demand and pricing.

Additional operating context

Rare earth oxide tonnes and neodymium-praseodymium tonnes are not interchangeable measures. The latter is a subset of the total product mix. Selling prices also differ by product, which means changes in the mix can affect revenue independently of overall production tonnage.

The Malaysian operating licence was renewed in March 2026 for ten years, subject to conditions including development of an alternative cracking process by March 2031. That condition creates an identifiable longer-term technical and regulatory requirement alongside the company’s processing expansion plans.

The distinction between reported outcomes and management targets is material: guidance depends on future operating conditions and should not be treated as an achieved result.

The distinction between reported outcomes and management targets is material: guidance depends on future operating conditions and should not be treated as an achieved result.

Key Insights

FY26 Earnings reflected higher realised prices and production. Additional processing capacity entails capital costs, commissioning requirements and potential output interruptions.