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 ($)	0.739
Market Cap ($m)	435
Enterprise Value ($m)	329
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	0.68	0.50	***	***	***
P/Sales	0.26	0.17	***	***	***
EV/EBITDA	0.5	0.2	***	***	***
P/Book	0.29	0.24	***	***	***

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Latest news about Ferrexpo

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.

Aug 07, 2025

| Metals & Mining

Ferrexpo — Reports weak 1H25 financials

Ferrexpo reported 1H25 net sales of $453m, down 17% y-o-y but up 18% h-o-h. EBITDA came in at just $4m (-95% y-o-y), still up from -$10m in 2H24. The company posted a net loss of $196m vs. net income of $55m in 1H24 and a $106m loss in 2H24.