Afarak Group (AFAGR) Q3 2026 earnings summary

Executive summary

• Overall production rose 17.9% in the first nine months of 2026 YoY, primarily driven by South African mines.

Segment performance

• Speciality Alloys production was 23,385 mt in Q3, down 2.4% YoY; YTD output was 73,808 mt, down 7.9%.

• Speciality Alloys processing was 3,233 mt in Q3, down 46.5% YoY, and 16,996 mt YTD, down 22.6%; mining was 20,152 mt in Q3, up 12.5%, and 56,812 mt YTD, down 2.3%.

• South African mine production was 89,733 mt in Q3, up 210.3% YoY, and 183,369 mt YTD, up 32.8%.

Outlook and guidance

• Q4 outlook cites recovering LC FeCR consumption and pricing from a low base in Europe; US demand is stronger, supported by the aeronautical sector.

• A strengthening USD, CBAM effects and mandatory product liability and recall insurance for ferrochrome products are expected to support results.