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 ($)	0.661
Market Cap ($m)	389
Enterprise Value ($m)	283
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	0.61	0.45	***	***	***
P/Sales	0.23	0.15	***	***	***
EV/EBITDA	0.4	0.2	***	***	***
P/Book	0.26	0.21	***	***	***

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Latest news about Ferrexpo

Jul 08, 2025

| Metals & Mining

Ferrexpo — 2Q25 production down 40% q-o-q as VAT refunds suspended

Ferrexpo reported pellet production of 0.8 Mt in 2Q25, down 40% q-o-q and 24% y-o-y. All output consisted of 65% Fe pellets. This brought 1H25 pellet output to 2.1 Mt, down 3% h-o-h and 26% y-o-y. Concentrate production fell 43% q-o-q in 2Q25 to 446 kt, though it remained up 136% y-o-y. In 1H25, concentrate output surged 214% h-o-h and 185% y-o-y. As a result, Ferrexpo’s total production declined to 1.3 Mt in 2Q25 (-40% q-o-q, -24% y-o-y), while 1H25 total output reached 3.4 Mt (+7% h-o-h, -9% y-o-y).

Jun 30, 2025

| Metals & Mining

Ferrexpo — Fitch downgrades to CCC-

Fitch Ratings downgraded Ferrexpo’s Long-Term Issuer Default Rating (IDR) to CCC- from CCC+, citing a significant deterioration in operating liquidity and continued negative free cash flow following the suspension of VAT refunds earlier this year.