Rana Gruber
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Rana Gruber (RANA) investor relations material

Rana Gruber 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 summary12 Feb, 2026

Executive summary

  • Full-year production reached 1.81 million tonnes, with Q4 output of 428,000–413,000 tonnes impacted by temporary disruptions and quality improvements.

  • Underground mine output grew 19% year-over-year, and Stensundtjern open pit was commissioned in January 2026.

  • Champion Iron launched a voluntary offer for all shares, valuing the company at NOK 2.93 billion, unanimously recommended by the board.

  • Product quality improved, transitioning to 65% Fe grade, with magnetite volumes set to rise as Stensundtjern comes online.

  • Net profit for Q4 was NOK 25.5 million (adjusted NOK 44 million); full-year net profit was NOK 301.9 million, down from NOK 370.8 million in 2024.

Financial highlights

  • Q4 2025 revenue was NOK 413 million, down 6.8–7% year-over-year; full-year revenue was NOK 1,565.8 million, down 6%.

  • Q4 EBITDA was NOK 128.1 million (31% margin), down 12.9% year-over-year; full-year EBITDA was NOK 573.4 million (37% margin).

  • Q4 net profit was NOK 25.5 million, down 55% year-over-year; adjusted Q4 net profit was NOK 44 million.

  • Adjusted Q4 EPS was NOK 1.19; reported Q4 EPS was NOK 0.69.

  • Q4 cash cost per tonne was NOK 647, up due to lower volumes, higher energy prices, and non-recurring transaction costs.

Outlook and guidance

  • Magnetite sales are expected to increase with Stensundtjern open pit, targeting chemical and high-grade steel markets.

  • Focus remains on operational stability, cost discipline, and product quality, with recovery improvements underway.

  • Committed to a long-term cash cost target of USD 50–55 per ton.

  • No dividend proposed for Q4 due to the pending Champion Iron offer.

  • Some upward cost pressure anticipated from increased transport distances and energy costs in Q1 2026.

Fe65 transition: recovery improvement timeline?
Mitigate Stensundtjern transport cost pressure?
Post-offer dividend policy?
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Frequently asked questions

Rana Gruber is a Norwegian iron ore producer established in 1964, with operations based on more than 200 years of mining experience. The company's products are based on natural mineral resources, which are processed and exported to customers worldwide. Key customers include steel producers and participants in the chemical industry. The company has about 300 employees and a production capacity of 1.8 million metric tons of iron ore concentrates.

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