REG - Ferrexpo plc - Trading Update

FerrexpoAnnouncement

01/04/2026 09:45

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RNS Number : 0484Z  Ferrexpo PLC  01 April 2026

1 April 2026

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

 

Trading Update

Ferrexpo plc (LSE: FXPO) provides an update on the Group's current trading.

As previously announced, attacks on Ukrainian energy infrastructure in January
2026 resulted in the Company suspending operations. Following improvements in
the availability and price of electricity, production restarted in February
2026, and one pellet line continues to be in operation.

The Group's focus has been to manage its working capital and costs throughout
this challenging operating environment. This has included reduced working time
for employees, ongoing cuts in procurement of goods and services, and the
continued suspension of all non-essential CapEx, overheads, and corporate
social responsibility spending.

The withholding of VAT refunds has continued in the first quarter of 2026. The
total outstanding VAT refunds is expected to be US$80 million at the end of
March 2026.

As at 31 March 2026, the Group's available cash was US$35 million with no debt
except for lease liabilities resulting in a net cash position of approximately
US$25 million (31 December 2025: US$47 million, 27 February 2026: US$30
million). Excluding the Group's funds held with MBaer Merchant Bank, with
reference to the announcement on 9 March 2026, as at 31 March 2026, the Group
had net accessible cash of approximately US$22 million.

Although the Group remains focused on managing its costs and optimising its
sales mix, based on the forecasted cash burn, the Group estimates that it has
sufficient cash until at least the end of June 2026. The Group is actively
exploring a number of potential funding options, which could include an equity
capital raise. At this stage there can be no certainty that the Group will be
successful in concluding such funding options. If the withholding of VAT
refunds continues and funding issues are not resolved in sufficient time, this
could give rise to material negative consequences for the Group.

Given the number of issues facing the Group, the Company requires more time to
finalise its Full Year 2025 Financial Accounts, however, the Company does
expect to report on or before 30 April 2026.

This announcement contains inside information. The person responsible for the
release of this announcement is Mark Gregory, Group Company Secretary.

For further information, please contact:

 Ferrexpo:
 Nick Bias        n.bias@ferrexpo.ch (mailto:n.bias@ferrexpo.com)             +44 (0)7733 177 831
 Tavistock:
 Jos Simson       ferrexpo@tavistock.co.uk (mailto:ferrexpo@tavistock.co.uk)  +44 (0)7899 870 450

 Gareth Tredway                                                               +44 (0)7785 974 264

About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and
a listing in the equity shares commercial companies category on the London
Stock Exchange (ticker FXPO) and a constituent of the FTSE All Share and
FTSE4Good indices. The Group produces premium grade iron ore products sold to
the global steel industry and enabling steel makers to reduce carbon emissions
and increase productivity. Ferrexpo's operations have been supplying the
global steel industry for over 50 years with a customer base comprising of
premium steel mills around the world. For further information, please visit
www.ferrexpo.com (http://www.ferrexpo.com) .

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