IGO (IGO) H2 2025 earnings summary

Executive summary

• Reported a net loss of $955 million for FY25, driven by impairments and subdued lithium and nickel markets.

• Disciplined portfolio review led to tough decisions impacting assets, people, and stakeholders, and a new growth strategy focused on clean energy minerals.

• Significant organizational changes, including CFO transition, board renewal, and key leadership appointments.

• Achieved net zero Scope 1 and 2 emissions at Nova Operation through emission reduction and carbon credit cancellation.

• Renewed ESG framework and implemented safety initiatives, improving safety culture and performance.

Financial highlights

• Revenue declined 37% year-over-year to $528 million, mainly due to lower volumes and prices.

• Net loss after tax of $955 million, including $605 million impairment for Kwinana and $115–$150 million for exploration assets.

• Underlying net loss after tax of $173 million; underlying EBITDA loss of $43 million.

• Operating cash flow was $43 million, down 95% year-over-year; Greenbushes generated $1.5 billion in operating cash flow.

• Cash balance at year-end was $280 million, with $300 million undrawn facilities; $197 million paid in dividends.

Outlook and guidance

• FY26 guidance: Nova nickel production 15,000–18,000t, Greenbushes spodumene 1,500–1,650kt, Kwinana lithium hydroxide 9,000–11,000t.

• Exploration expenditure for FY26 guided between $35 million and $40 million.

• Focus on maximizing value from Greenbushes, prudent management of Kwinana, and safe closure of Nova.

• Continued evaluation of growth opportunities and partnerships in clean energy minerals.

• Corporate and exploration spend expected to be lower in FY26 due to business reshaping.