REG - Ferrexpo plc - Production Report for 1Q 2026

FerrexpoAnnouncement

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RNS Number : 4744A  Ferrexpo PLC  15 April 2026

15 April 2026

Ferrexpo plc

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

 

Production Report for 1Q 2026

Ferrexpo plc (LSE: FXPO), a producer and exporter of premium iron ore
products, reports production results for the first quarter of 2026 ("the
quarter" or "1Q" or "1Q 2026").

Production Report

·   Ferrexpo remains committed to the safety and wellbeing of its workforce
and the Group continues to take extensive measures to protect employees, their
families, and local communities.

·   At the end of February 2026, the Group reported an improvement in the
rolling 12-month Lost Time Injury Rate ("LTIFR") to 0.17, falling back below
the historic five-year trailing average of 0.44. Zero workplace fatalities
have been reported for more than five years.

·   Total production for the quarter was 593 thousand tonnes, comprising 68
thousand tonnes of Fe 67% premium iron ore concentrate and 525 thousand tonnes
of premium iron ore pellets.

·   As previously announced, production activities were largely suspended
in Q1 due to nationwide attacks on Ukrainian electricity generation and
transmission infrastructure.

·   Production recommenced with only limited resumption of operations at
reduced capacity levels in late February 2026 following improvements in the
availability and price of electricity supply. The Group continues to operate
one of its four pellet lines and sell its products to European customers.

·   As set out in the Trading Update announced on 1 April 2026, the Group's
focus has been to extensively manage its working capital and costs in a
difficult 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 (CSR) spending.

·   The Company continues to closely monitor its cash and working capital
position and has continued to actively explore and progress 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.

 

Summary production statistics

 (tonnes)                     Fe Grade  1Q 2026  4Q 2025    Change  1Q 2026  1Q 2025    Change
 Total commercial production            592,751  1,073,871  -45%    592,751  2,125,467  -72%
 Total pellet production                524,926  412,867    +27%    524,926  1,347,749  -61%
 DR pellets (FDP)             67%       0        0          -       0        81,787     -100%
 Ferrexpo premium pellets     65%       524,926  412,867    +27%    524,926  1,105,049  -52%
 Other pellets                65%       0        0          -       0        160,913    -100%
 Commercial concentrate       67%       67,825   661,004    -90%    67,825   777,718    -91%

 

Commenting on the Group's performance, Lucio Genovese, Interim Executive
Chair, said:

"The lower production numbers in the first quarter, at almost half of what we
achieved in the final three months of 2025, reflect focused Russian attacks on
Ukraine's power and energy infrastructure late last year and the resultant
impact on our ability to operate sustainably. By January, given the supply of
electricity could not be assured on a sustainable basis in the volumes
required, we were forced to make the difficult decision to temporarily suspend
operations and place a part of the workforce on furlough.

Fortunately in late February we saw sufficient improvements in the
availability and price of electricity to restart limited production at FPM on
one pellet line. One pellet line remains in operation, and the Group continues
to use its own fleet of rail wagons to export to customers in Eastern and
Central Europe.

We are grateful for the hard work across the country that has enabled repairs
to be completed quickly. I am also grateful to colleagues who have worked
tirelessly to restart the operations of one pellet line. This demonstrates,
once again, our ability to be flexible and agile in a very challenging
environment.

Going forward, our focus remains on managing working capital and costs
throughout this challenging operating environment."

For further information, please contact:

 Ferrexpo:
                                                                              via Tavistock
 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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