IAMGOLD (IAG) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of nearly $3 billion in 2025, with adjusted EBITDA of $1.6 billion and operating cash flow exceeding $1 billion, driven by historic gold prices and strong production across all sites.

• Attributable gold production reached 765,900 ounces, meeting guidance, with record quarterly output at all operations and Côté Gold achieving nameplate throughput ahead of schedule.

• Significant milestones included the first full year of production at Côté, consolidation of assets in Quebec to form the Nelligan Mining Complex, and strategic acquisitions expanding the Canadian resource base.

• Ongoing deleveraging with $400 million in debt repaid and $100 million in share buybacks since December 2025, with plans to continue in 2026.

Financial highlights

• Generated record mine-site free cash flow of $1.2 billion for the year, with $626.6 million in Q4.

• Revenues for 2025 were $2,852.8 million from sales of 817,800 ounces at an average realized price of $3,482/oz.

• Adjusted EBITDA reached $1.6 billion in 2025, up from $780.6 million in 2024; adjusted EPS was $1.23.

• Net debt reduced by $468.8 million to $344.4 million; $400 million term loan repaid and $50 million paid on credit facility.

• Liquidity at year-end was $868.6 million, including $421.9 million in cash.

Outlook and guidance

• 2026 attributable gold production expected between 720,000 and 820,000 ounces, with cash costs (excluding royalties) forecast at $1,100–$1,250/oz and AISC at $2,000–$2,150/oz.

• Côté all-in sustaining costs expected at $1,775–$1,925/oz in 2026, reflecting $50 million in non-recurring sustaining capital.

• Westwood production guidance for 2026 is 110,000–130,000 ounces, with cash costs of $1,500–$1,650/oz and AISC of $1,950–$2,100/oz.

• Essakane attributable production expected at 340,000–380,000 ounces, with AISC of $2,000–$2,150/oz.

• Share buyback program to continue, funded by free cash flow from Essakane, with potential for $400–$500 million in buybacks at $4,000/oz gold price.