RCS - Ferrexpo plc - End of year letter from Interim Executive Chair

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RNS Number : 1820N  Ferrexpo PLC  31 December 2025

Ferrexpo plc

 

End of year letter from Lucio Genovese, Interim Executive Chair

 

Baar, Switzerland

31 December 2025

 

As 2025 draws to an end, we see that the Global Mining Index has gained 80%
since the start of the year, its best performance in over 25 years.

These gains are of course mostly fuelled by the performance of the gold stocks
within the index. The yellow metal's rise to new records reflects a world of
increased geopolitical tension, alongside economic uncertainty.

In comparison, our own share price is down 30% this year. This is due to
several reasons, primarily that we have endured a fourth year of war, with the
latest attacks targeting energy infrastructure which have resulted in
nationwide power restrictions. Secondly, our liquidity position has been
constrained due to the decision by the Ukrainian tax authorities to withhold
VAT refunds.

I believe, however, that in recent years we have shown our ability to adapt
and respond well to the challenges we have faced, and I believe we will
continue to do so.

During the year we broadened our premium-grade iron ore product mix, exporting
more concentrate than ever before, to more customers, especially in Asia. The
pivot to the production of more than 50% of premium-grade concentrates
demonstrated our flexibility and ability to take advantage of shifting market
opportunities.

We also moved quickly to lower costs. The withholding of VAT refunds forced
our decision to reduce working hours and place some colleagues on furlough,
while also reducing spending on social and humanitarian projects. These
choices were not made easily. They have, however, enabled us to remain viable
and continue to operate, albeit at reduced capacity levels.

We continue to observe political developments, domestically and on the
international stage. This brings us hope but, in reality, we must continue to
operate in a time of war and under martial law, protecting our people first
and foremost and doing everything we can to preserve the integrity of our
assets, whilst advancing all our efforts to recoup the withheld VAT refunds.

 

Slava Ukrainii

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