Nordic Iron Ore (NIO) Q3 2025 earnings summary

Executive summary

• Focused on developing ultra high-grade, low-carbon iron ore in the Ludvika region, with Blötberget as the initial project and future plans for Väsman and Håksberg fields.

• Entered an off-take agreement with Cargill Metals for up to 25 million tons of future production from Blötberget.

• Ongoing pre-feasibility studies and expanded exploration aim to increase mineral resources and improve project profitability.

Financial highlights

• Q3 sales were SEK 0 million (unchanged year-over-year); earnings after tax were SEK -3.3 million (vs. -1.6 million), mainly due to increased workforce.

• Investments in Q3 reached SEK 13.2 million (vs. 0.3 million); for the first nine months, SEK 40.0 million (vs. 0.8 million), all related to exploration and feasibility studies.

• Cash and cash equivalents at period end were SEK 65.0 million (vs. 114.4 million a year earlier).

• Equity ratio at 93.77% (vs. 98.14%); equity per share SEK 3.81 (vs. 4.13).

• Earnings per share for Q3 were SEK -0.05 (vs. -0.02); for nine months, SEK -0.23 (vs. -0.18).

Outlook and guidance

• Pre-feasibility study is progressing, with completion targeted for early next year.

• Focus remains on cost savings, increasing mineral resources, and securing future project financing.