IGO FY26 Profit Rebound
IGO Returns to Profitability in FY26 With $145M NPAT and Dividend
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Key Points
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FY26 EBITDA snapshot: IGO reported EBITDA of $323 million (reported) and underlying EBITDA of $286 million, marking a return to earnings strength alongside the net profit rebound.
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Greenbushes produced 1.41 million tonnes of spodumene concentrate on a 100% basis, with cash costs of $415 per tonne for FY26.
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Nova delivered 15,304 tonnes of nickel and 6,754 tonnes of copper in concentrate for FY26, with nickel cash costs of $4.74 per pound, and the operation exceeded its life-of-mine nickel production guidance.
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Forrestania sale was completed to Medallion Metals, and IGO announced the divestment of its Nova operation to Global Lithium Resources as part of portfolio simplification.
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IGOs board saw leadership changes, with Dr Vanessa Guthrie AO taking over as Chair along with other board appointments and departures.
IGO Ltd has swung back to profitability in FY26, posting a net profit after tax of $145.3 million after suffering a $954.6 million loss the prior year Kalkine. The company declared a fully franked final dividend of 5 cents per share, signaling confidence in its turnaround driven by strong lithium and copper operations Fool.
IGO generated $132 million in operating cash flow and reported total revenue of $463 million, down 12% from $528 million in FY25 Kalkine. The comeback was powered by Greenbushes and Nova operations, plus a $207 million share of net profit from Tianqi Lithium Energy Australia Kalkine.
Greenbushes and Nova Deliver Strong FY26 Output
Greenbushes produced 1.41 million tonnes of spodumene concentrate on a 100% basis, with cash costs of $415 per tonne Grafa. The lithium mine remains a cornerstone of IGO's portfolio as the company pivots toward battery metals.
Nova delivered 15,304 tonnes of nickel and 6,754 tonnes of copper in concentrate for FY26, with nickel cash costs of $4.74 per pound Grafa. The operation exceeded its life-of-mine nickel production guidance before IGO announced its divestment to Global Lithium Resources.
EBITDA Rebounded to $323 Million in FY26
IGO reported EBITDA of $323 million (reported) and underlying EBITDA of $286 million, marking a return to earnings strength Kalkine. The company also built a net cash position of $387 million, providing financial flexibility for growth.
Portfolio Simplification Continues With Asset Sales
IGO completed the sale of Forrestania to Medallion Metals and announced the divestment of Nova to Global Lithium Resources as part of its portfolio strategy Grafa. These moves reflect the company's shift toward core lithium and copper assets while shedding non-core operations.
FY27 Strategy Focused on Lithium and Copper Growth
Management signaled FY27 priorities will include growing copper and lithium output, maintaining Greenbushes production levels, and progressing the Kwinana lithium hydroxide project Grafa. The company aims to complete the Nova divestment while leveraging gains from Tianqi Lithium Energy Australia.
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