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LKAB (LKAB) investor relations material
LKAB Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operating profit for Q2 2025 was SEK 1.1 bn, significantly lower year-over-year due to falling iron ore prices and a weakened US dollar, despite improved production stability and higher production volumes.
Net sales for Q2 2025 were SEK 7,820 million, down from SEK 9,851 million in Q2 2024, mainly due to lower iron ore prices and currency effects.
Production volume reached 5.8 Mt in Q2 2025, up from 5.3 Mt in Q2 2024, with delivery volume at 6.1 Mt and pellets accounting for 85% of deliveries.
Financial highlights
Q2 2025 operating profit: SEK 1,074 million (Q2 2024: SEK 2,666 million); Q1–Q2 2025: SEK 4,711 million (Q1–Q2 2024: SEK 4,036 million).
Q2 2025 net sales: SEK 7,820 million (Q2 2024: SEK 9,851 million); Q1–Q2 2025: SEK 17,442 million (Q1–Q2 2024: SEK 15,322 million).
Q2 2025 profit for the period: SEK 1,524 million (Q2 2024: SEK 2,845 million).
Operating cash flow for Q2 2025: SEK 800 million (Q2 2024: SEK 1,505 million).
Return on equity for Q2 2025: 10.9% (Q2 2024: 16.3%).
Outlook and guidance
Expectation for 2025 is continued stable operation and normal production capacity, with all affected plants back in production.
Iron ore prices remain lower than recent years; market volatility and global economic uncertainty persist, with trade policy tensions and US tariffs adding risk.
Demand for iron ore products has been stable but at a somewhat lower level than previous years.
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