Nordic Iron Ore (NIO) Q4 2025 earnings summary

Executive summary

• Focused on developing ultra high-grade iron ore concentrate with low CO₂ footprint and by-product apatite concentrate for green transition.

• Expanded pre-feasibility study to include Southern Väsman field, aiming to increase production and profitability.

• Ongoing exploration and technical studies indicate potential for significant resource and production increases.

Financial highlights

• Q4 sales were SEK 0 million (0); full-year sales also SEK 0 million (0).

• Q4 earnings after tax: SEK -4.2 million (-6.5); full-year: SEK -19.5 million (-15.2).

• Investments: SEK 18.9 million in Q4 (2.7); SEK 58.9 million for the year (3.7), all in exploration and feasibility.

• Cash and cash equivalents at year-end: SEK 41.9 million (111.7).

Outlook and guidance

• Pre-feasibility study extended to Q3 2026, incorporating new exploration and technical data.

• Targeting a 50% increase in ultra high-grade iron ore concentrate production, from 16 to 24 million tonnes.

• By-product apatite concentrate expected to enhance profitability and strategic value.

• Demand for high-grade iron ore expected to remain strong in target markets.