Sherritt International
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Sherritt International (S) investor relations material

Sherritt International Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Leadership changes included a new Board Chair, new independent directors, and a streamlined executive team, with a permanent CEO search ongoing.

  • Operational turnaround plan at Moa JV launched to restore production and reliability, with debottlenecking and equipment upgrades underway.

  • Power division delivered record dividends, doubling the prior year, supporting liquidity and reflecting strong operational improvements.

  • Major debt restructuring in April 2025 reduced obligations by $68M, extended maturity to 2031, and lowered annual interest expense by $3M.

  • Cost-saving measures, including a 10% workforce reduction, are expected to deliver $20M in annual savings in 2025, in addition to $17M from 2024.

Financial highlights

  • Q4 2025 combined revenue was $163.2M, up from $160.3M in Q4 2024; full-year combined revenue was $532.9M, down from $577.6M in 2024.

  • Net loss from continuing operations was $65.4M, improved from $73.1M in 2024; adjusted EBITDA fell 78% to $7.1M.

  • Finished nickel production (Moa JV, 100% basis) was 25,240 tonnes, and cobalt 2,728 tonnes, both within revised guidance.

  • Power division produced 799 GWh, with unit operating cost at $23.33/MWh, at the low end of guidance.

  • Year-end available liquidity in Canada was $43.7M, including $30.3M in cash and $13.4M in available credit.

Outlook and guidance

  • 2026 finished nickel production expected at 26,000–28,000 tonnes and cobalt at 2,750–2,850 tonnes (100% basis), both higher year-over-year.

  • Mixed sulphides production forecasted at 30,000–32,000 tonnes, weighted to H2 2026.

  • NDCC for 2026 forecast at $5.75–$6.25/lb, supported by higher production, cost optimization, and higher cobalt credits.

  • Power division expects 825–875 GWh production and $27.25–$28.75/MWh unit operating cost.

  • Energas dividends in Canada projected at $20–25M in 2026; no distributions expected under the Cobalt Swap Agreement.

Metals capital financing efforts progress?
Impact of Cuba's oil supply issues on Energas?
Cobalt Swap shortfall impact on 2026 obligations?
Moa turnaround H1 progress metrics?
Impact of no Cobalt Swap distributions on 2026?
Moa capital financing options being explored?
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Frequently asked questions

Sherritt International Corporation engages in the mining, refining, and sale of nickel and cobalt from lateritic sources primarily in Canada and Cuba. It operates through two segments, Metals and Oil and Gas. The company offers nickel, cobalt, sulfuric acid, ammonium sulfate, and other by-products. It also explores for gold, platinum group elements, rare earth elements, silver, zinc, lead , magnetite iron ore , uranium , nickel oxide , metallurgical coal and thermal coal.

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