Ferrexpo, a mining company with assets in Ukraine, reported a net loss of $211 million, which is 4.2 times higher than the 2024 figure ($50.03 million).
According to the report on consolidated unaudited results for 2025, the operating loss for the past year amounted to $197 million, compared to an operating profit of $18 million in 2024.
Revenue for 2025 was $787 million, compared to $933.263 million in 2024 (a 16% decline). Meanwhile, EBITDA was $28 million compared to the adjusted figure of $69.310 million for 2024 (a 60% decrease).
Ferrexpo’s capital expenditures in 2025 amounted to $49 million, compared to $101.688 million in 2024.
Cash balances as of the end of 2025 were $47 million, compared to $100.835 million as of the end of 2024.
The announcement states that these financial results are unaudited and remain subject to the completion of the Group’s audit procedures, as well as approval by the Company’s Audit Committee and Board of Directors. As of the date of this announcement, these unaudited, consolidated financial results were prepared on a going concern basis; however, this basis of preparation is contingent upon the successful completion of the planned fundraising.
As reported, Ferrexpo ended the first half of 2025 with a net loss of $196.004 million, whereas in the same period of 2024 it recorded a net profit of $55.490 million. The pre-tax loss for this period amounted to $186.899 million, whereas in January–June 2024 there was a pre-tax profit of $75.671 million. Revenue in the first half of 2025 decreased by 17.5% to $452.607 million. Meanwhile, EBITDA amounted to $3.890 million compared to $79.043 million at the end of June 2024 and $69.310 million at the end of 2024.
Cash and cash equivalents as of the end of June 2025 amounted to $52.262 million, as of the end of June 2024 – $115.131 million, and as of the end of 2024 – $105.919 million.
In 2024, Ferrexpo reported a net loss of $50.03 million, which is 41% less than the 2023 figure ($84.753 million). Revenue for 2024 was $933.263 million, compared to $651.795 million in 2023 (a 43.2% increase). Meanwhile, EBITDA was $69.310 million, compared to the adjusted figure of $98.871 million for 2023. Cash balances as of the end of 2024 were $100.835 million, as of the end of 2023 – $108.293 million, in 2022 – $106.397 million, and as of the end of 2021 – $117 million.
Ferrexpo ended 2023 with a net loss of $84.753 million, compared to a net profit of $219.997 million in 2022, which is four times lower than the profit for the pre-war year of 2021 ($870.993 million). Revenue for 2023 amounted to $651.795 million, while in 2022 it was $1.24849 billion (a decrease of 47.8%). At the same time, EBITDA fell by 83% to $130.242 million compared to $765.113 million in 2022.
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares in Poltava Mining, a 100% stake in Yeristiv Mining, and a 99.9% stake in Bilaniv Mining.
