Ivanhoe Mines (IVN) Q4 2025 earnings summary

Executive summary

• Kamoa-Kakula generated $3.28B–$4.2B revenue and $1.45B–$1.5B EBITDA in 2025, despite operational disruptions and lower production since May.

• Kipushi produced 203,168–200,000+ tonnes of zinc and $91M EBITDA, with Q4 EBITDA margin up to 32%.

• Platreef Phase 1 completed and inaugurated; Phase 2 expansion underway, targeting >400% production increase by Q4 2027.

• Africa's largest copper smelter commissioned at Kamoa-Kakula, ramping up ahead of schedule and shipping 99.7% copper via the Lobito Corridor.

• 2025 profit was $228M, up from $193M in 2024, with adjusted EBITDA of $578M.

Financial highlights

• Group adjusted EBITDA was $578M and net profit $228M for 2025, both up year-over-year.

• Kamoa-Kakula achieved $3.28B–$3.3B revenue and $1.4B–$1.45B EBITDA at a 44% margin.

• Kipushi generated $441M revenue and $91M EBITDA at a 21% margin, with cash cost (C1) of $0.92/lb.

• Cash and equivalents at year-end: $885M–$1.19B, with Kamoa-Kakula holding $311M.

• Net debt to EBITDA ratio at 2.1x–2.06x, expected to improve as EBITDA grows.

Outlook and guidance

• Kamoa-Kakula 2026 copper production guidance: 380,000–420,000 tonnes; 2027: 500,000–540,000 tonnes.

• Kamoa-Kakula 2026 cash cost (C1) guidance: $2.20–$2.50/lb, improving to $1.90–$2.30/lb in 2027.

• Kipushi 2026 zinc production guidance: 240,000–290,000 tonnes; cash cost (C1): $0.85–$0.95/lb.

• Platreef Phase 2 expansion targets >400% production increase from Phase 1 by Q4 2027.

• $90M exploration budget for 2026, up 88% from 2025, focused on Western Forelands.