Ferrexpo (FXPO) H1 2026 earnings summary

Executive summary

• Operations severely constrained by war in Ukraine, VAT refund suspension, and energy/logistics disruptions, leading to a 54% year-over-year drop in production volumes for H1 2026.

• Revenue fell 57% year-over-year to $196 million, with a net loss of $15 million, reflecting lower sales, higher costs, and ongoing legal and financial pressures.

• Liquidity was bolstered post-period by a $100 million equity raise, but significant uncertainties remain due to unresolved VAT claims, legal disputes, and ongoing war impacts.

Financial highlights

• Revenue: $196 million, down 57% year-over-year (H1 2025: $453 million).

• Underlying EBITDA: negative $4 million (H1 2025: positive $4 million).

• Net loss after tax: $15 million (H1 2025: $196 million loss, which included a $154 million impairment).

• Cash and cash equivalents at period end: $30 million (Dec 2025: $58 million).

• Net cash position: $21 million (Dec 2025: $47 million).

• CapEx reduced to $10 million (H1 2025: $28 million), focused on sustaining operations.

Outlook and guidance

• Liquidity strengthened by $100 million equity raise, supporting operations for the next 18 months, subject to market and legal conditions.

• Restoration of production capacity depends on electricity availability, logistics, VAT refund resumption, and legal outcomes.

• No interim dividend declared due to ongoing uncertainties; capital allocation remains focused on financial flexibility and operational support.