Grangex (GRANGEX) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 6,548 KSEK, up from 4,772 KSEK year-over-year; H1 2025 revenue reached 13,564 KSEK, up from 11,723 KSEK.

• Operating loss (EBIT) improved to -5,552 KSEK in Q2 2025 from -28,931 KSEK; H1 2025 EBIT was -21,608 KSEK, better than -41,782 KSEK year-over-year.

• Net result per share for H1 2025 was 1.69 SEK, compared to -3.46 SEK in H1 2024.

• A new $9.5M royalty agreement with Anglo American was signed, enhancing liquidity.

• Positive developments in power supply for Dannemora and progress in project partnerships.

Financial highlights

• Total H1 2025 income was 26,852 KSEK, up from 14,193 KSEK, mainly due to invoiced costs to the Norwegian Defence for a leased facility.

• Financial income surged to 79,108 KSEK in H1 2025, mainly from currency adjustments on USD loans and royalty agreements.

• Cash and cash equivalents at period end were 44,298 KSEK, down from 146,527 KSEK a year earlier.

• Equity at period end was 19,805 KSEK, down from 102,912 KSEK in June 2024.

Outlook and guidance

• Feasibility study for Sydvaranger is in its final phase, with results expected soon.

• Project financing for Sydvaranger is targeted for completion by year-end 2025, with Anglo American to contribute $25M.

• First commercial deliveries from Sydvaranger are expected in early 2027.

• Focus remains on bringing Sydvaranger into production and preparing Dannemora and Apatit projects for long-term growth.