IGO (IGO) H1 2026 earnings summary

Executive summary

• Loss after tax narrowed to AUD 34 million for the half-year, a significant improvement from a AUD 782 million loss in the prior period, mainly due to the absence of large impairment charges and improved performance at Nova and listed investments.

• Group revenue declined 32% year-over-year to AUD 194 million, primarily due to lower nickel and copper prices and volumes, and the cessation of Forrestania revenue.

• Safety performance improved, with a 12-month TRIFR reduced to 5.8 and new safety initiatives implemented.

• CFO Kath Bozanic is departing, with a smooth handover to her successor underway.

• Sustainability initiatives advanced, including a new Reconciliation Action Plan and progress on closure readiness at Nova.

Financial highlights

• Revenue was AUD 194 million, down from AUD 284 million year-over-year, mainly due to lower nickel/copper prices and volumes, and no revenue from Forrestania.

• Underlying EBITDA was AUD 49 million, with Nova's EBITDA up 15% to AUD 67 million; exploration spend halved to AUD 15 million.

• Statutory net loss after tax was AUD 34 million, a significant improvement from a AUD 782 million loss in the prior period.

• Net cash flow from operations was AUD 28 million, reversing a prior outflow; period-end cash was AUD 299 million with AUD 300 million undrawn debt.

• No interim dividend declared.

Outlook and guidance

• Greenbushes expected to operate at the low end of production guidance, with CGP3 ramp-up showing positive early signs and productivity improvements.

• Focus remains on cost discipline, safe production at Nova until closure, and targeted exploration, especially in lithium and copper.

• Growth strategy prioritizes disciplined capital allocation, with Greenbushes as the main reinvestment focus.

• Ongoing discussions with JV partner regarding Kwinana Refinery's future.

• Exploration and growth activities continue, with a focus on lithium and gold opportunities.