Stock Analysis

• Core EBITDA excluding associates rose 12 per cent to $1,088 million, and core net profit after tax rose 15 per cent to $650.5 million.

• The company describes a network of roughly 1,000 branches across Australia, New Zealand and the United States.

• NetTangible Assetbacking was marked down by about 12.2 per cent for the real estate fund, 10.1 per cent for the income opportunities trust and 2.0 per cent for the income trust, according to Alternative Credit Investor.

• Management has guided to a back-half-weighted year, with 40 to 45 per cent of production in the first half and 55 to 60 per cent in the second.

• Wealth Management, a private wealth and advice business, is classified as a discontinued operation because it is being sold to BainCapitalPrivate Equityunder a binding agreement signed in March 2026.

• Non-underlying adjustments of $148 million, mainly impairments linked to BTP, AMS and idoba, reduced reported profit but not the underlying measure.

• Even so, the company left its FY27 guidance unchanged: group production of 420,000 to 480,000 ounces at an all-in site cost of US$1,835 to US$2,070 per ounce, assuming a gold price of US$4,000 per ounce.