Ferrexpo (FXPO) investor relations material

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.