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LKAB (LKAB) investor relations material

LKAB has been private

LKAB Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Stable production and delivery volumes in Q4 and full year, with fewer disruptions than prior year.

  • Sales revenue declined due to a significantly weakened US dollar and lower pellet premiums, despite higher global iron ore prices.

  • Substantial increase in costs for urban transformation in Kiruna negatively impacted profit.

  • Board proposes a dividend of MSEK 1,500, representing 50% of annual profit.

Financial highlights

  • Q4 net sales: MSEK 8,305 (down from 9,451 YoY); full year: MSEK 33,325 (33,146 YoY).

  • Q4 operating profit: MSEK 986 (2,619 YoY); full year: MSEK 3,274 (8,722 YoY).

  • Q4 profit for the period: MSEK 526 (2,069 YoY); full year: MSEK 2,976 (8,773 YoY).

  • Q4 operating cash flow: MSEK -864 (653 YoY); full year: MSEK 2,382 (1,740 YoY).

  • Return on equity: 3.7% (11.0% YoY); net debt/equity ratio: 8.4% (-15.5% YoY).

Outlook and guidance

  • Geopolitical uncertainty and trade policy measures are affecting global markets.

  • Iron ore prices at the start of 2026 are slightly higher; pellet premiums expected to rise.

  • Demand for iron ore products remains stable but at lower levels than previous years; market remains volatile.

  • Urban transformation in Kiruna will require intensive efforts and increased spending in coming years.

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Frequently asked questions

Luossavaara-Kiirunavaara Aktiebolag (LKAB) is a state-owned Swedish mining company, established in 1890. As one of the country's oldest industrial corporations, LKAB has a significant presence in the mining industry, primarily focusing on the extraction of iron ore. The company operates major mines in Kiruna and Malmberget, located in northern Sweden, where it extracts iron ore to produce pellets and fines. These products are essential for the global steel industry, with LKAB's operations extending to processing plants and ore harbors in northern Sweden and Norway, and a sales office in Germany. The company's efforts towards sustainability are noteworthy, investing significantly in decarbonization and aiming to minimize environmental impact through its focus on carbon dioxide-free sponge iron, sustainable mining, and the extraction of critical minerals. The company is headquartered in Luleå, Sweden, and its shares are not publicly listed as it is wholly owned by the Swedish government.

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