• Safety performance improved with 12 month TRIFR of 5.8
• Underlying EBITDA of $49M and underlying free cash flow of $29M
• Nova Operation delivered EBITDA of $67M and free cash flow of $97M

IGO Ltd reported an improved underlying result for the December 2025 half-year, reflecting decisive actions over the past 12 months to maximize cash generation and increase cost discipline. The company recorded a net loss after tax of $34M, compared to a $782M loss in the prior period which included significant impairment charges. Underlying EBITDA was $49M, up from an $82M loss in the prior period, and underlying free cash flow was $29M, compared to a $2.5M outflow previously. The Nova Operation delivered EBITDA of $67M and free cash flow of $97M, with improved margins despite lower sales volumes and prices. The Greenbushes operation, in which IGO holds a 24.99% interest, recorded sales revenue of $759.4M and EBITDA of $463.6M. However, Greenbushes spodumene production decreased 16% to 672kt due to lower ore grades and weather impacts.IGO's investment in the Tianqi Lithium Energy Australia joint venture reported a share of net loss of $0.8M, compared to a $602.2M loss in the prior period which included significant impairment charges against the Kwinana Refinery assets.The company's growth strategy to pursue battery minerals, particularly lithium and copper, remains unchanged, with plans to bring IGO's expertise to opportunities in a highly capital disciplined way.

The company did not provide any high-importance, price-sensitive forward-looking financial metrics.