IGO (IGO) Q4 2026 earnings summary

Executive summary

• Strong finish to FY26 with improved safety, operational discipline, and a simplified business structure; Nova and Greenbushes exceeded production and cost guidance, while Kwinana faced challenges from planned shutdowns and elevated costs.

• Divestment of Nova to Global Lithium finalized or announced, effective post-mining in December quarter 2026, supporting portfolio optimization.

• Greenbushes delivered production at the top end of revised guidance, with 80% EBITDA margins and strong pricing, despite a fire at CGP3.

• Group safety performance improved significantly, with TRIFR reduced to 3.7, down 63% year-over-year and 200 days recordable injury free.

• Focus for FY27 is on safe, profitable production, Nova ramp-down, and continued optimisation at Greenbushes.

Financial highlights

• Underlying EBITDA for the quarter was AUD 118 million; full year AUD 286 million; net cash increased 18% to AUD 387 million by year-end.

• Underlying free cash flow nearly doubled to AUD 70 million for the quarter; AUD 134 million for the year.

• Group sales revenue rose 18% to AUD 141 million, driven by higher copper sales and prices.

• Share of net profit from TLEA increased 38% to AUD 121 million, reflecting strong spodumene prices.

• Greenbushes EBITDA margin reached 80% for the quarter; Windfield paid a AUD 390 million dividend.

Outlook and guidance

• Nova life of mine guidance upgraded to 19,000–20,000 tonnes of nickel, with cash costs of AUD 4.25–5/lb through FY 2026–27.

• Greenbushes FY27 guidance: 1,550,000–1,750,000 tonnes spodumene, cash costs AUD 380–440/tonne, CapEx AUD 250–300 million.

• Kwinana FY27 guidance: 9,000–11,000 tonnes lithium hydroxide, conversion costs AUD 16,000–18,000/tonne, CapEx AUD 75–90 million.

• Exploration budget for FY27 set at AUD 35–40 million, focused on copper and lithium.