IGO (IGO) Q3 2026 earnings summary

Executive summary

• Nova achieved record safety with 115 days injury-free and a 12-month TRIFR of 4.2, driving record productivity and robust cash flow.

• Group sales revenue rose 45% quarter-over-quarter to $120M, driven by higher nickel sales and prices at Nova.

• Underlying EBITDA surged to $119M, up 298% sequentially, with free cash flow at $36M and net cash at $327M.

• Greenbushes maintained a 75% EBITDA margin despite flat production at 351kt and operational challenges.

• Safety setbacks and operational issues at Greenbushes impacted production and guidance.

Financial highlights

• Underlying EBITDA reached $119M, including a $32M gain from asset sales and liability releases.

• Free cash flow was $36M, with Nova generating $52M and group net cash at $327M.

• Sales revenue rose 45% to $120M, driven by Nova's higher nickel sales and prices.

• Greenbushes delivered a 75% EBITDA margin despite operational challenges.

• Cash flow from operating activities was $34.6M, up from $12.8M sequentially.

Outlook and guidance

• Greenbushes FY26 production guidance reduced to 1,375–1,425kt (from 1,500–1,650kt) due to operational challenges.

• Unit cash cost guidance for Greenbushes raised to $380–420/t; capex guidance lowered to $400–450M.

• Lithium hydroxide production guidance for FY26 is 9,000–11,000t.

• Anticipated improvement at Greenbushes as access to high-grade core resumes, with positive impacts expected into FY 2027.

• Strategic options review and life-of-mine plan update expected to conclude by mid-year, with results to be shared in Q3 or Q1 FY 2027.