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LKAB (LKAB) investor relations material
LKAB Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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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