Rana Gruber (RANA) Q2 2025 earnings summary

Executive summary

• Q2 2025 iron ore concentrate production reached 440,000 tonnes, up 4.5% year-over-year, with strong operational performance despite annual maintenance.

• Revenue declined to NOK 327 million in Q2 2025 from NOK 547 million in Q2 2024, mainly due to lower iron ore prices and sales volumes.

• Cash cost per tonne reduced by 5.7% year-over-year to NOK 611, reflecting strict cost discipline.

• Board approved infrastructure investment at Storforshei to support future operations and transition to new mining area.

• Quarterly dividend of NOK 0.66 per share declared, continuing 18 consecutive quarters of dividends and representing 70% of adjusted net profit.

Financial highlights

• Q2 2025 revenue: NOK 327 million, down from NOK 547 million in Q2 2024.

• EBITDA fell to NOK 92.5 million, a 55% decrease year-over-year; adjusted net profit was NOK 34.7 million, down 75%.

• EPS for Q2 2025 was NOK 1.34 (adjusted NOK 0.94).

• Net cash flow from operations: NOK 47 million in Q2, including a NOK 44 million tax payment.

• Cash and cash equivalents at quarter-end: NOK 27 million.

Outlook and guidance

• Magnetite volumes expected to increase as Stensundtjern comes online, with production by end of 2025.

• Targeting long-term cash costs of $50–$55 per tonne, with Q2 above target due to maintenance and currency effects.

• Market conditions improved after quarter-end, with higher iron ore prices and a stronger USD expected to benefit Q3 revenues.

• Focus remains on cost discipline, high-grade product delivery, and balanced risk to sustain profitability.