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 Mining Complex, expanding the Canadian resource base to over 4.3 million M&I ounces and 7.5 million inferred ounces.

• Ongoing deleveraging with $400 million in debt repaid and $100 million in share buybacks since December 2025.

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.

• 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; available liquidity at year-end was $868.6 million, including $421.9 million in cash.

• Adjusted EPS was $1.23 for 2025.

Outlook and guidance

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

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

• Sustaining capital expenditures for 2026 guided at $380 million; expansion capital at $120 million.

• Share buyback program to continue, funded by free cash flow, especially from Essakane.

• Decision on dividends to be revisited post-Q2, after evaluating share buyback progress and Canadian cash flows.