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IGO (IGO) investor relations material

IGO H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary27 Aug, 2025

Executive summary

  • Reported a net loss after tax of $955M, driven by significant impairments and portfolio rationalization.

  • Achieved net zero Scope 1 and 2 emissions at Nova Operation through emission reduction and carbon credit cancellation.

  • Major strategic and organizational changes were implemented, including leadership transitions, board renewal, and a refreshed strategy focused on cost discipline and portfolio optimization.

  • Renewed ESG framework and implemented safety initiatives, improving safety culture and performance.

  • Disciplined portfolio review led to a new growth strategy focused on upstream mining and value generation in clean energy minerals.

Financial highlights

  • Revenue declined 37% year-over-year to $528M due to lower volumes and prices.

  • Impairments totaled $720M, including full impairment of Kwinana ($605M) and $150M for exploration portfolio rationalization.

  • Underlying EBITDA loss of $43M and underlying net loss after tax of $173M.

  • Operating cash flow of $43M, down 95% year-over-year; cash balance of $280M at year-end.

  • Total dividends paid of $197M during the year.

Outlook and guidance

  • FY26 guidance: Nova nickel production 15,000–18,000t, Greenbushes spodumene 1,500–1,650kt, Kwinana lithium hydroxide 9,000–11,000t.

  • Exploration expenditure for FY2026 guided between $35M and $40M, with lower corporate spend expected.

  • Focus remains on optimizing Greenbushes, prudent management of Kwinana, and maximizing value from Nova as it approaches end of mine life in 2026.

  • Capital demands expected to ramp down in FY2026, with potential for increased dividends as cash accumulates.

  • Continued evaluation of growth opportunities and partnerships in clean energy minerals.

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Frequently asked questions

IGO Limited is an Australian mining and exploration company engaged in the production of base and precious metals. The company’s operations focus on the exploration, extraction, and processing of nickel, copper, cobalt, and lithium, which are critical for energy storage and renewable energy technologies. IGO Limited serves industries involved in electric vehicles, energy storage, and sustainable infrastructure development. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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