Ferrexpo (FXPO) Trading update summary

Operational performance

• Achieved total production of 963,000 tonnes in Q2 2026, with 860,000 tonnes of premium pellets and 103,000 tonnes of Fe 67% concentrate.

• Maintained a rolling 12-month LTIFR of 0.18, well below the five-year average, with zero workplace fatalities for over five years.

• Operations remain highly constrained due to the war in Ukraine, with only one pellet line active and significant workforce disruptions.

Financial position and liquidity

• Accessible cash balance stood at $27 million as of 30 June 2026, with a net cash position of $21 million after lease obligations.

• Net cash position has declined from $101 million at end-2024 to $21 million at end-Q2 2026.

• Sufficient liquidity is forecast to last until early Q4 2026, assuming stable conditions and no adverse legal or operational developments.

Cost management and workforce

• Extensive cost-cutting and deferred expenditures have been implemented across all business areas.

• Workforce maintained at 6,299, including 804 serving in the Ukrainian Armed Forces; 11 employees have died in 2026 defending Ukraine.