Ferrexpo PLC

Latest Results (09.03.2026):

Ferrexpo PLC — Full Year 2024 results (year ended 31 December 2024): the company delivered a strong operational recovery with production and sales rising to their highest levels since the start of the full‑scale invasion, which drove revenue up 43% to US$933m, but reported a net loss of US$50m after a US$72m non‑cash impairment; underlying EBITDA fell to US$69m and unit C1 cash costs rose to US$83.9/t. (This is a full‑year report, not a quarterly filing.)

Financial headline

Revenue increased 43% to US$933m (2023: US$652m). Underlying EBITDA declined 30% to US$69m (margin 7% vs 15% in 2023). Reported net loss was US$50m, driven mainly by a US$72m non‑cash impairment; excluding that impairment the Group would have reported a US$22m profit.

Production and sales

Total commercial production rose 66% to 6.89Mt (pellets 6.07Mt, commercial concentrate 0.82Mt) and sales volume increased 64% to 6.83Mt, helped by resumed exports through Ukrainian Black Sea ports and wider geographic diversification (Europe, MENA, Asia).

Costs and margins

C1 cash cost per tonne increased 10% to US$83.9/t (2023: US$76.5/t). Cost pressure was driven principally by higher electricity costs (including imported power), elevated consumables, transport/logistics and salary increases; iron ore realised prices weakened through the year.

Impairment and reported result

The Group recorded a US$72m non‑cash impairment on non‑current operating assets at 31 Dec 2024 reflecting lower long‑term price outlook and higher input costs; this is the main reason for the FY2024 loss of US$50m (profit of US$22m excluding impairment).

Cash flow and balance sheet

Net cash flow from operating activities was US$92m (2023: US$101m). Capital investment was US$102m (2023: US$101m). Closing net cash was US$101m (2023: US$108m) and, excluding lease liabilities, there were no outstanding interest‑bearing loans as at 31 December 2024.

Markets and logistics

The 65% Fe benchmark averaged US$123/t in 2024 (down 7% YoY) and closed the year at US$114/t after a steady decline; freight (C3) averaged higher, up ~19% to US$25/t. Restored Black Sea exports enabled sales on larger vessels (including capesize) and access to MENA/Asia customers, but freight, insurance and war‑related logistics costs remained elevated.

Safety, ESG and operational notes

Workplace fatalities were absent in 2024 (fourth successive year), LTIFR averaged 0.54. Scope 1 absolute emissions rose 42% (intensity down 9%); Scope 2 absolute emissions rose 102% (intensity +29%) due to imported electricity; DR pellet production resumed (record ~490kt). The report also notes humanitarian and community spending and ongoing support for employees serving in the armed forces.