Ferrexpo (FXPO) Trading update summary

Operational update

• Production resumed in February 2026 after suspension due to attacks on Ukrainian energy infrastructure; currently, only one pellet line is operational.

• Focus remains on managing working capital and costs, including reduced employee hours, procurement cuts, and suspension of non-essential CapEx and overheads.

Financial position

• Outstanding VAT refunds reached $80 million by end of March 2026.

• Available cash stood at $35 million as of 31 March 2026, with net cash position at $25 million, excluding funds held with MBaer Merchant Bank.

• Net accessible cash was approximately $22 million at the end of March 2026.

Outlook and risks

• Sufficient cash is estimated to last until at least the end of June 2026, with active exploration of funding options, including a possible equity raise.

• Continued withholding of VAT refunds and unresolved funding could have material negative consequences.

• Full Year 2025 Financial Accounts are expected to be reported on or before 30 April 2026.