IAMGOLD (IAG) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational performance in 2025, with adjusted EBITDA of $1.55 billion, net earnings of $664.4 million, and strong cash flow, enabling significant debt reduction and $100 million in share buybacks.

• 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.

• Strategic acquisitions consolidated the Nelligan Complex, expanding the Canadian resource base and forming one of the largest pre-production gold camps in Canada.

Financial highlights

• Revenues for 2025 were $2,852.8 million, up 75% year-over-year, with Q4 revenues at $1,088.1 million and average realized gold price of $3,482/oz.

• Adjusted EBITDA for 2025 was $1,550.5 million, with Q4 at $710.1 million; net earnings attributable to equity holders were $664.4 million.

• Adjusted net earnings per share were $1.23 for 2025.

• Record mine-site free cash flow of $1,199.0 million for the year, with $626.6 million in Q4.

• Net debt reduced by $514.9 million to $344.4 million at year-end; available liquidity at year-end was $868.6 million, including $421.9 million in cash.

Outlook and guidance

• 2026 attributable gold production guidance is 720,000–820,000 ounces, with Côté Gold to focus on cost optimization and expansion planning.

• Consolidated cash costs (excluding royalties) expected at $1,100–$1,250/oz; AISC forecasted at $2,000–$2,150/oz.

• Sustaining capital expenditures for 2026 guided at $380 million; expansion capital at $120 million; exploration spend at $54 million, focused on Nelligan.

• Ongoing share buyback program for up to 10% of outstanding shares, funded by free cash flow, especially from Essakane.

• Cash taxes for 2026 expected at $205–$215 million; depreciation at $480 million.