Slide 1: 2025 Interim financial results
2025 Interim financial results 6 August 2025
Slide 2: Forward looking statement & disclaimers
Forward looking statement & disclaimers Information regarding forward-looking statements. This Presentation includes forward- When assessing and discussing the Group’s reported financial performance, financial looking statements. These forward-looking statements involve known and unknown position an
Slide 3: European base, global presence
Large scale producer of high-grade iron ore products European base, global presence 1 Ferrexpo Plc, London 2 Ferrexpo AG, Baar 3 Corporate Office, Kyiv 4 Operations, Horishni Plavni 5 Ukrainian port facilities, Black Sea 6 First-DDSG barge operations, Danube 7 Office, Dubai 8 Office, Singapore 9 Off
Slide 4: The case for high grade iron ore products - located near to growth markets
The case for high grade iron ore products - located near to growth markets What’s the industry outlook? Why is Ferrexpo positioned to take advantage? Our industry- Established Our focus on The essential Transition leading large-scale responsible nature of steel to green steel products operations ope
Slide 5: Business review
Business review Lucio Genovese Interim Executive Chair
Slide 6: Resilient performance in an adverse environment
Resilient performance in an adverse environment Production Revenue 3.4MT US$453M Despite the strongest production 17% decrease in revenues since full-scale invasion in 1Q, the reflecting lower realised prices suspension of VAT forced lower and different product mix. production in 2Q (1H 2024: US$549
Slide 7: Operations
Operations Strong Q1 but scaled back in Q2 due to one pellet line operation Mining Processing Logistics Fall in 2Q mining rates as capacity Installation of additional concentrator Multimodal transport continues to reduced due to VAT lines in 2024 enabled production pivot provide customer flexibility
Slide 8: Review of operations
Review of operations Managing the business through a prolonged war Mined volumes Sales (thousand tonnes) (thousand tonnes) 160,000 12,000 140,000 2H 2H 120,000 9,000 100,000 80,000 6,000 2H 2H 60,000 1H 1H 2H 2H 1H 2H 40,000 3,000 1H 1H 1H 2H 1H 20,000 1H 1H 1H 0 0 2021 2022 2023 2024 2025 YTD 2021
Slide 9: Sustainability dashboard
Sustainability dashboard Progress hindered by impacts from the war Key safety rate (LTIFR) GHG Emissions (Scope 1&2 kg/t) Women in leadership roles Humanitarian support 0.56 -15% 26% US$29M 29 28 132 26% 0.79 25 23% 22% 21% 110 20% 94 18% 18% 92 19 91 0.56 89 0.54 0.51 80 0.41 0.39 2020 2021 2022 20
Slide 10: Operating during a time of war
Operating during a time of war Our business has built-in operational flexibility and continues to adapt to wartime challenges Workforce in Armed Forces Logistics 2.5 11% 60% seaborne Rail days Kyiv Western border 738 colleagues serving in the Access to the Black Sea maritime crossings Kyiv Armed For
Slide 11: Market review
Market review Yaroslavna Blonska Acting Chief Marketing Officer
Slide 12: Iron ore markets
Iron ore markets Falling prices due to supply growth and weak steel markets US$/t Benchmark iron ore fines 140 50 50 indexes declined during the Fe 65% first half with an oversupplied 45 45 market and weak global 120 Atlantic blast furnace premium (US$/DMT) demand. 40 40 100 35 35 Demand for high-gr
Slide 13: Sales and logistics
Sales and logistics Group sales Diversification 3.8MT 10 countries 28% increase compared to Pivot toward Asia in 1H 2025 previous period. Pellet sales comprising 50% of all exports complemented by pivot to high- during the period. Europe grade concentrates to capture remains a key market with 38% Ch
Slide 14: Customer development
Customer development Pellet demand & premiums Flexible logistics +65% Fe Network 34.2% fall in pellet production Placing product to customers at compared to same period last year the right time; the Group continues due to forced downscaling of to offer logistical agility by scaling production due to
Slide 15: Financial review
Financial review Nikolay Kladiev Chief Financial Officer
Slide 16: Income statement
Income statement Negative operating profit due downscaling of operations and impairment loss Revenue Key figures • Less than 1% decrease in total sales volumes compared to 1H 2024 - aligned to (US$ million, unless otherwise 1H 2025 1H 2024 Change 2H 2024 Change adjusted production plan stated) • Red
Slide 17: Underlying EBITDA drivers
Underlying EBITDAA drivers Decline of EBITDA due to lower pellet sales volume and realised prices 1H 2025 EBITDA waterfall EBITDA EBITDA margin US$m Pellets Concentrate Supporting operations (US$110m) US$11m US$4M 1% (1H24: 14%) 100 US$24m EBITDA 79 80 • Impairment loss of US$154 million not affecti
Slide 18: Production cost breakdown & development
Production cost breakdown & development Positive effects on C1 unit costs despite higher energy prices Royalties Explosives 1% Grinding media 6% 1H 2025 5% C1 costs 8% 2% US$77.1/t Electricity breakdown Maintenance & repairs 14% 6% 27% 34% 1H 2025 14% lower than 2H 2024 US$/t US$77.1/t 17% 2% lower
Slide 19: Cash flow statement
Cash flow statement Decrease of net cash position due to challenging environment Underlying EBITDA (US$ million, unless otherwise stated) 1H 2025 YE 2024 Change 1H 2024 Change • Decline of positive underlying EBITDA driven by: ‒ lower sales and production volumes Underlying EBITDA 4 69 (94%) 79 (95%
Slide 20: Balance sheet
Balance sheet Debt free and decline of net cash position due to lower cash flows Assets Key figures • PPE after additional impairment of US$154 million 1H 2025 YE 2024 Change 1H 2024 Change (US$ million) • Increase in trade and other receivables as result of strong sales in June • Lower inventories
Slide 21: Standing with Ukraine
STANDING WITH UKRAINE