IGO returns in profitability in FY26

• IGO returned to profitability in FY26, reporting $145 million in net profit following a major previous loss.
• The company declared a final dividend of 5 cents per share after generating $132 million in operating cash flow.
• Strong performance at core operations and portfolio restructuring drove the financial turnaround.

IGO (ASX:IGO) returned to profitability in FY26 by reporting a net profit after tax of $145 million following a previous $955 million loss.

The earnings recovery follows last year's heavy impairments, supported by a $207 million share of net profit from Tianqi Lithium Energy Australia.

Reported EBITDA was $323 million, and underlying EBITDA was $286 million.

“At Greenbushes, while some operational challenges persisted during the year, the operation continued to deliver strong margins and cash generation. Nova delivered another strong operating year as it transitions towards the end of its life, exceeding life-of-mine nickel production guidance and delivering cash costs below guidance,” said IGO Managing Director and CEO Ivan Vella.

The company produced 1.41 million tonnes of spodumene concentrate at Greenbushes, while Nova produced 15,304 tonnes of nickel, though Nova is now transitioning towards its end of mine life.

Looking ahead, management remains focused on disciplined capital allocation and growing exposure in lithium and copper assets.

Following the announcement, the IGO share price was unchanged at $8.19.

The board has declared a fully franked final FY26 dividend of 5 cents per share, equivalent to approximately $37.9 million and 30% of FY26 underlying free cash flow.

The Western Australia-based miner operates key interests in the Greenbushes lithium mine and the Kwinana lithium hydroxide refinery through its joint venture entity.

To streamline its asset portfolio, the company recently announced the divestment of its Nova nickel operation to Global Lithium Resources.