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Ferrexpo (FXPO) investor relations material
Ferrexpo Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Production
3Q commercial production was 779,975t, down 19% QoQ from 963,409t; pellet production was 656,650t, down 24%.
9M commercial production was 2.336mt, down 54% YoY; pellet production was 2.042mt, down 27%.
Tight liquidity, constrained logistics and an August production suspension reduced output; production restarted, with one pellet line ramped up in September.
DR pellets were maintained in the product mix; 9M volume rose 272% YoY.
Funding and operations
Shareholders approved the ~$100m equity raise on 21 September; proceeds strengthened the balance sheet and enabled production to restart.
Advanced negotiations continued for a secured trade finance facility; Black Sea logistics disruption and shipment constraints affected timing, and completion remains uncertain.
Cost controls included reduced employee working time, procurement cuts, and suspension of non-essential CapEx, overheads and CSR spending.
VAT refund withholding by Ukrainian tax authorities significantly eroded cash, forcing production downscaling and deeper cost reductions.
Safety and people
Rolling 12-month LTIFR was 0.28 at end-August, up from 0.18 at end-June but below the five-year trailing average of 0.44; operations marked six years with zero fatalities.
A chartered crew member died after a vessel carrying cargo was struck and damaged by Russian drones.
129 colleagues were conscripted in 2026, bringing the total serving to 837 at end-September; two colleagues were killed in July–September, taking deaths since the full-scale invasion to 70.
- Record earnings and rapid expansion investment offset inflation-driven cost pressure.FXPO
H2 2011 - Revenue and production plunged amid war and VAT issues; liquidity boosted by $100M equity raise.FXPO
H1 2026 - Net loss of US$224M, liquidity crisis, and survival dependent on a US$100M equity raise.FXPO
H2 2025 - Production resumed, but cash and VAT refund pressures persist, with funding options under review.FXPO
Trading update - Production up but liquidity pressured; urgent capital raise needed to avoid insolvency.FXPO
Status update - Production rose 3% in Q3, but VAT issues and war disruptions drove major cost and workforce cuts.FXPO
Status Update - Net loss of $196M and $154M impairment reflect severe operational and legal headwinds.FXPO
H1 2025 - Q2 2025 production fell 40% amid VAT refund suspension and cost-cutting measures.FXPO
Status Update - Revenue and production surged, but margins compressed amid war and rising costs.FXPO
H2 2024
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