NST +0.49%: Reported an in-line FY25 result with a higher dividend.
- Underlying Net Profit After Tax $1.42 billion, in line with consensus.
- Final DPS 30.0cps, ahead of consensus at 27cps.
- FY26 cash tax paid expected at A$700– $835 million, above consensus $719 million
FY26 will be investment heavy, with the Superpit mill expansion limiting free cash flow. Higher tax and D&A are likely to pressure earnings in the near term, though NST’s strong balance sheet and investment are still supportive of growth in the medium to long term.
MM is cautiously bullish NST
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