Ferrexpo, a mining company with assets in Ukraine, reported a net loss of $211m, which is 4.2 times the 2024 figure ($50.03m).
According to the 2025 Consolidated Unaudited Results announcement, last year’s operating loss totalled $197m against an operating profit of $18m in 2024.
Revenue for 2025 was $787 million, compared to $933.263 million in 2024 (down 16%). Meanwhile, EBITDA was $28m, compared to adjusted 2024 EBITDA of $69,310m (down 60%).
Ferrexpo’s capital investment in 2025 was $49 million compared to $101,688 million in 2024.
Cash balance at the end of 2025 was $47 million and at the end of 2024 was $100.835 million.
The announcement states that these financial results are unaudited and remain subject to completion of the group’s audit procedures and approval by the company’s audit committee and board. As at the date of this announcement, these summaries are unaudited and the consolidated financial results have been prepared on a going concern basis, but this basis of preparation is dependent on the successful completion of the planned fundraising.
As reported, Ferrexpo ended H1-2025 with a net loss of $196.004 million, compared to a net profit of $55.490 million in the same period in 2024. The pre-tax loss for the period was $186.899 million, compared to a pre-tax profit of $75.671 million in Jan-June-2024. Revenues in H1-2025 fell 17.5% to $452.607m, with EBITDA of $3.890m, compared to $79.043m at end-June-2024 and $69.310m at end-2024.
Cash and cash equivalents balance was $52.262 million at end-June-2025, $115.131 million at end-June-2024 and $105.919 million at end-2024.
Ferrexpo posted a net loss of $50.03 million in 2024, down 41 per cent from $84.753 million in 2023. Revenue for 2024 was $933.263m, compared to $651.795m in 2023 (up 43.2%). Meanwhile, EBITDA was $69.310m, compared to 2023 adjusted EBITDA of $98.871m. Cash balance was $100.835m at the end of 2024, $108.293m at the end of 2023, $106.397m in 2022 and $117m at the end of 2021.
Ferrexpo ended 2023 with a net loss of $84.753 million compared to a net profit of $219.997 million in 2022, four times lower than the pre-war 2021 profit of $870.993 million. Revenue for 2023 was $651.795m, compared to $1bn 248.490m in 2022 (down 47.8%). Meanwhile, EBITDA fell 83% to $130,242m compared to $765,113m for 2022.
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of Poltava GOK PJSC, 100% of Yeristovskiy GOK LLC and 99.9%-Naya of Belanovskiy GOK LLC.