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.
Mining company Ferrexpo, with its main assets in Ukraine, had a net cash position of $17 million as of April 17; its directors emphasize the need for an urgent increase in share capital by at least $100 million, without which shareholders could lose the entire value of their investments.
“The Board of Directors believes that increasing the share capital is currently the only viable solution within the required timeframe,” Ferrexpo stated in a stock exchange announcement on Wednesday.
According to the statement, such a share capital increase is likely to be structured as a conditional placement of new shares among existing and new institutional investors with the aim of raising at least $100 million to support the group’s working capital and meet its short-term operational needs, allowing it to operate at a reduced level over the next 18 months.
“It is currently expected that this capital raising will be initiated and completed (subject to, among other things, the approval of resolutions at the general meeting and the admission to listing and trading of the new ordinary shares to be issued as part of this capital raising) no later than April 30, 2026, so that the company can publish its audited financial results for the year ending December 31, 2025,” the statement notes.
The company does not intend to publish a prospectus in connection with the planned capital raising.
Ferrexpo noted that discussions are ongoing with the company’s largest shareholder—Fevamotinico Sarl, owned by Konstantin Zhevago, which currently holds 294,993,686 shares, representing 49.32%—regarding whether Fevamotinico will support the resolution at the general meeting.
The Board of Directors also warned that if the planned fundraising is not initiated and the share book is not finalized by April 30, the listing and trading of its shares will be suspended from 7:30 a.m. on May 1, 2026, until the completion of the audit and publication of the annual report and financial statements for 2025, which in itself will require the implementation of the relevant financing decision so that financial results can be prepared on a going-concern basis.
“Under this scenario, there can be no certainty regarding the expected timing of the lifting of the suspension of listing and the resumption of trading in the company’s shares, if it occurs at all,” the statement notes.
Ferrexpo shares fell 11.91% to 38.02 pence at the start of trading on Wednesday, corresponding to a market capitalization of GBP258.2 million.
Ferrexpo plc, a mining company with primary assets in Ukraine, produced 524,926 thousand tons of pellets in January–March of this year, which is 61% lower than in January–March of last year (1,347,749 thousand tons), but 27% more than in Q4 2025, when 412,867 thousand tons were produced.
According to the company’s press release on Wednesday, total production of commercial products (pellets and iron ore concentrate) in Q1 2026 fell by 72% compared to Q1 2025—to 592,751 thousand tons. Specifically, production of premium-grade Fe67% concentrate amounted to 67,825 thousand tons, compared to 777,718 thousand tons in Q1 2025 (a 91% decrease). The company also produced 524,926 thousand tons of premium-grade pellets (a 52% decrease). Meanwhile, no DR pellets (81,787 thousand tons were produced in Q1 2025) or other pellets (160,913 thousand tons) were produced.
The press release explains that Ferrexpo’s production activities were largely suspended in the first quarter due to nationwide attacks on Ukraine’s electricity generation and transmission infrastructure. Production resumed only with limited operations at reduced capacity levels in late February 2026 following improved electricity availability and prices. The Group continues to operate one of its four pelletizing lines and sell its products to European customers.
As noted in the trading update announced on April 1, 2026, the Group focused on carefully managing its working capital and expenses amid challenging operating conditions. This included reducing employee working hours, continuously cutting purchases of goods and services, and further suspending all non-essential capital expenditures, overhead costs, and corporate social responsibility (CSR) expenses.
The company continues to closely monitor its cash position and working capital and remains actively exploring and refining a range of potential financing options, which may include raising equity capital. At this stage, there is no certainty that the Group will successfully secure such financing options. If the withholding of VAT refunds continues and financing issues are not resolved in a timely manner, this could result in significant adverse consequences for the Group.
Commenting on the Group’s performance, interim acting chairman Lucio Genovese (Lucio Genovese) noted that the lower production figures in the first quarter of 2026—nearly half of those achieved in the last three months of 2025—reflect Russia’s targeted attacks on Ukraine’s energy infrastructure at the end of last year and their impact on the company’s ability to operate stably.
“Until January, given that electricity supply could not be secured on a stable basis in the necessary volumes, we were forced to make the difficult decision to temporarily suspend operations and send part of the workforce on leave. Fortunately, by the end of February, we saw sufficient improvement in the availability and price of electricity to resume limited production at the PGZK on one pellet production line. One line remains in operation, and the group continues to use its own fleet of railcars for exports to customers in Eastern and Central Europe. “Going forward, we will focus on managing working capital and costs in this challenging operating environment,” said Genovese.
As reported, Ferrexpo produced 3,221,461 metric tons of pellets in 2025, which is 47% lower than in the previous year (6,070,541 metric tons). At the same time, total production of commercial products (pellets and iron ore concentrate) in 2025 decreased by 9% to 6,141,759 thousand tons. In particular, commercial concentrate output amounted to 2,920,298 thousand tons compared to 709,803 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (489,720 thousand tons in 2024) and 3,139,674 thousand tons of premium-grade pellets (a 44% decrease).
In 2024, Ferrexpo increased pellet production by 58% compared to 2023—to 6,070,541 thousand tons from 3,845,325 thousand tons. In 2023, the company produced 3.845 million tons of pellets, which is 36.5% less than in 2022.
Ferrexpo owns a 100% stake in Yeristivsky GOK LLC, 99.9% in Bilanivsky GOK LLC, and 100% of the shares in Poltavsky GOK PJSC.
Ferrexpo plc, a mining company with its main assets in Ukraine, has announced the resumption of pellet production at Poltava Mining and Processing Plant (PGZK, Gorishni Plavni, Poltava region) after a temporary suspension of operations on January 20 due to a power outage caused by shelling of Ukraine’s energy infrastructure.
“Following the temporary suspension of operations announced on January 20, 2026, improvements in the availability and prices of domestic and imported electricity have enabled the resumption of production at PGZK. Currently, one pellet production line is in operation. The group uses its own fleet of railcars to export products to customers in Eastern and Central Europe,” the company said in a statement on Monday.
Commenting on the resumption of production, interim CEO Lucio Genovese noted that with the onset of spring, the group was able to resume operations, produce and export high-quality iron ore products.
“Following the intense attacks on Ukraine’s power generation and transmission infrastructure, we are grateful for the hard work across the country that has enabled the rapid completion of repairs. I am also grateful to my colleagues who have worked tirelessly to restore one of the pelletizing lines. This once again demonstrates our ability to be flexible and agile in very challenging conditions,” said the CEO.
In addition, Ferrexpo plc also provided updated corporate information regarding its Swiss subsidiary Ferrexpo AG (FAG).
According to this information, in the course of its normal business, FAG has a number of banking relationships, including with MBaer Merchant Bank AG (MBaer), which recently had its license revoked and was ordered into liquidation by the Swiss Financial Market Supervisory Authority (FINMA).
It is specified that MBaer was used by the group to make commercial payments outside Ukraine. FAG has approximately $3 million in MBaer, and this amount is part of the group’s net cash resources of approximately $30 million as of February 27, 2026. According to a public statement by MBaer’s liquidators, sufficient assets are available to fully satisfy all customers and creditors, so FAG currently expects a full return of its deposit in MBaer, although the timing of when this will be possible is currently unknown.
However, it is noted that the revocation of MBaer’s license does not affect FAG’s or the group’s relationship with its other banking partners and is not expected to have a material impact on the group’s operating subsidiaries in Ukraine. Despite the liquidation of MBaer, the company has made certain payments outside Ukraine, although its ability to do so is limited.
“Management is actively exploring alternative banking options so that FAG can continue to make commercial payments on behalf of the group, but these negotiations are complicated and have historically been complicated by issues related to one of the beneficiaries of The Minco Trust, which owns Fevamotinico S.a.r.l. If the group is unable to arrange alternative banking arrangements outside Ukraine, there is a risk of significant negative consequences for it,” the statement concludes.
As reported, Ferrexpo suspended production and sent some of its employees on leave due to a power supply failure at its enterprises as a result of shelling of Ukraine’s energy infrastructure on January 20.
Ferrexpo owns 100% of Yeryistovsky GZK LLC, 99.9% of Bilanovsky GZK LLC, and 100% of Poltavsky GZK PJSC.
Ferrexpo plc, a mining company with its main assets in Ukraine, produced 3 million 221,461 thousand tons of pellets in 2025, which is 47% less than in the previous year (6 million 70,541 thousand tons).
According to the company’s press release on Wednesday, total production of commercial products (pellets and iron ore concentrate) in 2025 decreased by 9% to 6 million 141,759 thousand tons. In particular, the output of commercial concentrate amounted to 2 million 920,298 thousand tons against 709,803 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (489,720 thousand tons in 2024) and 3 million 139,674 thousand tons of premium pellets (a decrease of 44%).
The press release notes that at the end of the year, the intensity and frequency of rocket and drone attacks on Ukraine’s energy, transport, and port infrastructure increased. Disruptions to energy supplies and logistics channels resulted in lower-than-planned production in the fourth quarter. Total production for the quarter amounted to 1.1 million tons, including 0.7 million tons of premium Fe67% iron ore concentrate and 0.4 million tons of premium iron ore pellets.
It is noted that during 2025, the group successfully adapted to changes in market demand, increasing production of premium iron ore concentrate to a record 2.9 million tons, which is 48% of total production compared to 10% in 2024.
The group continued to actively manage its working capital and costs in challenging operating conditions last year. This included reducing working hours for employees, continuing to reduce purchases of goods and services, and further suspending all non-essential capital expenditures, overhead costs, and corporate social responsibility (CSR) expenses. The suspension of VAT refunds continued during the quarter, and the total amount of unpaid VAT as of the end of November 2025 was $69 million. If VAT continues to be unreimbursed, the total amount is projected to increase to approximately $74 million as of the end of December 2025.
As of December 31, 2025, the group’s net cash position was approximately $47 million (compared to $50 million as of June 30, 2025), with lease liabilities subject to potential final adjustments at the end of the year and no debt.
Commenting on the group’s performance, interim CEO Lucio Genovese noted that the last quarter of 2025 was one of the most challenging for the business and employees since the full-scale invasion of Ukraine. Rocket and drone attacks on regional energy infrastructure led to interruptions in electricity supply to businesses.
“Our operational teams worked hard to restore production with limited available capacity. Despite all these challenges, total production for the quarter exceeded 1 million tons, and for the second year in a row, production exceeded 6 million tons. This is more than 50% of our pre-war capacity and acceptable production figures, considering all the challenges we have faced during the fourth year of the war,” Genovese said.
However, he added that since December, the group’s export capabilities have been limited due to attacks in the Black Sea, and until repairs are completed and safe access to the sea is restored, the company will again focus on rail exports. At the same time, although this logistics channel is open, the electrified state railway network has less capacity. Therefore, the switch to diesel locomotives means that locomotives need more time to deliver wagons to the western border, and due to slower travel and turnaround times, the group has leased additional wagons from third-party suppliers, which incurs additional costs.
“Thanks to the capacities that state-owned utilities can provide us with, we are currently operating one pellet production line with additional concentrate production and are able to produce and export our high-quality iron ore pellets to serve our European customers. When the power supply, rail and port connections are restored, it will be possible to increase the production and sale of concentrate in Asian markets,” predicts the acting chairman.
The company hopes for an end to the war, “but we must remain vigilant, we must continue to work on the safety of our people, while making efforts to recover withheld VAT and ensure the integrity of our assets.”
As reported, Ferrexpo produced 2 million 808.594 thousand tons of pellets in the first nine months of 2025, which is 38.5% less than in the same period of 2024 (4 million 567.168 thousand tons). Total production of commercial products (pellets and iron ore concentrate) for the first nine months of 2025 increased by 0.9% to 5 million 67,888 thousand tons. In particular, the output of commercial concentrate amounted to 2 million 259,294 thousand tons against 457,264 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (326,168 thousand tons in the first nine months of 2024) and 2 million 726,807 thousand tons of premium pellets (a decrease of 35.7%).
In the first half of 2025, Ferrexpo produced 2 million 169,631 thousand tons of pellets, which is 34.2% less than in January-June 2024 (3 million 297,441 thousand tons). Total production of commercial products in the first half of 2025 decreased by 9% compared to the first half of 2024, to 3 million 393,135 thousand tons. In particular, the output of commercial concentrate amounted to 1 million 223,504 thousand tons against 429,865 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (in the first half of 2024 – 162,645 thousand tons) and 2 million 87,844 thousand tons of premium pellets (a decrease of 33.4%).
In Q1 2025, Ferrexpo produced 1 million 347.749 thousand tons of pellets, which is 26% less than in January-March 2024 (1 million 813.973 thousand tons). At the same time, total production of commercial products (pellets and iron ore concentrate) in Q1 2025 increased by 3% compared to Q1 2024, reaching 2 million 125,467 thousand tons. In particular, the output of commercial concentrate amounted to 777,718 thousand tons against 240,516 thousand tons in Q1 2024. The company also produced 81,879 thousand tons of DR pellets (not produced in Q1 2024), 1 million 105,049 thousand tons of premium pellets (a decrease of 36%), and 160,913 thousand tons of other pellets (an increase of 95%).
In 2024, Ferrexpo increased its production of pellets by 58% compared to 2023, from 3 million 845,325 thousand tons to 6 million 70,541 thousand tons. In 2023, the company produced 3.845 million tons of pellets, which is 36.5% less than in 2022.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanovsky GOK LLC, and 100% of Poltavsky GOK PJSC.
The National Agency for Asset Tracing and Management (ARMA) is holding consultations on obtaining management projects for the seized 49.5% stake in Poltava Mining and Processing Plant (PGZK) of the mining company Ferrexpo plc, whose main assets are located in Ukraine.
According to ARMA, preliminary market consultations have been announced through the receipt of management program proposals or commercial offers and/or other documents, in accordance with paragraph 2 of Section II of the Methodological Recommendations on the sequence of actions of ARMA employees in the preparation and conduct of competitive selection of asset managers, approved by ARMA Order No. 223 of September 29, 2023 No. 223 (as amended by Order No. 54 of February 14, 2025), within the framework of the competitive selection of asset managers.
It is specified that the seized asset is 49.5% of the authorized capital of Poltava Mining and Processing Plant PJSC in the form of 153.450 million ordinary registered shares. The basis for the transfer of the asset to ARMA is the ruling of the investigating judge of the Pechersky District Court of Kyiv dated February 28, 2025, in case No. 757/9095/25-k.
Potential managers may be: a legal entity or an individual entrepreneur registered in accordance with the procedure established by law as business entities (Article 1033 of the Civil Code of Ukraine).
Information on the expected results of asset management may be submitted in any form by 3:00 p.m. on October 24, 2025.
As reported, the Pechersky District Court of Kyiv granted the request of the Prosecutor General’s Office of Ukraine to transfer 49.5% of the shares of one of the main assets of the companies, Poltava Mining and Processing Plant, to ARMA.
The DBR statement noted that the transfer of corporate rights of PGZ is related to ongoing court cases in Ukraine regarding the alleged embezzlement of funds from the Finance and Credit Bank, which previously belonged to Kostyantyn Zhevago and was declared insolvent in 2015.
In turn, Ferrexpo plc considers the transfer of 49.5% of Poltava Mining’s corporate rights to ARMA a violation of international treaties, in particular, international investment agreements between Ukraine and the United Kingdom and Ukraine and Switzerland. The company said it would initiate international arbitration against Ukraine.
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares of Poltava Mining, 100% of Yeristovsky Mining, and 99.9% of Bilanovsky Mining.
