Ferrexpo PLC

Latest Results (21.04.2026):

Ferrexpo PLC — Full Year 2024 (year ended 31 December 2024; includes Q4 2024): the company reported a strong operational recovery with production and sales returning to the highest levels since the full‑scale invasion, driving revenue up 43% to US$933m. Despite higher volumes (sales 6.83Mt, production 6.89Mt), weaker iron‑ore prices and higher input costs (notably imported electricity) compressed margins: underlying EBITDA fell to US$69m and the Group reported a statutory loss of US$50m after a non‑cash impairment of US$72m. Closing net cash remained about flat at US$101m and capex was US$102m.

Top‑line and volumes

Revenue increased 43% to US$933m (2023: US$652m) driven by sales volumes up 64% to 6.83Mt and total commercial production of 6.89Mt (+66%). Ferrexpo resumed wider seaborne exports (Black Sea) and expanded sales into MENA and Asia; DR pellet production also restarted (record ~490kt).

Profitability and impairment

Underlying EBITDA fell 30% to US$69m (margin 7% vs 15% in 2023). The Group reported a net loss of US$50m for 2024, mainly due to a non‑cash impairment charge of US$72m; management says, excluding that impairment, the group would have reported a US$22m profit.

Unit costs and margin pressure

C1 cash costs rose 10% to US$83.9/t (2023: US$76.5/t), driven primarily by the need to import electricity at materially higher tariffs, higher consumable and logistics costs and salary increases—offset only partially by higher volume absorption and currency effects.

Cash, capex and balance sheet

Net cash at 31 Dec 2024 was US$101m (2023: US$108m). Net cash flow from operations was US$92m (2023: US$101m). Capital investment was US$102m, broadly in line with prior year. Excepting lease liabilities, there were no outstanding interest‑bearing loans and borrowings at year end.

Market and logistics dynamics

The average 65% Fe benchmark price fell (US$123/t vs US$132 in 2023) and trended down through the year. Freight pressures persisted (C3 avg US$25/t, +19%), insurance/war‑risk costs were incurred for Black Sea shipments, but reopening ports enabled more efficient capesize shipments and geographic diversification of customers.

Operational flexibility and investments

Ferrexpo operated between one and three pellet lines as needed, brought back a third pelletiser, installed press filtration and a concentrate conveyor to allow concurrent pellet/concentrate production, and invested in projects to improve product quality and operational flexibility.

Safety, ESG and social contribution

No workplace fatalities in 2024 (LTIFR 0.54). The report also records 10 colleagues killed while serving in the Armed Forces of Ukraine in 2024 (total 46 since Feb 2022). Scope‑1 and Scope‑2 emissions rose in absolute terms due to higher production and imported electricity; per‑tonne emissions improved for some metrics. Ferrexpo highlights continued community and humanitarian spending in Ukraine.

Outlook and key risks

Management stresses continuing uncertainty from the war, iron‑ore price weakness and higher input costs. Logistics availability (ports/rail) will determine near‑term sales and production; the company is prioritising liquidity, operational flexibility and selective investment while monitoring diplomatic developments and market demand in 2025.