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Rana Gruber (RANA) investor relations material
Rana Gruber Q3 & CMD 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 & CMD 2025 earnings summary12 Nov, 2025
Executive summary
Announced ambition to become a world-leading producer of high-grade iron ore (above 67% Fe) by 2029, advancing from current Fe65 production levels and leveraging unique ore quality and proximity to European steel mills.
Strategic focus on supporting the steel industry's decarbonization by supplying high-grade ore for DRI technology, which significantly reduces CO2 emissions.
Strong operational performance in Q3 2025, with stable production, improved product quality through process optimization and installation of fine screens, and consistent shareholder returns.
Long-term offtake agreement with Cargill supports market access and production optimization.
Board approved a NOK 400 million investment in the processing plant over three years to transition to high-grade production.
Financial highlights
Q3 2025 revenue increased 9% year-over-year to NOK 425.2 million, with 472,000 mt produced.
EBITDA rose 38% to NOK 172.7 million, with a margin of 40.6% (up from 32.1%).
Net profit rose 57% to NOK 96.4 million; adjusted net profit was NOK 84.6 million.
Cash cost per tonne was NOK 556, a 4.7% decrease year-over-year.
Quarterly dividend of NOK 1.60 per share declared, representing a 70% payout ratio and 19th consecutive quarterly dividend since listing.
Outlook and guidance
Targeting high-grade iron ore production above 67% Fe by 2029, with incremental quality improvements and price premiums expected as milestones are reached.
Aims to maintain cash cost between $50-$55/ton, supported by operational improvements and cost control.
Flexible investment plan for high-grade project, with NOK 400 million total CAPEX phased by milestones and market conditions.
Magnetite production expected to reach and sustain over 200,000 mt annually from 2026.
Continued focus on efficiency, cost control, and product quality to drive sustainable profitability and growth.
Key risks to Fe67 project timeline
What drives magnetite production growth and value?
Storforshei reactivation: What are the key factors?
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Next Rana Gruber earnings date
Q4 202512 Feb, 2026
Next Rana Gruber earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Rana Gruber is a Norwegian iron ore producer established in 1964, with operations based on more than 200 years of mining experience. The company's products are based on natural mineral resources, which are processed and exported to customers worldwide. Key customers include steel producers and participants in the chemical industry. The company has about 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.
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