IGO (IGO) investor relations material

Executive summary

• Achieved strong operational and financial performance in FY26, with transformational safety improvements and robust cash generation, particularly from Nova operations.

• FY26 saw a return to profitability with NPAT of $145.3M, reversing a $954.6M loss in FY25, driven by improved commodity prices, cost discipline, and portfolio simplification.

• Portfolio optimization included the exit from Forrestania, announcement of Nova sale, and rationalization of exploration tenure.

• Leadership renewal and enhanced team capability supported execution and growth initiatives.

• Ended FY26 with a strong balance sheet, net cash position, and no drawn debt.

Financial highlights

• Total revenue was $463M, down 12% year-over-year due to portfolio transition.

• Group EBITDA reached $323M, with underlying EBITDA at $285.9M; statutory net profit after tax was $145.3M, a significant turnaround from a $954.6M loss in FY25.

• IGO's share of net profit from TLEA was $207.3M, reversing a prior year loss.

• Underlying free cash flow was $134M, up 176% year-over-year; Nova contributed $228M.

• Closed the year with $387M in cash and a $300M undrawn debt facility.

Outlook and guidance

• FY27 priorities include maximizing value from the existing portfolio, seamless Nova divestment, and driving improvements at Greenbushes.

• Focus on disciplined capital allocation, cost control, and exploring global growth opportunities in copper and lithium.

• Guidance includes Nova nickel production 19,000–20,000t, copper 8,500–9,500t, cobalt 650–750t, and Greenbushes spodumene 1,550–1,750kt.

• Kwinana refinery lithium hydroxide production guidance: 9,000–11,000t at $16,000–$18,000/t conversion cost.

• Group exploration budget (ex-lithium): $35–40M.