Slide 1: Full year 2024 financial results
Full year 2024 financial results 19 March 2025
Slide 2: Forward looking statement & disclaimers
Forward looking statement & disclaimers Information regarding forward-looking statements. This Presentation includes When assessing and discussing the Group’s reported financial performance, forward-looking statements. These forward-looking statements involve known financial position and cash flows,
Slide 3: Our global operations
Our global operations 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 Office, Shanghai 10 Office, Tokyo Ferrexpo PLC | Full year 2024 f
Slide 4: Vertically-integrated producer of high-grade iron ore products
Vertically-integrated producer of high-grade iron ore products Our high-quality products are preferred by premium steel producers around the world and are enabling the transition to green steel, whilst at the same time supporting the Ukrainian economy. What we do The outcomes we deliver Economic Tra
Slide 5: Supporting the transition to green steel
Supporting the transition to green steel What’s the industry challenge? Why are we well positioned to help achieve this? Our industry- Established Our focus on The essential Transition leading large scale responsible nature of steel to green steel products operations operations >1.8BN T 7% -37% +50Y
Slide 6: Business review
Business review Lucio Genovese Executive Chair
Slide 7: Protecting our people and our assets
Protecting our people and our assets Revenue Resilient production US$933M 6.9MT 43% increase in revenues Logistics constraints eased reflecting increased sales allowing for a 66% increase volumes, albeit at lower in total production (pellets realised prices. and concentrate), including record produc
Slide 8: Operations
Operations Operations scaled to deliver exceptional increases in throughput, production and sales Mining Processing Logistics Strong growth in mining Increased flexibility with Logistics capabilities rapidly rates, to deliver ore to plant multiple pellet lines in operation handled increase in sales
Slide 9: Review of operations
Review of operations Managing the business through a prolonged war Mined volumes Sales (thousand tonnes) (thousand tonnes) 150,000 12,000 140,000 11,000 130,000 10,000 120,000 110,000 9,000 100,000 8,000 90,000 7,000 80,000 70,000 6,000 Q4 60,000 5,000 Q4 Q3 50,000 4,000 40,000 Q3 3,000 Q2 30,000 2,
Slide 10: Sustainability dashboard
Sustainability dashboard Progress hindered by impacts of war Key safety rate (LTIFR) GHG Emissions (Scope 1&2 kg/t) Women in leadership roles Humanitarian support 0.54 +5% 23% US$28M 28 23% 25 22% 21% 132 0.79 20% 18% 18% 110 19 0.58 94 92 91 89 0.54 0.51 0.41 0.39 2019 2020 2021 2022 2023 2024 2019
Slide 11: Operating during a time of war
Operating during a time of war Protect our people and preserving the integrity of our assets Workforce Logistics distribution 9% Rail Western border crossings 50:50 One in ten of our employees are The reopening of Ukraine’s Black Sea currently serving in the Armed Forces ports allowed the Group to r
Slide 12: Making a meaningful social impact during wartime
Making a meaningful social impact during wartime Humanitarian and CSR funding for over 100 projects and initiatives since the start of the full-scale invasion in February 2022 2% 10% 26% 4% Electronics PPE US$28m 9% Supplied goods Medicine since the full-scale invasion Foods and Others in February 2
Slide 13: Market review
Market review Yaroslavna Blonska Acting Chief Marketing Officer
Slide 14: Iron ore markets
Iron ore markets Falling prices due to supply growth and weak steel markets Restocking-driven price Decline during 2024 characterised by a period of strong pellet rally subsequently 2-3Q driven by Sharp 20% rally in dampened by stronger soft construction prices driven by pre- supply with majors ramp
Slide 15: Sales and logistics
Sales and logistics Group sales Diversification 6.8MT 11countries Full year shipments increased Sales to existing European 64%, comprising 6 million customers diversified with tonnes of premium pellets and sales to customers in MENA 0.8 million tonnes concentrate (6%) and Asia (17%). (2023: 4.2MT).
Slide 16: Customer development
Customer development Pellet demand & premiums Premium customers +65% Fe Green steel Resumption of DR pellets Agreements signed with leading resulted in increased sales of European and Asian business 380kt to MENA customers partners to jointly advance (2023: 105kt sales products and technologies for
Slide 17: Financial review
Financial review Nikolay Kladiev Chief Financial Officer
Slide 18: Income statement
Income statement Downscaled operations continue to produce operating profit Revenue Key figures 2024 2023 Change (US$ million, unless otherwise stated) • 64% increase in sales volumes due to regained access to Ukrainian Black Sea ports. Total sales volume (mt) 6.8 4.2 64% • Annual average benchmark
Slide 19: Underlying EBITDA drivers
Underlying EBITDAA drivers Positive EBITDA maintained despite lower realised prices and higher energy and key consumables costs 2024 EBITDA waterfall EBITDA EBITDA margin US$m US$69M 7% (2023: 15%) 450 315 400 Sales 350 (52) • Significant positive impact from 62% higher sales volume due to regained
Slide 20: Production cost breakdown & development
Production cost breakdown & development C1 unit costs increased 10%, affected by macro factors Explosives Royalties 2% 2024 C1 costs breakdown Grinding media 7% 6% 2% C1 Cash Costs of Change vs 2023 9% Electricity US$83.9/t +10% 2024 32% 6% 32% Maintenance US$83.9/t and repairs 16% • Energy-related
Slide 21: Cash flow statement
Cash flow statement Stable net cash position despite challenging environment Underlying EBITDA (US$ million, unless otherwise stated) 2024 2023 Change • Lower underlying EBITDA is the net effect from: Underlying EBITDA 69 99 (30%) ‒ Higher sales and production volumes. ‒ Lower realised prices. Worki
Slide 22: Balance sheet
Balance sheet Balance sheet maintained with a stable net cash position at year end Assets Key figures 2024 2023 Change (US$ million) • PPE after impairment loss of US$72 million. • Decrease of trade and other receivables due to strong cash collection Total assets, including 1,187 1,347 (160) before
Slide 23: Outlook: 2025 considerations
Outlook 2025 considerations Maintain safety-first approach Achieve a fifth successive fatality-free year and low LTIFR War in Ukraine Protecting our people is our main priority, alongside the preservation of our assets Supporting Ukraine Safeguard employment, fiscal contributions and humanitarian su
Slide 24: Standing with Ukraine
Standing with Ukraine