Highlights

  • FY26 net profit after tax was $145.3 million, following a loss in the preceding year.
  • Greenbushes produced 435,000 tonnes of spodumene concentrate in the September quarter.
  • Kwinana produced 918 tonnes of lithium hydroxide during the September quarter.
  • The Nova operation was subject to a proposed sale announced in July 2026.
  • Net cash stood at $376.3 million at 30 September 2026.

IGO Limited (ASX:IGO) is an Australian resources company with interests in lithium production and processing, alongside its nickel-copper operations. Its 2026 reporting shows different outcomes across Greenbushes, the Kwinana lithium hydroxide refinery and Nova. Production volumes, processing costs and the timing of distributions from joint ventures are central to understanding these operations.

Profit and Cash Flow in FY26

IGO Limited (ASX:IGO) reported net profit after tax of $145.3 million for the year ended 30 June 2026, compared with a loss of $954.6 million in the previous year. Revenue declined 12% to $462.9 million. Underlying EBITDA was $285.9 million, compared with an underlying loss of $43.0 million. The change in profit partly reflected results recognised from the Tianqi Lithium Energy Australia joint venture.

The company reported underlying free cash flow of $134.0 million and Operating Cash Flow of $132.4 million. IGO Limited (ASX:IGO) declared a fully franked final Dividend of 5 cents per share. Earnings from equity-accounted interests and cash distributions from those interests are separate measures, meaning recognised profit does not automatically translate into cash received by the parent company.

Greenbushes Production and Distributions

On a 100% operation basis, Greenbushes produced 1.41 million tonnes of spodumene concentrate during FY26. Production in the September 2026 quarter was 435,000 tonnes, with sales of 376,000 tonnes. The average realised price was US$2,130 per tonne, compared with US$2,286 in the June quarter. Production and selling prices therefore moved in different directions.

The CGP3 processing plant resumed production following a fire-related interruption in 2026. IGO Limited (ASX:IGO) reported that it reached nameplate capacity in September. Greenbushes FY27 production guidance was 1.55 to 1.75 million tonnes, with a cash cost target of $380 to $440 per tonne. These figures are operational guidance rather than completed production.

Kwinana Refinery and Nova Transition

Kwinana produced 8,839 tonnes of lithium hydroxide in FY26 and recorded an EBITDA loss of $167.0 million on a 100% basis. September-quarter production was 918 tonnes. Conversion costs remained above the FY27 target, highlighting the distinction between achieved processing performance and management’s planned cost improvements.

IGO Limited (ASX:IGO) announced an agreement in July 2026 to dispose of the Nova operation, subject to conditions. Nova continued contributing production and cash flow during the September quarter. The transaction’s completion and the future contribution from the remaining portfolio are separate from the results already reported.

Balance Sheet and Operating Uncertainty

At 30 September 2026, IGO Limited (ASX:IGO) reported net cash of $376.3 million. Greenbushes distributions, Kwinana operating costs and lithium prices remain relevant variables. The company’s indirect ownership structure means that cash transfers between operating entities affect the timing of funds available to IGO.

Key Insights

IGO Limited (ASX:IGO) reported improved FY26 earnings and increased Greenbushes production in the September quarter. Kwinana continued to incur operating losses, while the proposed Nova disposal would change the asset portfolio. Distinguishing operating production, joint-venture earnings and cash distributions is important when interpreting the company’s results.