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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.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.
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