IGO Limited reported a statutory net profit after tax of AUD 145 million for the full-year ended June 30, 2026, a substantial increase from the prior year, while revenue declined 12% to AUD 463 million.
Underlying earnings before interest, tax, depreciation and amortisation rose to AUD 286 million, up sharply from FY25, and underlying free cash flow surged 176% to AUD 134 million. The company ended the year with AUD 387 million in net cash and no drawn debt, supported by an undrawn AUD 300 million corporate facility.
Revenue missed internal forecasts by AUD 382.8 million, or 71.15%, with actual figures of AUD 463 million compared to a forecast of AUD 538 million. IGO attributed the shortfall to operational challenges, including fire damage at its Greenbushes lithium mine and unresolved issues at the Kwinana project.
The company declared a final fully franked dividend of AUD 0.05 per share, totaling approximately AUD 38 million and representing about 30% of underlying free cash flow. This payout sits near the midpoint of IGO’s 20% to 40% target payout range.
Ivan Vella, Managing Director and CEO, highlighted improvements in safety and cost discipline, stating the company had become "a much cleaner, more focused, simpler business" with costs continuing to decline. He noted the balance sheet provided "serious flexibility going forward."
Exploration expenditure was reduced to AUD 28 million, while corporate and other costs totaled AUD 58 million, including AUD 50 million in underlying corporate expenses and non-recurring transaction and disposal costs. Safety performance at Greenbushes deteriorated during the year, though Nova’s final-year cash generation improved 63% year-over-year.
IGO’s share of net profit from the Talison Lithium joint venture (TLEA) rose to AUD 207 million, compared with a AUD 642 million loss in FY25. The Greenbushes CGP3 processing plant has recovered from fire damage and is approaching its nameplate capacity of 2.4 million tons throughput by the end of FY27.
The company maintained a disciplined approach to exploration, focusing on copper and lithium opportunities, while continuing to review strategic options for Greenbushes to extend its mine life and improve operational metrics.
