Ferrexpo

Ferrexpo is an LSE-listed producer and exporter of iron ore pellets. Its principal production facility is the Ukrainian iron ore mining company Poltavskiy GOK. The company owns significant iron ore reserves, making it one of the world’s largest pellet producers.

Shareholders Structure

SUMMARY

Market Price ($)	0.948
Market Cap ($m)	558
Enterprise Value ($m)	452
Shares Outstanding	588,624,142
Code	FXPO LN

Recommendations

FV ($)	****
Upside (%)	****
Recommendation	****

Indicator	2020	2021	2022	2023	2024
Sales ($m)	1,700	2,518	***	***	***
EBITDA ($m)	859	1,439	***	***	***
Net Income ($m)	635	871	***	***	***
Net Debt ($m)	(4)	(117)	***	***	***

Indicator	2020	2021	2022	2023	2024
P/E	0.88	0.64	***	***	***
P/Sales	0.33	0.22	***	***	***
EV/EBITDA	0.6	0.3	***	***	***
P/Book	0.37	0.30	***	***	***

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Latest news about Ferrexpo

Jan 16, 2026

| Metals & Mining

Ferrexpo — 4Q25 output falls 29% q-o-q amid overdue VAT refunds, power shortages and export constraints

Ferrexpo reported 4Q25 pellet production of 0.4 Mt, down 35% q-o-q and 73% y-o-y, bringing full-year output to 3.2 Mt (-47% y-o-y). Quarterly concentrate production declined 24% q-o-q but rose 1.5x y-o-y to 661 kt, lifting 2025 concentrate output to 2.9 Mt (+4.1x y-o-y). Total production amounted to 1.1 Mt in 4Q25, down 29% q-o-q and 39% y-o-y, with full-year output of 6.1 Mt (-9.4% y-o-y).

Oct 07, 2025

| Metals & Mining

Ferrexpo — 3Q25 production weak at 1.5 Mt as VAT refunds suspended

Ferrexpo reported 3Q25 pellet production of 0.6 Mt, down 22% q-o-q and 50% y-o-y, all represented by 65% pellets. In 9M25, pellet production totaled 2.7 Mt (-28% y-o-y). Quarterly concentrate production fell 36% q-o-q but surged 6.8x y-o-y to 871 kt, bringing 9M25 output up 5x y-o-y to 2.3 Mt.