Lovisagruvan (LOVI) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with focus on restoring liquidity, ensuring deliveries, and internal improvements, leading to a more stable Q4 and improved outlook for 2026.

• Deliveries to Zinkgruvan were completed in November, and new deliveries to Garpenberg began, marking a return to operational stability.

• Organizational changes and safety improvements were implemented to prepare for a more intensive production phase.

Financial highlights

• Full-year 2025 revenue from ore deliveries was 29.0 MSEK, down from 36.8 MSEK in 2024.

• Operating result before depreciation (mining result) was -14.8 MSEK (11.6), and after depreciation -23.3 MSEK (3.0).

• Net result after financials was -24.7 MSEK (1.1), including a 2.7 MSEK write-down of the Måsalycke project.

• EPS for the year was -5.14 SEK (0.17); no dividend proposed.

• Q4 revenue was 29.0 MSEK (17.4), with a net result after financials of -1.3 MSEK (3.3).

• Cash at year-end was 0.1 MSEK (11.2), with interest-bearing debt at 23.4 MSEK (8.4).

Outlook and guidance

• 2026 outlook depends on delivery outcomes and confirmation of commercial viability, with potential for further agreements.

• Payment terms for 2025 deliveries are tied to metal prices through March 2026, introducing revenue uncertainty.

• Ongoing monthly payments from Garpenberg deliveries are expected to improve liquidity in early 2026.