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The Company is listed on the London Stock Exchange. Ferrexpo plc and its subsidiaries (the \u201cGroup\u201d) operate two mines and a processing plant near Kremenchuk in Ukraine, have an interest in a port in Odessa and sales and marketing activities around the world, including offices in Switzerland, the U.A.E. (Dubai), Japan, China, Singapore and Ukraine. The Group also owns logistics assets in Austria, which operate a fleet of vessels operating on the Rhine and Danube waterways and an ocean-going vessel, which provided top-off services until it was sold in April 2026. The Group\u2019s operations are vertically integrated from iron ore mining through to iron ore concentrate and pellet production and subsequent logistics. The Group\u2019s mineral properties lie within the Kremenchuk Magnetic Anomaly and are currently being extracted at the Gorishne-Plavninske-Lavrykivske (\u201cGPL\u201d) and Yerystivske deposits. Despite the ongoing war in Ukraine, the Group has managed to continue its operations throughout the financial year 2025. The business environment in Ukraine remains difficult and challenging. This is not just because of the ongoing war, but also because of several ongoing legal disputes in the country. As disclosed in Note 35 Events after the reporting period included in the published 2024 Annual Report and Accounts, personal sanctions have been imposed on Kostyantin Zhevago (\u201cMr Zhevago\u201d) by the State of Ukraine. These sanctions, which have been treated as a non-adjusting post balance sheet event as at 31 December 2024, are personal in nature and have not been imposed on any member of the Ferrexpo Group. As a result of these sanctions against Mr Zhevago, since March 2025, the tax authorities in Ukraine refused to make VAT refunds to the Group\u2019s subsidiaries in Ukraine. As a consequence, the Group had to reduce its forecast production plan for 2025 to minimise the impact of the rejected VAT refunds on the Group\u2019s liquidity, which affected the sales to the Group\u2019s international customers and its cash flow generation during the financial year 2025. The lower cash flow generation did not only have an impact on the Group\u2019s available cash balance throughout the financial year 2025, but also on the Group\u2019s long-term model used for the impairment test. The impairment tests performed during the financial year 2025 resulted in an impairment loss of US$154,323 thousand (2024: US$71,635 thousand), which was recorded as 30 June 2025. Further to that, following attacks on Ukrainian energy infrastructure on 8 November 2025, the supply of power to the Group\u2019s operations has been affected and as a result its production of iron ore pellets and concentrate was interrupted and affected later in November and December 2025. The lower level of production during this period had a substantial impact on the Group\u2019s sales during these months and, as result, also on its profitability and cash flow generation. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. As at the date of the approval of these consolidated financial statements, the war is still ongoing and continues to pose a significant threat to the Group\u2019s mining and processing operation, and its logistics routes within Ukraine. In addition to the war-related material uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which may or may not be exacerbated by the war and the current circumstances facing the Group in Ukraine. See Note 2 Basis of preparation, Note 13 Property, plant and equipment and Note 30 Commitments, contingencies and legal disputes for further information. The largest shareholder of the Group is Fevamotinico S.a.r.l. (\u201cFevamotinico\u201d), a company incorporated in Luxembourg. Fevamotinico is ultimately wholly owned by The Minco Trust, of which Kostyantin Zhevago (\u201cMr Zhevago\u201d) and two other members of his family are the beneficiaries. At the time this report was published, Fevamotinico held 49.3% (49.3% as at the time of publication of the 2024 Annual Report and Accounts) of Ferrexpo plc\u2019s issued voting share capital (excluding treasury shares). ", "dimensions": { "concept": "ferrexpoplc:DisclosureOfGeneralCorporateInformation", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Ferrexpo plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Ferrexpo plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "55 St James\u2019s Street, London SW1A 1LA, UK.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "The Company is listed on the London Stock Exchange. Ferrexpo plc and its subsidiaries (the \u201cGroup\u201d) operate two mines and a processing plant near Kremenchuk in Ukraine, have an interest in a port in Odessa and sales and marketing activities around the world, including offices in Switzerland, the U.A.E. (Dubai), Japan, China, Singapore and Ukraine. The Group also owns logistics assets in Austria, which operate a fleet of vessels operating on the Rhine and Danube waterways and an ocean-going vessel, which provided top-off services until it was sold in April 2026. The Group\u2019s operations are vertically integrated from iron ore mining through to iron ore concentrate and pellet production and subsequent logistics. The Group\u2019s mineral properties lie within the Kremenchuk Magnetic Anomaly and are currently being extracted at the Gorishne-Plavninske-Lavrykivske (\u201cGPL\u201d) and Yerystivske deposits. Despite the ongoing war in Ukraine, the Group has managed to continue its operations throughout the financial year 2025. The business environment in Ukraine remains difficult and challenging. This is not just because of the ongoing war, but also because of several ongoing legal disputes in the country. As disclosed in Note 35 Events after the reporting period included in the published 2024 Annual Report and Accounts, personal sanctions have been imposed on Kostyantin Zhevago (\u201cMr Zhevago\u201d) by the State of Ukraine. These sanctions, which have been treated as a non-adjusting post balance sheet event as at 31 December 2024, are personal in nature and have not been imposed on any member of the Ferrexpo Group. As a result of these sanctions against Mr Zhevago, since March 2025, the tax authorities in Ukraine refused to make VAT refunds to the Group\u2019s subsidiaries in Ukraine. As a consequence, the Group had to reduce its forecast production plan for 2025 to minimise the impact of the rejected VAT refunds on the Group\u2019s liquidity, which affected the sales to the Group\u2019s international customers and its cash flow generation during the financial year 2025. The lower cash flow generation did not only have an impact on the Group\u2019s available cash balance throughout the financial year 2025, but also on the Group\u2019s long-term model used for the impairment test. The impairment tests performed during the financial year 2025 resulted in an impairment loss of US$154,323 thousand (2024: US$71,635 thousand), which was recorded as 30 June 2025. Further to that, following attacks on Ukrainian energy infrastructure on 8 November 2025, the supply of power to the Group\u2019s operations has been affected and as a result its production of iron ore pellets and concentrate was interrupted and affected later in November and December 2025. The lower level of production during this period had a substantial impact on the Group\u2019s sales during these months and, as result, also on its profitability and cash flow generation. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. As at the date of the approval of these consolidated financial statements, the war is still ongoing and continues to pose a significant threat to the Group\u2019s mining and processing operation, and its logistics routes within Ukraine. In addition to the war-related material uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which may or may not be exacerbated by the war and the current circumstances facing the Group in Ukraine. See Note 2 Basis of preparation, Note 13 Property, plant and equipment and Note 30 Commitments, contingencies and legal disputes for further information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Ferrexpo plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Kremenchuk in Ukraine", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "
NOTE 2: BASIS OF PREPARATION
The consolidated financial statements of Ferrexpo plc and its subsidiaries have been prepared in accordance with International Financial
Reporting Standards adopted for use in the United Kingdom (\u201cUK adopted IFRS\u201d) and with the Companies Act 2006, as applicable to
companies reporting under international accounting standards. Entities are included in the consolidated financial statements from the date
of obtaining control and the inclusion in the consolidated financial statements is consequently ceased when the control over an entity is lost.
For the definition of control see Note 32 Consolidated subsidiaries.
The consolidated financial statements have been prepared on a historical cost basis, except for post-employment benefits measured in
accordance with IAS 19 revised Employee benefits and revenues related to provisionally priced sales recognised in accordance with IFRS 15
Contracts with customers at the estimated fair value of the consideration receivable until final pricing is determined. The consolidated
financial statements are presented in thousands of US dollars and all values are rounded to the nearest thousand except where
otherwise indicated.
The material accounting policy information is included in the disclosure notes to the specific financial statement accounts.
GOING CONCERN
Throughout the financial year 2025, the situation in Ukraine remained unpredictable and extremely challenging due to the ongoing war and
legal actions against the Group. The Group showed strong momentum at the beginning of the year, resulting in the Group\u2019s best production
in the first quarter since the full-scale invasion in February 2022. This strong momentum was significantly curtailed in the second quarter as
the Group started to experience the full impact of the Ukrainian tax authorities\u2019 decisions to suspend the refund of VAT to the Group\u2019s
subsidiaries in Ukraine. The situation further deteriorated in the last quarter of 2025, when the intensity and frequency of missile and drone
attacks on Ukraine\u2019s energy, transport, and port infrastructure increased. This led to power cuts and a sharp rise in electricity prices, which
had a further negative impact on the Group\u2019s business operations in the fourth quarter. Following intensified attacks from Russia on port
infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently
unavailable to the Group. Given the importance of this route for both parties involved in this war and for the global grain supply, it is
management\u2019s view the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available
to the Group for its sales to certain markets. Management is aware that the timing of the availability of the ocean-going Black Sea ports in
Ukraine is subject to significant uncertainty and management is currently assessing alternative logistics routes as done in 2022 and 2023,
when theses ports were unavailable for an extended time. However, channelling sales through alternative logistics routes may result in lower
sales volumes and/or higher logistics costs.
Following the personal sanctions imposed on Mr Zhevago by Ukrainian authorities on 12 February 2025, the Group\u2019s subsidiaries in Ukraine
have not been receiving VAT refunds since March 2025. As a result of the suspension of VAT refunds in Ukraine, the Group had to adjust its
production plan to mitigate working capital outflows and preserve cash, affecting the Group\u2019s financial performance during the financial year
2025, but also the expected cash flow generation during the period covered by the Group\u2019s going concern assessment.
As part of management\u2019s going concern assessment, the Group continuously adjusts its financial long-term model to reflect the latest
developments in terms of possible production and sales volumes as well as latest market prices and production costs. The financial long-term
model was updated using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current
circumstances the Group must operate in, including the effects from the suspension of VAT refunds and the ongoing legal actions against the
Group in Ukraine.
The level of the Group\u2019s production is currently restricted due to outstanding VAT refunds and also remains dependent on a constant power
supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing
war, which are reflected in the Group\u2019s financial long-term model.
Both the war and the legal actions against the Group in Ukraine are still ongoing, which have affected the Group\u2019s business activities, including
available logistic routes, and thus its profitability and cash flow generation during the financial year ended 31 December 2025 and are also
expected to have a continuing impact on the next 18 months following the approval of these consolidated financial statements, which
includes the period covered by the Group\u2019s going concern assessment. The suspension of VAT refunds has continued in 2026, significantly
affecting the Group\u2019s available cash balance. The total net outstanding VAT refunds are US$87,982 thousand at the end of June 2026, of
which US$86,911 thousand had been claimed for refund from the Ukrainian tax authorities and refunds totalling US$84,265 thousand have
been refused by the tax authorities, both as at the date of approval of these consolidated financial statements, because of the association
of the Group with Mr Zhevago as a consequence of the personal sanctions imposed on him.
As a result of the challenging situation during the financial year ended 31 December 2025, the Group\u2019s total commercial production totalled
6,142 thousand tonnes of iron ore pellets and concentrate, a decrease of 11% compared to 6,890 thousand tonnes during the comparative
year ended 31 December 2024. As no VAT refunds have been received since March 2025, the Group significantly reduced its capital
expenditure programme, which however could only partially offset the significantly lower operating cash flow generation. As a result, the
closing balance of cash and cash equivalents decreased to US$58,447 thousand as at 31 December 2025, compared to US$105,919 thousand
as of 31 December 2024.
As at the date of the approval of these consolidated financial statements, the Group has an available cash balance of approximately
US$26,300 thousand and is in a net cash position of approximately US$17,700 thousand. In addition to the available cash balance, the Group
has an outstanding trade receivable balance of approximately US$6,300 thousand from its pellet and concentrate sales, which is expected
to be collected in the next few months, and finished goods already stockpiled of 234 thousand tonnes at different ports or storage locations
other than the plant.
The challenging and unpredictable environment in which the Group has been operating since the beginning of the invasion and the ongoing
war, whose duration and impact on the Group\u2019s activities in future periods are difficult to predict, continue to represent a material
uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. In addition to the war-related material
uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which is
exacerbated by the war and/or the current circumstances facing Mr Zhevago. As a result, the Group is exposed to a number of risk areas that
are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which
represents another material uncertainty as at the date of the approval of these consolidated financial statements.
Despite the challenging environment in which the Group has operated in recent years, the Group managed to maintain an available cash
balance of over US$100,000 thousand at the end of the previous financial years. Due to the suspension of VAT refunds in Ukraine, the
situation continued to deteriorate and the Group\u2019s available cash reserves declined steadily during the financial year 2025, totalling
US$58,447 thousand as at 31 December 2025. Despite the fact that the Group remains focused on managing its costs and optimising its
sales mix, management expects the Group\u2019s liquidity to be sufficient until at least mid-September 2026. It is therefore the Directors\u2019
intention to raise gross proceeds of approximately US$100,000 thousand by way of a conditional placing of Ordinary Shares to support the
Group\u2019s working capital position and fund its ongoing operations. This planned fundraise is expected by management to be completed in late
September 2026 and will provide the necessary immediate recapitalisation and place the Group in a stronger financial position, thereby
enabling the Group to have more time to deal with the current challenging environment. The fundraise is conditional on all of the resolutions
being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are
not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern,
if no alternative funding can be secured before the liquidity is expected to be exhausted. As the fundraise is expected to be completed
subsequent to the approval of these consolidated financial statements, the outcome of the fundraise represents a further material
uncertainty, as it is to some extent outside of the Group\u2019s control.
The base case of the financial long-term model, including an inflow of US$100,000 thousand from the planned fundraise, shows that the
Group has sufficient liquidity under the base case assumptions to continue its operations at a reduced level throughout the entire period
of management\u2019s going concern assessment, covering a period of 18 months from the date of approval of these consolidated financial
statements. No VAT refunds are assumed during the 18 months of the Group\u2019s going concern assessment. The updated base case assumes
a pellet production volume of approximately 40% and 64% of the pre-war level for the financial years 2026 and 2027, respectively, and an
expected start of the recovery to the pre-war level in the second half of 2028.
The Group\u2019s cash flow generation is most sensitive to sales price changes. The sensitivities prepared for reasonably possible adverse changes,
with a focus on the expected realised prices, show negative cash balances under some scenarios in the last quarter of 2027, before any
mitigating actions are taken, such as a further reduction of operating expenditures and the Group\u2019s mining and maintenance activities.
However, with the significant reduction of the Group\u2019s operation in the long-term model, the available mitigating actions also reduced
significantly. As a result, the possible mitigating actions under the full control of management might not be sufficient to offset certain
negative effects from reasonably possible adverse changes to the base case.
Considering the tight available cash balances under the base case scenario and sensitivity to realised prices, the Group\u2019s available cash
balance is expected to be depleted in the last quarter of 2027, when combining all effects of reasonably plausible changes under a stress test
scenario. However, it is management\u2019s position that, as in the past, a combination of all reasonably possible or plausible adverse changes in
respect of realised prices and production costs is unlikely to happen as a result of the historical natural hedge between iron ore prices and
prices for key input materials.
As disclosed in Note 30 Commitments, contingencies and legal disputes, the ongoing legal actions against the Group have led to an
escalation of a number of risks, including risks relating to the political environment and the independence of the legal system in Ukraine,
which might be exacerbated by the ongoing war. These risks remain at the date of the approval of these consolidated financial statements
and could have a material negative impact on the Group\u2019s business activities and, as a consequence, on the Group\u2019s ability to continue as
a going concern.
The court proceedings before the Supreme Court of Ukraine in respect of contested sureties (see Note 30 Commitments, contingencies and
legal disputes for further details) continued during the financial year 2025 and first months of 2026. Although management is of the opinion
that this claim is without merit, the full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which
was recorded as at the end of 2023, was not released, considering the magnitude of this specific claim and the risks associated with the
judicial system in Ukraine. The outcome of this ongoing legal dispute continues to represent a material uncertainty in terms of the Group\u2019s
ability to continue as a going concern.
In respect of the contested sureties claim and the opening of bankruptcy proceedings against FPM mentioned above, no decision has been
made by the Supreme Court in the contested sureties claim as at the date of the approval of these consolidated financial statements. The
next hearing before the Supreme Court is scheduled for 12 October 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s
appeal in the bankruptcy case. If the Supreme Court rules in favour of the claimants in the contested sureties case, this would mean that
FPM\u2019s bankruptcy process will continue, which could potentially have a material negative impact on the Group\u2019s business activities and its
ability to continue as a going concern. Following that negative decision of the court of appeal in the bankruptcy case, on 21 August 2026,
FPM filed a cassation appeal to the Supreme Court of Ukraine. In the meantime, it is not possible to assess the potential impact of such
bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of
time. In terms of the claim received regarding alleged illegal mining and selling of subsoil (minerals other than iron ore), several hearings took
place in 2025 and 2026 and it is still expected that this will be a protracted process. However, considering the magnitude of the subsoil claim,
a final decision in this case could have a negative impact on the Group\u2019s ability to continue as a going concern.
A future cash outflow, which also depends on the details and technicalities of a possible enforcement in the event of a negative decision
by the Supreme Court, is likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as
a consequence, on the Group\u2019s ability to continue as a going concern. As announced on 24 February 2026, a local court of first instance in
Poltava ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). This ruling is in relation to the contested
sureties claim, which is still under review by the Supreme Court of Ukraine. Therefore, the local court opened the bankruptcy proceedings
without a final decision by the Supreme Court on the main litigation having been made. FPM filed an appeal which was dismissed by the court
of appeal in Kharkiv on 18 August 2026. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. There is a risk that
actions of the appointed insolvency manager could have a significant impact on the Group\u2019s ability to continue as a going concern.
As announced on 4 February 2025, the Group\u2019s subsidiary FPM has received a civil claim seeking joint liability of FPM and its General Director
for damages amounting to UAH157 billion (approximately US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state (see Note 30
Commitments, contingencies and legal disputes for further details). Management is of the opinion that these accusations and the claim are
without merit and FPM has started the vigorous defence of its position in the Ukrainian courts. The outcome of this legal dispute depends on
further legal proceedings and it is expected that this will be a protracted process, with a final court ruling likely made outside of the Group\u2019s
going concern period. See Note 30 Commitments, contingencies and legal disputes for further information, which should be read in
conjunction with this note.
As mentioned above, the Ukrainian subsidiaries of the Group have not been receiving VAT refunds since March 2025. Although, the sanctions
imposed on Mr Zhevago have not been imposed on any member of the Group, the personal sanctions on Mr Zhevago have implications for
the Group\u2019s operation and, as a consequence, on its profitability and cash flow generation, which could have an impact on the Group\u2019s ability
to continue as a going concern. In connection with the personal sanctions on Mr Zhevago, on 20 February 2025, the State Bureau of
Investigation (the \u201cSBI\u201d) made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine (the \u201cHACC\u201d)
to nationalise 49.5% of shares in FPM and certain of its assets. As at the date of approval of these consolidated financial statements, FPM has
not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no authority to petition, bring claims or
make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC. Nonetheless, in the event of
a nationalisation of 49.5% of shares in FPM and certain of its assets, it is likely this would have a significant impact on the Group\u2019s ability to
continue as a going concern as FPM could lose key assets required for the production of iron ore pellets and concentrate. See Note 12
Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders
of Ferrexpo plc and its future distributable reserves.
As disclosed in detail in the Group\u2019s interim condensed consolidated financial statements as of 30 June 2025, on 4 March 2025, the SBI made
a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer
49.5% of the corporate rights in FPM held by FAG to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). This transfer is
in connection with ongoing proceedings against Mr Zhevago relating to Bank F&C, as disclosed in detail on pages 248 and 249 of Note 30
Commitments, contingencies and legal disputes. See Note 12 Earnings per share and dividends paid and proposed for further details
regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves.
As disclosed in Note 11 Taxation, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports in September and November 2023,
stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand as at 31 December
2025) and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively. Negative decisions by the court of appeal, after
potential negative decisions of the court of first instance, are likely to have a significant impact on the Group\u2019s future cash flow generation
and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 11 Taxation for
further information.
The claims and certain decisions received by the courts in Ukraine are another example of the risk of operating in a dynamic and adverse
political landscape in Ukraine, which creates additional challenges for both the Group\u2019s subsidiaries in Ukraine and, also for the Group itself.
As at the date of the approval of these consolidated financial statements, the Group\u2019s operations, located adjacent to the city of Horishni
Plavni, have not been directly affected by the ongoing war, but this remains a risk. Should the area surrounding the Group\u2019s operations
become subject to the armed conflict, there would be a significant risk posed to the safety of the Group\u2019s workforce and the local community,
as well as a significant risk to key assets and the infrastructure required for the Group to operate effectively. See the Principal Risks section on
pages 103 and 106 for further information on the Ukraine country risk.
The Group has assessed that, taking into account:
i) its available cash and cash equivalents;
ii) its cash flow projections, adjusted for the effects caused by the ongoing war in Ukraine and potential absence of VAT refunds, for the
period of management\u2019s going concern assessment covering a period of 18 months from the date of the approval of these consolidated
financial statements;
iii) the feasibility and effectiveness of all available mitigating actions within management\u2019s control for identified uncertainties;
iv) the legal merits in terms of the ongoing legal dispute regarding the above mentioned contested sureties, including the bankruptcy
proceedings against FPM, and potential future actions available to protect the interests of the Group in case of a negative decision from
the Supreme Court;
v) the suspension of VAT refunds, which might not resume as expected by management;
vi) the logistics route via the ocean-going Black Sea ports in Ukraine, which is currently unavailable and which may not be available to the
Group as currently expected by management and as reflected in the Group\u2019s current long-term model;
vii) the risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which is outside of management\u2019s control, the uncertainty in
relation to the independence of the judicial system and its immunity from economic and political influences in Ukraine, which could have
an impact on the outcome of the ongoing legal disputes; and
viii)the uncertainty in relation to a successful completion of the planned fundraising in late September 2026,
there remains a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern.
Despite the current situation of the ongoing war, the Group\u2019s legal disputes in Ukraine and the prospects of the planned fundraise in late
September 2026, the Group continues to prepare its consolidated financial statements on a going concern basis. This conclusion also takes
into account management\u2019s ability to adapt the Group\u2019s operation to changing circumstances caused by the war, including availability of
logistic routes, the effects of the suspension of VAT refunds in Ukraine and the independent legal advice received regarding the merits of the
ongoing legal actions against the Group in Ukraine. However, as explained above, many of the identified material uncertainties in respect of
the ongoing war and legal disputes are outside of management\u2019s control, and are unpredictable, which may cast significant doubt upon the
Group\u2019s ability to continue as a going concern. For more information on critical judgements made by management in preparing these
consolidated financial statements, see also Note 30 Commitments, contingencies and legal disputes in respect of other ongoing legal
proceedings and disputes and Note 35 Events after the reporting period.
If the Group is unable to continue to realise assets and discharge liabilities in the normal course of business, it would be necessary to adjust
the amounts in the statement of financial position in the future to reflect these circumstances, which may materially change the
measurement and classification of certain figures contained in these consolidated financial statements.
IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S FINANCIAL STATEMENTS
The Group acknowledges the potential impact of climate change on its operations and recognises that climate change could have direct and
indirect financial implications in the future.
Despite the ongoing war in Ukraine, the Group remains committed to reduce its Scope 1 and Scope 2 carbon emissions by 50% by 2030,
compared to the baseline year of 2019, and is targeting a net zero production for Scope 1 and Scope 2 carbon emissions by 2050.
In terms of the Group\u2019s net zero pathway, it is important to acknowledge that the Group is still operating in a challenging environment, which
requires the fast adaption to new circumstances and uncertainties that are outside of the Group\u2019s control. As a result, there is a risk that the
Group may also need to adapt its carbon emission reduction and net zero targets, depending on the duration and impact of the ongoing war
in Ukraine. Further information is provided in the Group\u2019s 2024 Responsible Business Report published in November 2025 and the 2023
Climate Report published in December 2024.
The ongoing war in Ukraine continues to have an impact on the Group\u2019s cash flow generation and profitability. As a result, certain projects
related to the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway were stopped since the beginning of the war in
February 2022. In terms of the impact on the Group\u2019s operation in Ukraine, see Note 2 Basis of preparation, going concern, on pages 205 to
208 for further information. As a consequence of the ongoing war in Ukraine, the Group has not entered into any significant commitments for
the renewal and replacement of processing and mining equipment in its operations, particularly in Ukraine, as it had been planned prior to
the outbreak of the war.
Physical risks
The Group is aware of the potential increased risks that climate change could pose to its assets in Ukraine. In preparing the consolidated
financial statements, the Group considered the potential impacts of climate related physical risks (specifically heatwaves) on its operations,
assets, and liabilities, informed by climate scenario analysis conducted in 2024 in line with TCFD recommendations. However, it was
determined that there is no immediate risk at this time and the Group will continue to monitor and consider these risks when planning the
renewal and replacement of its existing operating assets.
Transition risks and opportunities The Group is aware of a potential shift towards a low-carbon economy and the potential implications for its business models, which could affect market demand for its iron ore products in the medium to long term. Following the climate scenario analysis in 2024 the Group is aware of the downstream market opportunities arising from the increased demand for low carbon steel. The Group\u2019s production of a low carbon iron ore pellet provides a significant opportunity and it is facilitating stakeholder engagement to explore this market. The Group is in the position to produce Direct Reduction (\u201cDR\u201d) pellets and continues to monitor the market and invest in customer relationships in order to secure fixed supply volumes in the short, medium and long term. The shift does not affect the Group\u2019s finished goods on stock as at 31 December 2025 as these are still in demand and expected to be sold in the coming months. The transition risks, as well as the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway, could also have an impact on the Group\u2019s processing and mining equipment required in the future. In the absence of any significant commitments for processing and mining equipment as at 31 December 2025, there is no significant impact on the expected remaining useful lives of the Group\u2019s operating assets at this time. Furthermore, the Group assumes that its critical operating assets will continue to be an essential part of the Group\u2019s business activities in the future. However, the Group will continue to monitor these risks and take them into account when planning the renewal and replacement of its existing operating assets. As at the time of approval of these consolidated financial statements, no significant changes to the Group\u2019s mine plan are expected that could have a material impact on the Group\u2019s operating assets, which are either amortised based on the expected remaining useful life or the unit of production method, and on the recognised site restoration provisions. However, the Group\u2019s mine plan is being affected by the ongoing war in Ukraine, which requires a high degree of flexibility and adaptability, and may consequently lead to adjustment to the mine plan. There are a number of work streams underway to develop the Group\u2019s decarbonisation pathway and create a structure on which to plan and prioritise future investments. This pathway is, however, also dependent on the duration and impact of the ongoing war in Ukraine. The Group\u2019s business model is regularly updated based on the circumstances in Ukraine and more clarity about the Group\u2019s future decarbonisation pathway is expected to be available, once the war comes to an end, allowing the Group to make required commitments for the renewal and replacement of processing and mining equipment. For further information on ongoing workstreams and the Group\u2019s climate-related financial disclosures, see the Responsible Business section in the Strategic Report on pages 62 to 73. See also the Group\u2019s Principal Risk section on page 113 for further information on risks relating to climate change. BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements for Ferrexpo plc and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared as at the same reporting date as Ferrexpo plc\u2019s, using consistent accounting policies. Subsidiaries are fully consolidated from the date the Group obtains control, which exists from the point of time when the Group is exposed to, or has rights to, variable returns from an entity and the Group has the ability to affect those returns through its power to direct the activities of an entity. Similarly, subsidiaries disposed of are deconsolidated from the date on which the Group ceases to hold control. A change in the ownership interest of an entity without obtaining or losing control is accounted for as an equity transaction. All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered. BUSINESS COMBINATIONS On the acquisition of a subsidiary, the business combination is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregated amount of the fair value of the consideration transferred, measured at the date of acquisition. The consideration paid is allocated to the identifiable assets acquired and liabilities (including contingent liabilities) assumed on the basis of fair values at the date of acquisition. Any excess of the consideration transferred over the net of the fair value of the identifiable assets acquired and liabilities assumed is recognised as goodwill. If the fair value of the identifiable net assets exceeds the consideration transferred, a bargain purchase gain is recognised in profit or loss. Acquisition costs are expensed when incurred and included in general and administrative expenses. FUNCTIONAL AND PRESENTATIONAL CURRENCIES Based on the economic substance of the underlying business transactions and circumstances relevant to the parent, the functional currency of the parent has been determined to be the US dollar, with each subsidiary determining its own functional currency based on its own circumstances. The Group has chosen the US dollar as its presentational currency. The functional currency of Ukrainian subsidiaries, which is where the Group\u2019s main operations are based, is the Ukrainian hryvnia. FOREIGN CURRENCY TRANSLATION For individual subsidiary company accounts, transactions in foreign currencies (i.e. other than the functional currency) are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the rate of exchange ruling at the reporting date and non-monetary assets and liabilities at the historic rate. Foreign exchange differences arising on translation are recognised in the consolidated income statement. For presentation of the Group\u2019s consolidated financial statements, if the functional currency of a subsidiary is different to the presentational currency as at the reporting date, the assets and liabilities of this entity are translated into the presentational currency at the rate ruling at the reporting date and the consolidated income statement is translated using the average exchange rate for the year based on the officially published rates by the National Bank of Ukraine (\u201cNBU\u201d). The foreign exchange differences arising are recognised in other comprehensive income and taken directly to a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount of exchange differences recognised in equity relating to the particular foreign operation is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "NOTE 2: BASIS OF PREPARATION The consolidated financial statements of Ferrexpo plc and its subsidiaries have been prepared in accordance with International Financial Reporting Standards adopted for use in the United Kingdom (\u201cUK adopted IFRS\u201d) and with the Companies Act 2006, as applicable to companies reporting under international accounting standards. Entities are included in the consolidated financial statements from the date of obtaining control and the inclusion in the consolidated financial statements is consequently ceased when the control over an entity is lost. For the definition of control see Note 32 Consolidated subsidiaries. The consolidated financial statements have been prepared on a historical cost basis, except for post-employment benefits measured in accordance with IAS 19 revised Employee benefits and revenues related to provisionally priced sales recognised in accordance with IFRS 15 Contracts with customers at the estimated fair value of the consideration receivable until final pricing is determined. The consolidated financial statements are presented in thousands of US dollars and all values are rounded to the nearest thousand except where otherwise indicated. The material accounting policy information is included in the disclosure notes to the specific financial statement accounts. GOING CONCERN Throughout the financial year 2025, the situation in Ukraine remained unpredictable and extremely challenging due to the ongoing war and legal actions against the Group. The Group showed strong momentum at the beginning of the year, resulting in the Group\u2019s best production in the first quarter since the full-scale invasion in February 2022. This strong momentum was significantly curtailed in the second quarter as the Group started to experience the full impact of the Ukrainian tax authorities\u2019 decisions to suspend the refund of VAT to the Group\u2019s subsidiaries in Ukraine. The situation further deteriorated in the last quarter of 2025, when the intensity and frequency of missile and drone attacks on Ukraine\u2019s energy, transport, and port infrastructure increased. This led to power cuts and a sharp rise in electricity prices, which had a further negative impact on the Group\u2019s business operations in the fourth quarter. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. Given the importance of this route for both parties involved in this war and for the global grain supply, it is management\u2019s view the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets. Management is aware that the timing of the availability of the ocean-going Black Sea ports in Ukraine is subject to significant uncertainty and management is currently assessing alternative logistics routes as done in 2022 and 2023, when theses ports were unavailable for an extended time. However, channelling sales through alternative logistics routes may result in lower sales volumes and/or higher logistics costs. Following the personal sanctions imposed on Mr Zhevago by Ukrainian authorities on 12 February 2025, the Group\u2019s subsidiaries in Ukraine have not been receiving VAT refunds since March 2025. As a result of the suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash, affecting the Group\u2019s financial performance during the financial year 2025, but also the expected cash flow generation during the period covered by the Group\u2019s going concern assessment. As part of management\u2019s going concern assessment, the Group continuously adjusts its financial long-term model to reflect the latest developments in terms of possible production and sales volumes as well as latest market prices and production costs. The financial long-term model was updated using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current circumstances the Group must operate in, including the effects from the suspension of VAT refunds and the ongoing legal actions against the Group in Ukraine. The level of the Group\u2019s production is currently restricted due to outstanding VAT refunds and also remains dependent on a constant power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing war, which are reflected in the Group\u2019s financial long-term model. Both the war and the legal actions against the Group in Ukraine are still ongoing, which have affected the Group\u2019s business activities, including available logistic routes, and thus its profitability and cash flow generation during the financial year ended 31 December 2025 and are also expected to have a continuing impact on the next 18 months following the approval of these consolidated financial statements, which includes the period covered by the Group\u2019s going concern assessment. The suspension of VAT refunds has continued in 2026, significantly affecting the Group\u2019s available cash balance. The total net outstanding VAT refunds are US$87,982 thousand at the end of June 2026, of which US$86,911 thousand had been claimed for refund from the Ukrainian tax authorities and refunds totalling US$84,265 thousand have been refused by the tax authorities, both as at the date of approval of these consolidated financial statements, because of the association of the Group with Mr Zhevago as a consequence of the personal sanctions imposed on him. As a result of the challenging situation during the financial year ended 31 December 2025, the Group\u2019s total commercial production totalled 6,142 thousand tonnes of iron ore pellets and concentrate, a decrease of 11% compared to 6,890 thousand tonnes during the comparative year ended 31 December 2024. As no VAT refunds have been received since March 2025, the Group significantly reduced its capital expenditure programme, which however could only partially offset the significantly lower operating cash flow generation. As a result, the closing balance of cash and cash equivalents decreased to US$58,447 thousand as at 31 December 2025, compared to US$105,919 thousand as of 31 December 2024. As at the date of the approval of these consolidated financial statements, the Group has an available cash balance of approximately US$26,300 thousand and is in a net cash position of approximately US$17,700 thousand. In addition to the available cash balance, the Group has an outstanding trade receivable balance of approximately US$6,300 thousand from its pellet and concentrate sales, which is expected to be collected in the next few months, and finished goods already stockpiled of 234 thousand tonnes at different ports or storage locations other than the plant. The challenging and unpredictable environment in which the Group has been operating since the beginning of the invasion and the ongoing war, whose duration and impact on the Group\u2019s activities in future periods are difficult to predict, continue to represent a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. In addition to the war-related material uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which is exacerbated by the war and/or the current circumstances facing Mr Zhevago. As a result, the Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which represents another material uncertainty as at the date of the approval of these consolidated financial statements. Despite the challenging environment in which the Group has operated in recent years, the Group managed to maintain an available cash balance of over US$100,000 thousand at the end of the previous financial years. Due to the suspension of VAT refunds in Ukraine, the situation continued to deteriorate and the Group\u2019s available cash reserves declined steadily during the financial year 2025, totalling US$58,447 thousand as at 31 December 2025. Despite the fact that the Group remains focused on managing its costs and optimising its sales mix, management expects the Group\u2019s liquidity to be sufficient until at least mid-September 2026. It is therefore the Directors\u2019 intention to raise gross proceeds of approximately US$100,000 thousand by way of a conditional placing of Ordinary Shares to support the Group\u2019s working capital position and fund its ongoing operations. This planned fundraise is expected by management to be completed in late September 2026 and will provide the necessary immediate recapitalisation and place the Group in a stronger financial position, thereby enabling the Group to have more time to deal with the current challenging environment. The fundraise is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern, if no alternative funding can be secured before the liquidity is expected to be exhausted. As the fundraise is expected to be completed subsequent to the approval of these consolidated financial statements, the outcome of the fundraise represents a further material uncertainty, as it is to some extent outside of the Group\u2019s control. The base case of the financial long-term model, including an inflow of US$100,000 thousand from the planned fundraise, shows that the Group has sufficient liquidity under the base case assumptions to continue its operations at a reduced level throughout the entire period of management\u2019s going concern assessment, covering a period of 18 months from the date of approval of these consolidated financial statements. No VAT refunds are assumed during the 18 months of the Group\u2019s going concern assessment. The updated base case assumes a pellet production volume of approximately 40% and 64% of the pre-war level for the financial years 2026 and 2027, respectively, and an expected start of the recovery to the pre-war level in the second half of 2028. The Group\u2019s cash flow generation is most sensitive to sales price changes. The sensitivities prepared for reasonably possible adverse changes, with a focus on the expected realised prices, show negative cash balances under some scenarios in the last quarter of 2027, before any mitigating actions are taken, such as a further reduction of operating expenditures and the Group\u2019s mining and maintenance activities. However, with the significant reduction of the Group\u2019s operation in the long-term model, the available mitigating actions also reduced significantly. As a result, the possible mitigating actions under the full control of management might not be sufficient to offset certain negative effects from reasonably possible adverse changes to the base case. Considering the tight available cash balances under the base case scenario and sensitivity to realised prices, the Group\u2019s available cash balance is expected to be depleted in the last quarter of 2027, when combining all effects of reasonably plausible changes under a stress test scenario. However, it is management\u2019s position that, as in the past, a combination of all reasonably possible or plausible adverse changes in respect of realised prices and production costs is unlikely to happen as a result of the historical natural hedge between iron ore prices and prices for key input materials. As disclosed in Note 30 Commitments, contingencies and legal disputes, the ongoing legal actions against the Group have led to an escalation of a number of risks, including risks relating to the political environment and the independence of the legal system in Ukraine, which might be exacerbated by the ongoing war. These risks remain at the date of the approval of these consolidated financial statements and could have a material negative impact on the Group\u2019s business activities and, as a consequence, on the Group\u2019s ability to continue as a going concern. The court proceedings before the Supreme Court of Ukraine in respect of contested sureties (see Note 30 Commitments, contingencies and legal disputes for further details) continued during the financial year 2025 and first months of 2026. Although management is of the opinion that this claim is without merit, the full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of 2023, was not released, considering the magnitude of this specific claim and the risks associated with the judicial system in Ukraine. The outcome of this ongoing legal dispute continues to represent a material uncertainty in terms of the Group\u2019s ability to continue as a going concern. In respect of the contested sureties claim and the opening of bankruptcy proceedings against FPM mentioned above, no decision has been made by the Supreme Court in the contested sureties claim as at the date of the approval of these consolidated financial statements. The next hearing before the Supreme Court is scheduled for 12 October 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s appeal in the bankruptcy case. If the Supreme Court rules in favour of the claimants in the contested sureties case, this would mean that FPM\u2019s bankruptcy process will continue, which could potentially have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. Following that negative decision of the court of appeal in the bankruptcy case, on 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. In the meantime, it is not possible to assess the potential impact of such bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of time. In terms of the claim received regarding alleged illegal mining and selling of subsoil (minerals other than iron ore), several hearings took place in 2025 and 2026 and it is still expected that this will be a protracted process. However, considering the magnitude of the subsoil claim, a final decision in this case could have a negative impact on the Group\u2019s ability to continue as a going concern. A future cash outflow, which also depends on the details and technicalities of a possible enforcement in the event of a negative decision by the Supreme Court, is likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. As announced on 24 February 2026, a local court of first instance in Poltava ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). This ruling is in relation to the contested sureties claim, which is still under review by the Supreme Court of Ukraine. Therefore, the local court opened the bankruptcy proceedings without a final decision by the Supreme Court on the main litigation having been made. FPM filed an appeal which was dismissed by the court of appeal in Kharkiv on 18 August 2026. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. There is a risk that actions of the appointed insolvency manager could have a significant impact on the Group\u2019s ability to continue as a going concern. As announced on 4 February 2025, the Group\u2019s subsidiary FPM has received a civil claim seeking joint liability of FPM and its General Director for damages amounting to UAH157 billion (approximately US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state (see Note 30 Commitments, contingencies and legal disputes for further details). Management is of the opinion that these accusations and the claim are without merit and FPM has started the vigorous defence of its position in the Ukrainian courts. The outcome of this legal dispute depends on further legal proceedings and it is expected that this will be a protracted process, with a final court ruling likely made outside of the Group\u2019s going concern period. See Note 30 Commitments, contingencies and legal disputes for further information, which should be read in conjunction with this note. As mentioned above, the Ukrainian subsidiaries of the Group have not been receiving VAT refunds since March 2025. Although, the sanctions imposed on Mr Zhevago have not been imposed on any member of the Group, the personal sanctions on Mr Zhevago have implications for the Group\u2019s operation and, as a consequence, on its profitability and cash flow generation, which could have an impact on the Group\u2019s ability to continue as a going concern. In connection with the personal sanctions on Mr Zhevago, on 20 February 2025, the State Bureau of Investigation (the \u201cSBI\u201d) made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine (the \u201cHACC\u201d) to nationalise 49.5% of shares in FPM and certain of its assets. As at the date of approval of these consolidated financial statements, FPM has not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no authority to petition, bring claims or make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC. Nonetheless, in the event of a nationalisation of 49.5% of shares in FPM and certain of its assets, it is likely this would have a significant impact on the Group\u2019s ability to continue as a going concern as FPM could lose key assets required for the production of iron ore pellets and concentrate. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in detail in the Group\u2019s interim condensed consolidated financial statements as of 30 June 2025, on 4 March 2025, the SBI made a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in FPM held by FAG to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). This transfer is in connection with ongoing proceedings against Mr Zhevago relating to Bank F&C, as disclosed in detail on pages 248 and 249 of Note 30 Commitments, contingencies and legal disputes. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in Note 11 Taxation, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports in September and November 2023, stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand as at 31 December 2025) and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively. Negative decisions by the court of appeal, after potential negative decisions of the court of first instance, are likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 11 Taxation for further information. The claims and certain decisions received by the courts in Ukraine are another example of the risk of operating in a dynamic and adverse political landscape in Ukraine, which creates additional challenges for both the Group\u2019s subsidiaries in Ukraine and, also for the Group itself. As at the date of the approval of these consolidated financial statements, the Group\u2019s operations, located adjacent to the city of Horishni Plavni, have not been directly affected by the ongoing war, but this remains a risk. Should the area surrounding the Group\u2019s operations become subject to the armed conflict, there would be a significant risk posed to the safety of the Group\u2019s workforce and the local community, as well as a significant risk to key assets and the infrastructure required for the Group to operate effectively. See the Principal Risks section on pages 103 and 106 for further information on the Ukraine country risk. The Group has assessed that, taking into account: i) its available cash and cash equivalents; ii) its cash flow projections, adjusted for the effects caused by the ongoing war in Ukraine and potential absence of VAT refunds, for the period of management\u2019s going concern assessment covering a period of 18 months from the date of the approval of these consolidated financial statements; iii) the feasibility and effectiveness of all available mitigating actions within management\u2019s control for identified uncertainties; iv) the legal merits in terms of the ongoing legal dispute regarding the above mentioned contested sureties, including the bankruptcy proceedings against FPM, and potential future actions available to protect the interests of the Group in case of a negative decision from the Supreme Court; v) the suspension of VAT refunds, which might not resume as expected by management; vi) the logistics route via the ocean-going Black Sea ports in Ukraine, which is currently unavailable and which may not be available to the Group as currently expected by management and as reflected in the Group\u2019s current long-term model; vii) the risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which is outside of management\u2019s control, the uncertainty in relation to the independence of the judicial system and its immunity from economic and political influences in Ukraine, which could have an impact on the outcome of the ongoing legal disputes; and viii)the uncertainty in relation to a successful completion of the planned fundraising in late September 2026, there remains a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. Despite the current situation of the ongoing war, the Group\u2019s legal disputes in Ukraine and the prospects of the planned fundraise in late September 2026, the Group continues to prepare its consolidated financial statements on a going concern basis. This conclusion also takes into account management\u2019s ability to adapt the Group\u2019s operation to changing circumstances caused by the war, including availability of logistic routes, the effects of the suspension of VAT refunds in Ukraine and the independent legal advice received regarding the merits of the ongoing legal actions against the Group in Ukraine. However, as explained above, many of the identified material uncertainties in respect of the ongoing war and legal disputes are outside of management\u2019s control, and are unpredictable, which may cast significant doubt upon the Group\u2019s ability to continue as a going concern. For more information on critical judgements made by management in preparing these consolidated financial statements, see also Note 30 Commitments, contingencies and legal disputes in respect of other ongoing legal proceedings and disputes and Note 35 Events after the reporting period. If the Group is unable to continue to realise assets and discharge liabilities in the normal course of business, it would be necessary to adjust the amounts in the statement of financial position in the future to reflect these circumstances, which may materially change the measurement and classification of certain figures contained in these consolidated financial statements. IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S FINANCIAL STATEMENTS The Group acknowledges the potential impact of climate change on its operations and recognises that climate change could have direct and indirect financial implications in the future. Despite the ongoing war in Ukraine, the Group remains committed to reduce its Scope 1 and Scope 2 carbon emissions by 50% by 2030, compared to the baseline year of 2019, and is targeting a net zero production for Scope 1 and Scope 2 carbon emissions by 2050. In terms of the Group\u2019s net zero pathway, it is important to acknowledge that the Group is still operating in a challenging environment, which requires the fast adaption to new circumstances and uncertainties that are outside of the Group\u2019s control. As a result, there is a risk that the Group may also need to adapt its carbon emission reduction and net zero targets, depending on the duration and impact of the ongoing war in Ukraine. Further information is provided in the Group\u2019s 2024 Responsible Business Report published in November 2025 and the 2023 Climate Report published in December 2024. The ongoing war in Ukraine continues to have an impact on the Group\u2019s cash flow generation and profitability. As a result, certain projects related to the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway were stopped since the beginning of the war in February 2022. In terms of the impact on the Group\u2019s operation in Ukraine, see Note 2 Basis of preparation, going concern, on pages 205 to 208 for further information. As a consequence of the ongoing war in Ukraine, the Group has not entered into any significant commitments for the renewal and replacement of processing and mining equipment in its operations, particularly in Ukraine, as it had been planned prior to the outbreak of the war. Physical risks The Group is aware of the potential increased risks that climate change could pose to its assets in Ukraine. In preparing the consolidated financial statements, the Group considered the potential impacts of climate related physical risks (specifically heatwaves) on its operations, assets, and liabilities, informed by climate scenario analysis conducted in 2024 in line with TCFD recommendations. However, it was determined that there is no immediate risk at this time and the Group will continue to monitor and consider these risks when planning the renewal and replacement of its existing operating assets. Transition risks and opportunities The Group is aware of a potential shift towards a low-carbon economy and the potential implications for its business models, which could affect market demand for its iron ore products in the medium to long term. Following the climate scenario analysis in 2024 the Group is aware of the downstream market opportunities arising from the increased demand for low carbon steel. The Group\u2019s production of a low carbon iron ore pellet provides a significant opportunity and it is facilitating stakeholder engagement to explore this market. The Group is in the position to produce Direct Reduction (\u201cDR\u201d) pellets and continues to monitor the market and invest in customer relationships in order to secure fixed supply volumes in the short, medium and long term. The shift does not affect the Group\u2019s finished goods on stock as at 31 December 2025 as these are still in demand and expected to be sold in the coming months. The transition risks, as well as the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway, could also have an impact on the Group\u2019s processing and mining equipment required in the future. In the absence of any significant commitments for processing and mining equipment as at 31 December 2025, there is no significant impact on the expected remaining useful lives of the Group\u2019s operating assets at this time. Furthermore, the Group assumes that its critical operating assets will continue to be an essential part of the Group\u2019s business activities in the future. However, the Group will continue to monitor these risks and take them into account when planning the renewal and replacement of its existing operating assets. As at the time of approval of these consolidated financial statements, no significant changes to the Group\u2019s mine plan are expected that could have a material impact on the Group\u2019s operating assets, which are either amortised based on the expected remaining useful life or the unit of production method, and on the recognised site restoration provisions. However, the Group\u2019s mine plan is being affected by the ongoing war in Ukraine, which requires a high degree of flexibility and adaptability, and may consequently lead to adjustment to the mine plan. There are a number of work streams underway to develop the Group\u2019s decarbonisation pathway and create a structure on which to plan and prioritise future investments. This pathway is, however, also dependent on the duration and impact of the ongoing war in Ukraine. The Group\u2019s business model is regularly updated based on the circumstances in Ukraine and more clarity about the Group\u2019s future decarbonisation pathway is expected to be available, once the war comes to an end, allowing the Group to make required commitments for the renewal and replacement of processing and mining equipment. For further information on ongoing workstreams and the Group\u2019s climate-related financial disclosures, see the Responsible Business section in the Strategic Report on pages 62 to 73. See also the Group\u2019s Principal Risk section on page 113 for further information on risks relating to climate change. BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements for Ferrexpo plc and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared as at the same reporting date as Ferrexpo plc\u2019s, using consistent accounting policies. Subsidiaries are fully consolidated from the date the Group obtains control, which exists from the point of time when the Group is exposed to, or has rights to, variable returns from an entity and the Group has the ability to affect those returns through its power to direct the activities of an entity. Similarly, subsidiaries disposed of are deconsolidated from the date on which the Group ceases to hold control. A change in the ownership interest of an entity without obtaining or losing control is accounted for as an equity transaction. All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered. BUSINESS COMBINATIONS On the acquisition of a subsidiary, the business combination is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregated amount of the fair value of the consideration transferred, measured at the date of acquisition. The consideration paid is allocated to the identifiable assets acquired and liabilities (including contingent liabilities) assumed on the basis of fair values at the date of acquisition. Any excess of the consideration transferred over the net of the fair value of the identifiable assets acquired and liabilities assumed is recognised as goodwill. If the fair value of the identifiable net assets exceeds the consideration transferred, a bargain purchase gain is recognised in profit or loss. Acquisition costs are expensed when incurred and included in general and administrative expenses. FUNCTIONAL AND PRESENTATIONAL CURRENCIES Based on the economic substance of the underlying business transactions and circumstances relevant to the parent, the functional currency of the parent has been determined to be the US dollar, with each subsidiary determining its own functional currency based on its own circumstances. The Group has chosen the US dollar as its presentational currency. The functional currency of Ukrainian subsidiaries, which is where the Group\u2019s main operations are based, is the Ukrainian hryvnia. FOREIGN CURRENCY TRANSLATION For individual subsidiary company accounts, transactions in foreign currencies (i.e. other than the functional currency) are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the rate of exchange ruling at the reporting date and non-monetary assets and liabilities at the historic rate. Foreign exchange differences arising on translation are recognised in the consolidated income statement. For presentation of the Group\u2019s consolidated financial statements, if the functional currency of a subsidiary is different to the presentational currency as at the reporting date, the assets and liabilities of this entity are translated into the presentational currency at the rate ruling at the reporting date and the consolidated income statement is translated using the average exchange rate for the year based on the officially published rates by the National Bank of Ukraine (\u201cNBU\u201d). The foreign exchange differences arising are recognised in other comprehensive income and taken directly to a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount of exchange differences recognised in equity relating to the particular foreign operation is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesForFinancialInstrumentsUsedInPreparingFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "The consolidated financial statements of Ferrexpo plc and its subsidiaries have been prepared in accordance with International Financial Reporting Standards adopted for use in the United Kingdom (\u201cUK adopted IFRS\u201d) and with the Companies Act 2006, as applicable to companies reporting under international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "GOING CONCERN Throughout the financial year 2025, the situation in Ukraine remained unpredictable and extremely challenging due to the ongoing war and legal actions against the Group. The Group showed strong momentum at the beginning of the year, resulting in the Group\u2019s best production in the first quarter since the full-scale invasion in February 2022. This strong momentum was significantly curtailed in the second quarter as the Group started to experience the full impact of the Ukrainian tax authorities\u2019 decisions to suspend the refund of VAT to the Group\u2019s subsidiaries in Ukraine. The situation further deteriorated in the last quarter of 2025, when the intensity and frequency of missile and drone attacks on Ukraine\u2019s energy, transport, and port infrastructure increased. This led to power cuts and a sharp rise in electricity prices, which had a further negative impact on the Group\u2019s business operations in the fourth quarter. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. Given the importance of this route for both parties involved in this war and for the global grain supply, it is management\u2019s view the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets. Management is aware that the timing of the availability of the ocean-going Black Sea ports in Ukraine is subject to significant uncertainty and management is currently assessing alternative logistics routes as done in 2022 and 2023, when theses ports were unavailable for an extended time. However, channelling sales through alternative logistics routes may result in lower sales volumes and/or higher logistics costs. Following the personal sanctions imposed on Mr Zhevago by Ukrainian authorities on 12 February 2025, the Group\u2019s subsidiaries in Ukraine have not been receiving VAT refunds since March 2025. As a result of the suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash, affecting the Group\u2019s financial performance during the financial year 2025, but also the expected cash flow generation during the period covered by the Group\u2019s going concern assessment. As part of management\u2019s going concern assessment, the Group continuously adjusts its financial long-term model to reflect the latest developments in terms of possible production and sales volumes as well as latest market prices and production costs. The financial long-term model was updated using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current circumstances the Group must operate in, including the effects from the suspension of VAT refunds and the ongoing legal actions against the Group in Ukraine. The level of the Group\u2019s production is currently restricted due to outstanding VAT refunds and also remains dependent on a constant power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing war, which are reflected in the Group\u2019s financial long-term model. Both the war and the legal actions against the Group in Ukraine are still ongoing, which have affected the Group\u2019s business activities, including available logistic routes, and thus its profitability and cash flow generation during the financial year ended 31 December 2025 and are also expected to have a continuing impact on the next 18 months following the approval of these consolidated financial statements, which includes the period covered by the Group\u2019s going concern assessment. The suspension of VAT refunds has continued in 2026, significantly affecting the Group\u2019s available cash balance. The total net outstanding VAT refunds are US$87,982 thousand at the end of June 2026, of which US$86,911 thousand had been claimed for refund from the Ukrainian tax authorities and refunds totalling US$84,265 thousand have been refused by the tax authorities, both as at the date of approval of these consolidated financial statements, because of the association of the Group with Mr Zhevago as a consequence of the personal sanctions imposed on him. As a result of the challenging situation during the financial year ended 31 December 2025, the Group\u2019s total commercial production totalled 6,142 thousand tonnes of iron ore pellets and concentrate, a decrease of 11% compared to 6,890 thousand tonnes during the comparative year ended 31 December 2024. As no VAT refunds have been received since March 2025, the Group significantly reduced its capital expenditure programme, which however could only partially offset the significantly lower operating cash flow generation. As a result, the closing balance of cash and cash equivalents decreased to US$58,447 thousand as at 31 December 2025, compared to US$105,919 thousand as of 31 December 2024. As at the date of the approval of these consolidated financial statements, the Group has an available cash balance of approximately US$26,300 thousand and is in a net cash position of approximately US$17,700 thousand. In addition to the available cash balance, the Group has an outstanding trade receivable balance of approximately US$6,300 thousand from its pellet and concentrate sales, which is expected to be collected in the next few months, and finished goods already stockpiled of 234 thousand tonnes at different ports or storage locations other than the plant. The challenging and unpredictable environment in which the Group has been operating since the beginning of the invasion and the ongoing war, whose duration and impact on the Group\u2019s activities in future periods are difficult to predict, continue to represent a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. In addition to the war-related material uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which is exacerbated by the war and/or the current circumstances facing Mr Zhevago. As a result, the Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which represents another material uncertainty as at the date of the approval of these consolidated financial statements. Despite the challenging environment in which the Group has operated in recent years, the Group managed to maintain an available cash balance of over US$100,000 thousand at the end of the previous financial years. Due to the suspension of VAT refunds in Ukraine, the situation continued to deteriorate and the Group\u2019s available cash reserves declined steadily during the financial year 2025, totalling US$58,447 thousand as at 31 December 2025. Despite the fact that the Group remains focused on managing its costs and optimising its sales mix, management expects the Group\u2019s liquidity to be sufficient until at least mid-September 2026. It is therefore the Directors\u2019 intention to raise gross proceeds of approximately US$100,000 thousand by way of a conditional placing of Ordinary Shares to support the Group\u2019s working capital position and fund its ongoing operations. This planned fundraise is expected by management to be completed in late September 2026 and will provide the necessary immediate recapitalisation and place the Group in a stronger financial position, thereby enabling the Group to have more time to deal with the current challenging environment. The fundraise is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern, if no alternative funding can be secured before the liquidity is expected to be exhausted. As the fundraise is expected to be completed subsequent to the approval of these consolidated financial statements, the outcome of the fundraise represents a further material uncertainty, as it is to some extent outside of the Group\u2019s control. The base case of the financial long-term model, including an inflow of US$100,000 thousand from the planned fundraise, shows that the Group has sufficient liquidity under the base case assumptions to continue its operations at a reduced level throughout the entire period of management\u2019s going concern assessment, covering a period of 18 months from the date of approval of these consolidated financial statements. No VAT refunds are assumed during the 18 months of the Group\u2019s going concern assessment. The updated base case assumes a pellet production volume of approximately 40% and 64% of the pre-war level for the financial years 2026 and 2027, respectively, and an expected start of the recovery to the pre-war level in the second half of 2028. The Group\u2019s cash flow generation is most sensitive to sales price changes. The sensitivities prepared for reasonably possible adverse changes, with a focus on the expected realised prices, show negative cash balances under some scenarios in the last quarter of 2027, before any mitigating actions are taken, such as a further reduction of operating expenditures and the Group\u2019s mining and maintenance activities. However, with the significant reduction of the Group\u2019s operation in the long-term model, the available mitigating actions also reduced significantly. As a result, the possible mitigating actions under the full control of management might not be sufficient to offset certain negative effects from reasonably possible adverse changes to the base case. Considering the tight available cash balances under the base case scenario and sensitivity to realised prices, the Group\u2019s available cash balance is expected to be depleted in the last quarter of 2027, when combining all effects of reasonably plausible changes under a stress test scenario. However, it is management\u2019s position that, as in the past, a combination of all reasonably possible or plausible adverse changes in respect of realised prices and production costs is unlikely to happen as a result of the historical natural hedge between iron ore prices and prices for key input materials. As disclosed in Note 30 Commitments, contingencies and legal disputes, the ongoing legal actions against the Group have led to an escalation of a number of risks, including risks relating to the political environment and the independence of the legal system in Ukraine, which might be exacerbated by the ongoing war. These risks remain at the date of the approval of these consolidated financial statements and could have a material negative impact on the Group\u2019s business activities and, as a consequence, on the Group\u2019s ability to continue as a going concern. The court proceedings before the Supreme Court of Ukraine in respect of contested sureties (see Note 30 Commitments, contingencies and legal disputes for further details) continued during the financial year 2025 and first months of 2026. Although management is of the opinion that this claim is without merit, the full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of 2023, was not released, considering the magnitude of this specific claim and the risks associated with the judicial system in Ukraine. The outcome of this ongoing legal dispute continues to represent a material uncertainty in terms of the Group\u2019s ability to continue as a going concern. In respect of the contested sureties claim and the opening of bankruptcy proceedings against FPM mentioned above, no decision has been made by the Supreme Court in the contested sureties claim as at the date of the approval of these consolidated financial statements. The next hearing before the Supreme Court is scheduled for 12 October 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s appeal in the bankruptcy case. If the Supreme Court rules in favour of the claimants in the contested sureties case, this would mean that FPM\u2019s bankruptcy process will continue, which could potentially have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. Following that negative decision of the court of appeal in the bankruptcy case, on 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. In the meantime, it is not possible to assess the potential impact of such bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of time. In terms of the claim received regarding alleged illegal mining and selling of subsoil (minerals other than iron ore), several hearings took place in 2025 and 2026 and it is still expected that this will be a protracted process. However, considering the magnitude of the subsoil claim, a final decision in this case could have a negative impact on the Group\u2019s ability to continue as a going concern. A future cash outflow, which also depends on the details and technicalities of a possible enforcement in the event of a negative decision by the Supreme Court, is likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. As announced on 24 February 2026, a local court of first instance in Poltava ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). This ruling is in relation to the contested sureties claim, which is still under review by the Supreme Court of Ukraine. Therefore, the local court opened the bankruptcy proceedings without a final decision by the Supreme Court on the main litigation having been made. FPM filed an appeal which was dismissed by the court of appeal in Kharkiv on 18 August 2026. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. There is a risk that actions of the appointed insolvency manager could have a significant impact on the Group\u2019s ability to continue as a going concern. As announced on 4 February 2025, the Group\u2019s subsidiary FPM has received a civil claim seeking joint liability of FPM and its General Director for damages amounting to UAH157 billion (approximately US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state (see Note 30 Commitments, contingencies and legal disputes for further details). Management is of the opinion that these accusations and the claim are without merit and FPM has started the vigorous defence of its position in the Ukrainian courts. The outcome of this legal dispute depends on further legal proceedings and it is expected that this will be a protracted process, with a final court ruling likely made outside of the Group\u2019s going concern period. See Note 30 Commitments, contingencies and legal disputes for further information, which should be read in conjunction with this note. As mentioned above, the Ukrainian subsidiaries of the Group have not been receiving VAT refunds since March 2025. Although, the sanctions imposed on Mr Zhevago have not been imposed on any member of the Group, the personal sanctions on Mr Zhevago have implications for the Group\u2019s operation and, as a consequence, on its profitability and cash flow generation, which could have an impact on the Group\u2019s ability to continue as a going concern. In connection with the personal sanctions on Mr Zhevago, on 20 February 2025, the State Bureau of Investigation (the \u201cSBI\u201d) made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine (the \u201cHACC\u201d) to nationalise 49.5% of shares in FPM and certain of its assets. As at the date of approval of these consolidated financial statements, FPM has not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no authority to petition, bring claims or make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC. Nonetheless, in the event of a nationalisation of 49.5% of shares in FPM and certain of its assets, it is likely this would have a significant impact on the Group\u2019s ability to continue as a going concern as FPM could lose key assets required for the production of iron ore pellets and concentrate. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in detail in the Group\u2019s interim condensed consolidated financial statements as of 30 June 2025, on 4 March 2025, the SBI made a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in FPM held by FAG to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). This transfer is in connection with ongoing proceedings against Mr Zhevago relating to Bank F&C, as disclosed in detail on pages 248 and 249 of Note 30 Commitments, contingencies and legal disputes. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in Note 11 Taxation, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports in September and November 2023, stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand as at 31 December 2025) and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively. Negative decisions by the court of appeal, after potential negative decisions of the court of first instance, are likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 11 Taxation for further information. The claims and certain decisions received by the courts in Ukraine are another example of the risk of operating in a dynamic and adverse political landscape in Ukraine, which creates additional challenges for both the Group\u2019s subsidiaries in Ukraine and, also for the Group itself. As at the date of the approval of these consolidated financial statements, the Group\u2019s operations, located adjacent to the city of Horishni Plavni, have not been directly affected by the ongoing war, but this remains a risk. Should the area surrounding the Group\u2019s operations become subject to the armed conflict, there would be a significant risk posed to the safety of the Group\u2019s workforce and the local community, as well as a significant risk to key assets and the infrastructure required for the Group to operate effectively. See the Principal Risks section on pages 103 and 106 for further information on the Ukraine country risk. The Group has assessed that, taking into account: i) its available cash and cash equivalents; ii) its cash flow projections, adjusted for the effects caused by the ongoing war in Ukraine and potential absence of VAT refunds, for the period of management\u2019s going concern assessment covering a period of 18 months from the date of the approval of these consolidated financial statements; iii) the feasibility and effectiveness of all available mitigating actions within management\u2019s control for identified uncertainties; iv) the legal merits in terms of the ongoing legal dispute regarding the above mentioned contested sureties, including the bankruptcy proceedings against FPM, and potential future actions available to protect the interests of the Group in case of a negative decision from the Supreme Court; v) the suspension of VAT refunds, which might not resume as expected by management; vi) the logistics route via the ocean-going Black Sea ports in Ukraine, which is currently unavailable and which may not be available to the Group as currently expected by management and as reflected in the Group\u2019s current long-term model; vii) the risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which is outside of management\u2019s control, the uncertainty in relation to the independence of the judicial system and its immunity from economic and political influences in Ukraine, which could have an impact on the outcome of the ongoing legal disputes; and viii)the uncertainty in relation to a successful completion of the planned fundraising in late September 2026, there remains a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. Despite the current situation of the ongoing war, the Group\u2019s legal disputes in Ukraine and the prospects of the planned fundraise in late September 2026, the Group continues to prepare its consolidated financial statements on a going concern basis. This conclusion also takes into account management\u2019s ability to adapt the Group\u2019s operation to changing circumstances caused by the war, including availability of logistic routes, the effects of the suspension of VAT refunds in Ukraine and the independent legal advice received regarding the merits of the ongoing legal actions against the Group in Ukraine. However, as explained above, many of the identified material uncertainties in respect of the ongoing war and legal disputes are outside of management\u2019s control, and are unpredictable, which may cast significant doubt upon the Group\u2019s ability to continue as a going concern. For more information on critical judgements made by management in preparing these consolidated financial statements, see also Note 30 Commitments, contingencies and legal disputes in respect of other ongoing legal proceedings and disputes and Note 35 Events after the reporting period. If the Group is unable to continue to realise assets and discharge liabilities in the normal course of business, it would be necessary to adjust the amounts in the statement of financial position in the future to reflect these circumstances, which may materially change the measurement and classification of certain figures contained in these consolidated financial statements.
NOTE 4: USE OF CRITICAL ESTIMATES AND JUDGEMENTS
The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and judgements that
affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and judgements are based
on information available as at the date of authorising the consolidated financial statements for issue. Actual results could therefore differ
from those estimates and judgements.
The consideration of the impact of climate change on the Group\u2019s financial statements did not require critical estimates and judgements
when preparing the consolidated financial statements as at 31 December 2025.
The Group identified a number of areas involving the use of critical estimates and judgements made by management in preparing the
consolidated financial statements and supporting information is embedded within the following notes:
CRITICAL ESTIMATES
\u2022 Note 13 Property, plant and equipment \u2013 impairment consideration based on key assumptions
As disclosed in Note 13 Property, plant and equipment, the preparation of the Group\u2019s long-term model is based on management\u2019s best
estimate of key assumptions, such as the expected future prices for iron ore products and for key input materials as well as possible
production and sales volumes, taking also into account the current circumstances the Group has to operate in. Any adverse changes to
these key assumptions could pose a risk for significant adjustments in future periods.
CRITICAL JUDGEMENTS
\u2022 Note 2 Basis of preparation \u2013 going concern assumption
\u2022 Note 11 Taxation \u2013 transfer pricing claims, tax legislation in Ukraine and development in international tax environment
\u2022 Note 13 Property, plant and equipment \u2013 impairment consideration as a result of the ongoing war in Ukraine
\u2022 Note 20 Other taxes recoverable and payable \u2013 recoverability of outstanding VAT in Ukraine
\u2022 Note 30 Commitments, contingencies and legal disputes \u2013 assessment of matters in an environment of political, fiscal and legal
uncertainties
\u2022 Note 35 Events after the reporting period \u2013 non-adjusting post balance sheet events
The most critical judgement made by the management is in respect of the timing of when the Group\u2019s operation is expected to recover to
pre-war levels. As disclosed in Note 13 Property, plant and equipment, there is a risk of material adjustments in future periods in case of
a delay of the recovery to pre-war levels. In addition, the duration and impact of the ongoing war in Ukraine could pose a further risk for
significant adjustments in future periods.
CRITICAL JUDGEMENTS
Tax legislation
The Group operates across a number of jurisdictions through its value chain and prices its sales between its subsidiaries using international
benchmark prices for comparable products covering product quality and applicable freight costs. Despite two claims received in Ukraine in
2023, the Group is still of the opinion that the terms of the cross-border transactions between the subsidiaries of the Group comply with the
legislation applicable in the jurisdictions in which it operates.
In connection with two audits initiated by the State Tax Service of Ukraine (\u201cSTS\u201d), formerly known as State Fiscal Service of Ukraine (\u201cSFS\u201d),
on 18 February and on 14 June 2021, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports on 13 September 2023 and
8 November 2023, stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand
as at 31 December 2025), including fines and penalties, and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively.
The two claims received are in relation to cross-border transactions for iron ore pellets and concentrate between the two Ukrainian
subsidiaries of the Group and two subsidiaries of the Group outside of Ukraine during the financial years 2015 to 2017. Based on previous
experience, no agreements could be reached with the tax authorities and the claims are to be heard by the courts in Ukraine. As a result, both
subsidiaries filed the objections against the potential claims stated in the tax audit reports received. After various preparatory meetings in
2024 for both cases, several hearings on the merits before the court of first instance took place in 2024 and in 2025. The hearings are still
ongoing and, as a result, no final decisions have been made for the claims received as at the date of the approval of these consolidated
financial statements.
A partially negative verdict of the Supreme Court was received by one of the Group\u2019s subsidiaries in respect of claims made by the STS as
a result of a tax audit of cross-border transactions for the period from 1 September 2013 to 31 December 2015. It is the Group\u2019s position that
the STS used the verdict of the Supreme Court on the claims for the period from 1 September 2013 to 31 December 2015 as a precedent for
the claims made for cross-border transactions during the financial years 2015 to 2017, although the Supreme Court did not appropriately
consider relevant technical grounds and the applicable legislation when ruling on this specific case.
In terms of the claims received, the Group will continue to defend its methodology applied to determine the prices between its subsidiaries in
the Ukrainian courts, but there is a risk that the independence of the judicial system and its immunity from economic and political influences
in Ukraine is not upheld. Negative decisions by the court of appeal, after positive or negative decisions of the court of first instance, is likely to
have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability
to continue as a going concern, as the decision will become a legal obligation. As at the date of the approval of these consolidated financial
statements, no final court decisions have been made for the above-mentioned claims received by the two Ukrainian subsidiaries of the Group
and, as a consequence, no specific provisions have been recorded as at 31 December 2025, neither for the claims received nor for any
subsequent years, which might also be material, as it is impossible to reasonably quantify the potential exposure. See Note 30 Commitments,
contingencies and legal disputes for further information.
Separate from the cases mentioned earlier, on 23 June 2020 Ferrexpo Poltava Mining (\u201cFPM\u201d) received a court ruling which grants access to
information and documents to the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) in relation to the sale of iron ore pellets and concentrate
to two subsidiaries of the Group outside of Ukraine during the years 2013 to 2019. FPM cooperated with the SBI and provided the requested
information as per the court ruling to support these investigations. On 20 October 2023, the SBI raided the FPM offices with the intention of
collecting documents and information for ongoing transfer pricing investigations. In October 2024, FPM became aware of a new transfer
pricing investigation by the SBI in connection with the financial years 2014 to 2017. There had been no actions or any new requests from the
SBI as at the date of the approval of these consolidated financial statements.
In accordance with the provisions of IFRIC 23 Uncertainty over income tax treatments, the Group reviewed and reassessed its exposure
in respect of all uncertain tax positions, including the claims received and for cross-border transactions in subsequent years. It is the position
of the management of the Group and the Group\u2019s external tax advisors that the Ukrainian legislation and regulations on taxation are not
always clearly written and are therefore subject to varying interpretations and inconsistent enforcement by local, regional and national
tax authorities.
Considering the uncertainties in terms of the legal and tax framework in Ukraine, the Group will continue to defend its pricing methodology
applied during all the years in the courts in Ukraine. The transfer pricing testing method has been changed by the Group\u2019s Ukrainian
subsidiaries in 2025 for the previous years as the Transactional Net Margin Method (\u201cTNMM\u201d), based on advice from local transfer pricing
experts, appears to better support the defence strategy in the courts. An unfavourable outcome of any future court proceedings would have
an adverse impact on the Group\u2019s total income tax expense and effective tax rate in future periods. See also the Principal Risks section for
further information on the Ukraine country risk.
Except for the matters in Ukraine mentioned above, the Group is not aware of any other significant challenges by local tax authorities in any
jurisdictions in which the Group operates. However, the application of international and local tax legislation and regulations can be complex
and requires judgement to assess possible associated risks, particularly in relation to the Group\u2019s cross-border operations and transactions.
CRITICAL ESTIMATES AND JUDGEMENTS The most critical accounting estimates are in relation to key assumptions used for the preparation of the Group\u2019s financial long-term model, such as the expected future prices for iron ore products and for key input materials as well as possible production and sales volumes, taking also into account the current circumstances the Group has to operate in, including available logistics routes. Further to the critical estimates, the preparation of the Group\u2019s financial long-term model required also some critical judgements from management in respect of the timing of when the Group\u2019s operation is expected to return to pre-war levels and when VAT refunds in Ukraine will resume again. The critical estimates and judgements do have a significant impact on the computation of the value in use of the Group\u2019s non-current assets and, as a consequence, on the outcome of the Group\u2019s impairment test. See Note 2 Basis of preparation for further information on matters affecting the Group\u2019s financial long-term model. The Group\u2019s impairment test is based on cash flow projections over the remaining estimated lives of the GPL and the Yerystivske deposits, which are expected to expire in 2058 and 2048, respectively, according to the current approved mine plans. The cash flow projection is based on a financial long-term model approved by senior management and the effects of expected future mine life extension programmes are not taken into account in the estimated future production volumes. As in the past, the several critical estimates and judgements used when preparing the Group\u2019s financial long-term model are reviewed by the Audit Committee with specific consideration given to the realistically plausible production volumes in light of the current situation in the country, sales price and production cost forecasts as well as the discount rate used to discount the cash flows. The situation in Ukraine remains unpredictable and continues to require the Group to be extremely flexible, as mining operations, production and available logistics routes have to be adapted to the prevailing conditions. Following the suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash, affecting also the Group\u2019s cash flow generation in future periods and resulting in a further delay of the ramp-up of its operation to pre-war levels. See Note 2 Basis of preparation and Note 35 Events after the reporting period for further details in respect of the suspended VAT. In addition to ongoing legal actions taken by the Ukrainian government against the Group, including the effects of the personal sanctions on Mr Zhevago mentioned above, the Group\u2019s operation in Ukraine is still affected by the ongoing war in Ukraine. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. As at the date of the approval of these consolidated financial statements, the war and the legal disputes in Ukraine are still ongoing and the duration and possible implications on the Group\u2019s operation are difficult to predict. The financial long-term model is continuously updated, the last time in July 2026, using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current circumstances the Group has to operate in, including the effects from the continued suspended VAT refunds in Ukraine on the Group\u2019s development in future periods. In terms of the key assumptions used, an average iron ore index price of US$115 per tonne of 65% Fe fines CFR North China was used in the assumptions for the cash flow projection for the next five years. When assessing its expected future long-term selling price, the Group considers external and internal analysis of the short-term and longer- term supply and demand dynamics on the international market for iron ore pellets and concentrate as well as more specific local supply and demand balances affecting its major customers. The Group\u2019s production level is currently constrained by the suspended VAT refunds in Ukraine and remains highly dependent on a constant power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing war. As a result of the current restrictions, the production capacity used for the cash flow projection under the base case is expected to be approximately 40% of the pre-war level for the financial year 2026, before an increase to approximately 64% in 2027 and an expected recovery to pre-war levels in the second half of 2028. Because of an increased demand for high-grade concentrate and the expected realisable margins based on forecast market conditions, the share of concentrate production increased significantly and averaged around 28% for the years covered by the long-term model, compared to 11% in the long-term model used for the 2024 year-end impairment test. There is no perpetual growth rate applied for the cash flow projections beyond the last year covered by the Group\u2019s long-term model. The Group\u2019s expected major cost components, such as production and shipping costs, are determined taking into account local inflationary pressure, major exchange rate developments between the Ukrainian hryvnia and the US dollar, the short-term and longer-term trends in energy supply and demand and the expected movements in steel-related commodity prices, which could have a material effect on the cost of certain production input materials. In terms of the currently unavailable logistics route via the Black Sea ports in Ukraine, given the importance of this route for both parties involved in this war and for the global grain supply, it is management\u2019s judgement the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets. Due to the expected increase of the share of concentrate production during the years covered by the Group\u2019s long-term model, management has assessed whether the increase in concentrate production could indicate that the assets used for the production of pellets and concentrate represent two separate cash-generating units. Following a thorough assessment, management concluded that it is still appropriate to test the Group\u2019s non-current operating assets based on one CGU because of the high level of vertical integration of the Group\u2019s production at the Group\u2019s major subsidiary Ferrexpo Poltava Mining and absence of largely independent cash flows. Further to that, it is management\u2019s view that an impairment test based on two CGUs would not reflect appropriately the Group\u2019s current challenging circumstances as the total impairment loss would be limited by the total value of the assets used for the production of pellets. The key assumptions used for the preparation of the Group\u2019s long-term model are:
Key assumptions
Basis
Future production and sales volume
Proved and probable reserves and available logistics capacity and power supply
Commodity prices
Contract prices and longer-term price estimates
Capital expenditures
Estimated future sustaining capital expenditures
Cost of raw materials and other production/distribution
Expected future cost of production
Exchange rates
Longer-term predictions of market exchange rates
Nominal pre-tax discount rate
Cost of capital risk adjusted for the resource concerned
The outcome of the Group\u2019s impairment test is predominantly dependent on the forecast cash flow generation and the nominal pre-tax discount rate to be applied. For the impairment test as at 31 December 2025, it was decided to apply a dual WACC approach, whereby a higher WACC is used for the years during which the war is expected to be ongoing and a post-war WACC is applied for the years following the war. As a result, the Group\u2019s forecast cash flows for the financial years 2026 and 2027 were discounted with a WACC of 25.8% and those for the following years with a WACC of 19.2% (2024: single WACC of 23.1%), both of them still significantly higher than the pre-war WACC of 13.8% as at 31 December 2021. It is management\u2019s position that the change to a dual WACC approach is a better basis for the computation of the value in use of the Group\u2019s non-current operating assets as at 31 December 2025 as this more accurately reflects the impact of the terminal value on the value in use. According to the base case of the Group\u2019s impairment test prepared for the 2025 year end accounts, the value in use of the Group\u2019s single cash-generating unit\u2019s operating non-current assets, including property, plant and equipment as well as other intangible assets and other non-current assets, supported the carrying value of these assets as at 31 December 2025, as a result, no further impairment losses needed to be recognised in addition to the impairment loss of US$154,107 thousand recognised as at 30 June 2025. As in the past, the recorded impairment loss is allocated to various asset categories within property, plant and equipment. The key assumptions in respect of production and sales volumes are largely dependent on the point of time when VAT refunds in Ukraine will resume again, whereas the production costs are dependent on end of the war in Ukraine, and therefore a wide range of alternative outcomes are possible, reflecting a high level of uncertainty. The Group\u2019s financial long-term model assumes an inflow of US$100,000 thousand from a fundraise expected to be completed in late September 2026, which is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern and, as a consequence, on the valuation of its non-current operating assets. A delay of the recovery of the production and sales volumes to a pre-war level by another year, which is possible, if VAT refunds are not resumed as expected by management, with all other assumptions remaining unchanged, would reduce the value in use of the Group\u2019s non-current operating assets by approximately US$79,000 thousand. A reduction of the realised price by 10% in 2026 and 5% for each year until 2048 would reduce the value in use by approximately US$240,000 thousand and a decrease of the production and sales volume by 10%, combined with an increase of the production costs by 5%, again for the entire period of the assessment, would reduce the value in use by approximately US$292,000 thousand whilst every 1.0% increase of the nominal pre-tax discount rate would reduce the value in use by approximately US$50,000 thousand, with all other assumptions remaining unchanged. There is a potential risk that the logistics route via the ocean-going Black Sea ports in Ukraine may not be available to the Group as currently expected by management and as reflected in the Group\u2019s current long-term model. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 is in addition to the impairment losses of US$71,170 thousand and US$254,477 thousand recorded during the financial years ended 31 December 2024 and 31 December 2022. The recorded impairment losses will be re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of these assets. As disclosed in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes, the Group announced on 29 January 2024 that a Ukrainian court of appeal has confirmed a claim against Ferrexpo Poltava Mining (\u201cFPM\u201d) in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), in respect of contested sureties. FPM appealed this decision to the Supreme Court of Ukraine and the court proceedings continued during the year ended 31 December 2025 and no decision has been made as at the date of the approval of these consolidated financial statements. In relation to the contested sureties\u2019 claim, which is still under review by the Supreme Court of Ukraine, a local court of first instance in Poltava ruled in favour of the claimant in the dispute over the contested sureties and ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). Despite the fact that it was management\u2019s view that FPM has compelling arguments to defend its position in the Supreme Court of Ukraine, given the magnitude of this specific claim and the underdeveloped and fragile judicial system in Ukraine, the Group recorded a full provision for this claim as at the end of the financial year ended 31 December 2023 in accordance with IAS 37 Provisions, contingent liabilities and contingent assets and has not been released as at 31 December 2025. If the ruling of the Supreme Court is not in favour of FPM or if any enforcement procedures are commenced by the appointed insolvency manager before the final ruling of the Supreme Court, there is a risk that some of the Group\u2019s property, plant and equipment will be seized or subject to a forced sales process as part of the enforcement proceedings. Although the Group has recognised a provision for the full amount of the contested sureties claim, there is a risk that any assets subject to seizure or a forced sales process are valued at an amount which is different than their current carrying values as at 31 December 2025. Note 2 Basis of preparation provides further information in terms of the possible implications on the Group\u2019s ability to continue as a going concern. In addition to the case above and as disclosed in Note 2 Basis of preparation, there is still a risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which could potentially affect the availability of FPM\u2019s property, plant and equipment and, as a consequence, the carrying value of these assets included in the Group\u2019s consolidated financial statements. Due to the lack of information available at the date of the approval of these consolidated financial statements, it is impossible to estimate the possible financial impact in future periods. See Note 30 Commitments, contingencies and legal disputes for further information. CRITICAL ESTIMATES As disclosed in Note 30 Commitments, contingencies and legal disputes, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d) received in 2025 and 2026 notifications from the Ukrainian tax authorities of a decision to suspend the claims made for various monthly VAT refunds. As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599,043 thousand (US$61,315 thousand at this date) were suspended by the State Tax Service (\u201cSTS\u201d). FPM and FYM have been filing and will continue to file lawsuits to the court for each month in relation to the suspended VAT refunds. It is expected that VAT refunds will resume only once the personal sanctions imposed on Mr Zhevago have been lifted or if local tax authorities complied with the favourable court rulings obtained by the Group\u2019s subsidiaries. Despite certain positive court decisions in respect of the claims made by the Group\u2019s subsidiaries for not refunded VAT balances, the balances claimed neither have been refunded by the local tax authorities nor is there a contractual agreement regarding the exact timing of the expected refunds in place. At the same time, as disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in May, June and July 2026 five negative decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds of individual monthly claims made in the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal proceedings that commenced in 2025 and are therefore treated as adjusting events after the reporting period when preparing these consolidated financial statements for the year ended 31 December 2025. Consequently, additional allowances totalling US$13,080 thousand were recognised as at 31 December 2025. The Group\u2019s subsidiaries have resubmitted the claims refused by the court of appeal to the tax authorities for refund in cash. No allowance or discount effect was recorded as at 31 December 2025 for the outstanding balances expected to be refunded after more than 12 months, for which no negative decisions from the court of appeal were received. Further information on the ongoing court proceedings is provided in Note 30 Commitments, contingencies and legal disputes. Further to that, management is continuing to monitor the situation closely and examining possible measures to ensure that VAT refunds are received again in the near future. The situation is continuously reassessed by management based on the developments in the courts, and it is currently unclear when VAT refunds can be expected again. However, the absence of VAT refunds does have an impact on the Group\u2019s cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis of preparation for further details. CRITICAL JUDGEMENTS The Group is exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which may or may not be exacerbated by the war and/or the current circumstances facing Mr Zhevago (see Ukraine country risk on pages 103 to 106). As a result, the Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which require a significant number of critical judgements to be made by the management team, mainly in respect of the contested sureties claim, for which the provision recorded as at the end of the financial year ended 31 December 2023 still exists as at 31 December 2025, and the other matters listed under critical judgements below. CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITH CORRESPONDING PROVISIONS Contested sureties claim On 7 December 2022, Ferrexpo Poltava Mining (\u201cFPM\u201d) received a claim in the amount of UAH4,727 million (31 December 2025: US$111,517 thousand; 31 December 2024: US$112,443 thousand) in respect of contested sureties. The claimant alleges that it acquired rights under certain loan agreements originally concluded between Bank F&C and various borrowers by entering into an assignment agreement with the State Guarantee Fund in November 2020. The claimant further claims that FPM provided sureties to Bank F&C to secure performance under these loan agreements. A court of first instance in Ukraine made an award in favour of the claimant on 9 August 2023, which was upheld by the court of appeal on 26 January 2024. On 1 April 2024, the Supreme Court suspended the possible enforcement of the decision of the court of appeal against FPM.
As at the date of the approval of these consolidated financial statements, the case is under review by the Supreme Court of Ukraine.
Whilst several hearings have already been held, no substantive decision on the merits of the case has yet been made by the Supreme Court.
On 1 May 2026, the court expanded the panel to 17 judges. The next hearing is scheduled for 12 October 2026.
Notwithstanding the two negative court decisions of the lower courts, based on independent legal advice obtained management remains of
the view that the claim is without merit and FPM has compelling arguments to continue to defend its position before the Supreme Court.
However, considering the magnitude of this claim and the risks associated with the judicial system in Ukraine as further described above,
a full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of the
financial year ended 31 December 2023, remained as at 31 December 2025.
Notwithstanding that the underlying contested securities claim remains under review by the Supreme Court of Ukraine and the Supreme
Court has suspended enforcement action against FPM pending the Supreme Court\u2019s decision, on 24 February 2026, a local court in Ukraine
opened bankruptcy proceedings against FPM. For further details, see details below under Bankruptcy proceedings against Ferrexpo Poltava
Mining (\u201cFPM\u201d).
If the final ruling of the Supreme Court is against FPM, this would mean that FPM\u2019s bankruptcy process will continue, which could have
a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. For further implications, see below
under Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d).
If the FPM bankruptcy is cancelled but the Supreme Court later rules against FPM, the claimant will have two options: (i) to initiate
bankruptcy of FPM once again or (ii) commence enforcement procedures through the involvement of bailiff. The commencement of
enforcement procedures through the involvement of bailiff in such potential scenario in the future could have a material negative impact on
the Group\u2019s business activities and its ability to continue as a going concern, as the assets of FPM could be seized or subject to a forced sale.
The potential seizure or forced sale of FPM\u2019s assets, including moveable, immovable and financial assets, may have a material adverse impact
on the Group\u2019s cash flow generation, profitability and available cash balance in future periods.
As at the date of the approval of these consolidated financial statements, it is not reasonably possible to assess the implications of a potential
seizure or forced sale of assets on the Group\u2019s business activities, as the timing, scope and impact are unknown and outside of the Group\u2019s
control. However, the Group has prepared a number of mitigating actions and responses within its control in order to seek to ensure
continuation of production and generation of revenue streams. Beyond that, in case of an enforcement, FPM will challenge orders and
enforcement actions in the court where possible, in order to seek to allow the Group to continue to trade and generate resources to meet
its other liabilities as they fall due. See Note 2 Basis of preparation, Note 13 Property, plant and equipment and Note 17 Inventories for
further information.
CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITHOUT CORRESPONDING PROVISIONS
Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d)
In connection with the ongoing legal dispute over the contested sureties, as disclosed above, in May 2025 the counterparty filed an
application with the Commercial Court of Poltava Region to initiate bankruptcy proceedings against FPM. The court accepted this application
and bankruptcy proceedings were opened on 24 February 2026.
As part of this ruling, the court has also appointed an insolvency manager over FPM. The existing FPM management team remains in place
and continues to operate the business. This decision was made notwithstanding that the underlying legal dispute over the contested sureties
between FPM and LLC \u201cMaxi Capital Group\u201d is still under review by the Supreme Court of Ukraine and the Supreme Court of Ukraine\u2019s order
on 1 April 2024 to suspend enforcement in the contested sureties claim.
FPM filed an appeal against the decision to open bankruptcy proceedings. The first appeal hearing was heard on 9 April 2026, and the next
hearing took place on 30 April 2026, when the panel of three judges declared a formal recusal from the case and a new panel of judges has
been appointed. There were further hearings on 2 June 2026 and 27 July 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed
FPM\u2019s appeal against the ruling of the Commercial Court of Poltava Region dated 24 February 2026, which opened bankruptcy proceedings
against FPM. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. However, the filing of an appeal, including
a cassation appeal, does not suspend the ongoing bankruptcy proceedings.
Following the opening of bankruptcy proceedings against FPM, an insolvency manager has started to compile a list of creditor claims in
accordance with Ukrainian regulations. Although the existing FPM management team currently remains in place and continue to operate
the business, there are: (i) certain actions which the FPM management team\u2019s governing bodies cannot take without the consent of the
insolvency manager (such as the receipt or granting of loans and the leasing of property); (ii) certain further actions which FPM\u2019s governing
bodies are not authorised to take without the consent of the creditors\u2019 committee or the creditors\u2019 meeting, if the committee is not yet
formed (such as entering into significant transactions where the market value amounts to 10 percent or more of the value of FPM\u2019s assets or
disposal of FPM\u2019s material assets); and (iii) certain further actions which are FPM\u2019s governing bodies are not authorised to take at all during
the property administration stage of the insolvency process (including the granting of loans, providing sureties or guarantees, disposal or
granting of new encumbrances over real property and the payment of dividends). There also remains a risk that the court may, on its own
initiative or upon motion of the parties, seek to terminate the powers of FPM\u2019s executive body and transfer the executive body\u2019s functions to
the insolvency manager, which would result in the Company\u2019s loss of control of FPM. Loss of control of FPM would result in the Group being
unable to manage its operations, receive cashflows from operations or prevent the distribution of assets to creditors of FPM.
The initial stage of bankruptcy proceedings is the stage of the debtor\u2019s property management. The court introduces it for up to 170 calendar
days, but the court can further extend it. On 11 August 2026, the insolvency manager filed a motion with the Commercial Court of Poltava
Region to extend the term of the property administration procedure. The property management procedure is intended to ensure
supervision over the management and disposal of FPM\u2019s assets, with a view to their preservation and efficient use, to facilitate the
assessment of FPM\u2019s financial position, and to determine the appropriate subsequent stage of the bankruptcy proceedings (rehabilitation or
liquidation). Within the property management procedure framework, the insolvency manager is not selling the debtor\u2019s property to satisfy
creditors\u2019 claims. Such an obligation arises for the insolvency manager at the next stages of bankruptcy proceedings \u2013 rehabilitation or
liquidation, which are introduced by a court order at the final meeting of the property management procedure. Should the bankruptcy
proceedings progress and FPM\u2019s appeal is not successful or heard in a timely manner, or if further adverse rulings are made notwithstanding
FPM\u2019s on-going appeals, this could result in FPM entering into rehabilitation or liquidation stage resulting in a material negative effect on the
Group\u2019s business, financial condition, results of operations and prospects.
In particular, such risks may affect the Group\u2019s ability to continue as a going concern and its long-term viability. In the meantime, it is currently not possible to assess the potential impact of ongoing bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of time. Legal proceedings relating to Bank F&C Shares freeze in relation to claim from the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d) On 3 March 2023, a court of first instance in Ukraine, while hearing the dispute between the DGF and Mr Zhevago in relation to the liquidation of Bank F&C in 2015 (\u201cthe main dispute\u201d), ordered the arrest (freeze) of 50.3% of the shareholding of Ferrexpo AG (\u201cFAG\u201d) in each of Ferrexpo Poltava Mining (\u201cFPM\u201d), Ferrexpo Yeristovo Mining (\u201cFYM\u201d) and Ferrexpo Belanovo Mining (\u201cFBM\u201d). In addition to the restriction covering 50.3% of FAG\u2019s shareholding in each of FPM, FYM and FBM, the court order also contains a prohibition on Fevamotinico S.a.r.l. disposing of its shares in Ferrexpo plc and Ferrexpo plc disposing of any of its shares in FAG. As at the date of the approval of these consolidated financial statements, the Group has no intention, and never has had any intention, of disposing of its shares in FPM, FYM, FBM or FAG. The Group does not expect an impact on its mining or other operations because of this court order. The Group\u2019s subsidiaries affected by this court order, including FAG, have filed appeals to remove the restrictions. The court of appeal dismissed the appeals and the decision of the court of appeal was upheld by the Supreme Court of Ukraine on 10 January 2024. Therefore, the restrictions remain effective. On 31 July 2024, a court of first instance agreed to commence economic examination to be performed by an independent expert institution to assess the amount of damages of Bank F&C in the main dispute. The proceedings in the main dispute are suspended, until an expert opinion is received. Based on advice from Ukrainian legal counsel, management considers that the court order dated 3 March 2023 to arrest (freeze) 50.3% of FAG\u2019s shareholding in each of FPM, FYM and FBM contravened Ukrainian law because the restricted 50.3% of corporate rights in the three Ukrainian subsidiaries are the property of FAG and not of any other person as a matter of Ukrainian law. Shares freeze in relation to claim from the National Bank of Ukraine (\u201cNBU\u201d) In addition to the case initiated by the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d) as described above, there is a commercial litigation in Ukraine between the NBU and Mr Zhevago in relation to a personal surety (guarantee) given by Mr Zhevago for a loan provided by the NBU to Bank F&C prior to Bank F&C\u2019s insolvency. This claim reached a final decision of the Ukrainian courts in 2020, however the judgement debt was not satisfied by Mr Zhevago and the state bailiff imposed an arrest (\u201cfreeze\u201d) on the part of the corporate rights in the amount of 50.3% of the issued share capital of Ferrexpo Yeristovo Mining (FYM) and Ferrexpo Belanovo Mining (FBM) and two arrests (\u201cfreeze\u201d) of 49.3% of shares in Ferrexpo Poltava Mining (FPM). The court of first instance was considering FAG\u2019s claim to cancel the arrest (freezing) order of the state bailiff in relation to 50.3% of the issued share capital of FYM and of FBM. After several hearings in 2025, the judge closed the proceedings during a hearing on 28 May 2025, effectively refusing FAG\u2019s claim to cancel the arrest (freezing) order. On 20 June 2025, FAG filed an appeal, which was rejected on 1 October 2025 by the court of appeal. On 29 October 2025, FAG filed a cassation appeal to the Supreme Court of Ukraine. The case is pending before the Supreme Court of Ukraine. Another case to challenge two arrests (\u201cfreeze\u201d) of 49.3% of shares in FPM remains on-going and the next hearing by the Pecherskyi District Court of Kyiv is scheduled for 7 September 2026. If the above enforcement processes are not interrupted, this could ultimately lead to a potential sale of shares representing 50.3% of the issued shares in each of FYM and FBM and 49.3% of the issued shares in FPM, notwithstanding that they are assets of the Group and not Mr Zhevago personally. Shares freeze in relation to investigation in connection with Bank F&C As disclosed in details in the 2024 consolidated financial statements, on 25 March 2024, the Group became aware of a court order dated 18 January 2024 regarding further restrictions on certain corporate rights concerning all of the Group\u2019s Ukrainian subsidiaries. According to the January 2024 court order these restrictions were imposed in September 2023 on 49.5% of the shares in all of the Group\u2019s Ukrainian subsidiaries, except for Nova Logistics LLC and TIS-Ruda LLC, an associated company of the Group, where the relevant percentages restricted are 25.2% and 24.7%, respectively. The Group understands the restrictions have been imposed in connection with ongoing investigations relating to Bank F&C. The restrictions do not affect ownership of the relevant shares, but prohibit their transfer and restrict the right to exercise corporate rights otherwise attaching to such shares, including the right to vote. On 21 May 2024, FAG filed an appeal against the court order. On 30 January 2025, the court of appeal rejected FAG\u2019s appeal. On 4 March 2025, the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) made a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in Ferrexpo Poltava Mining (\u201cFPM\u201d) held by Ferrexpo AG (\u201cFAG\u201d) to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). The statement also makes reference to the transfer to ARMA of corporate rights in a further 15 undisclosed legal entities. The SBI statement notes that the transfer of the corporate rights in FPM is in connection with on-going legal cases in Ukraine relating to the alleged embezzlement of funds from Bank F&C, a Ukrainian bank previously owned by Mr Zhevago which was declared insolvent in 2015. Bank F&C has never been part of the Ferrexpo Group. On 30 April 2025, ARMA announced the commencement of market consultations for the appointment of asset managers in respect of corporate rights and assets potentially to be transferred to ARMA. On 9 October 2025, ARMA announced the start of market consultations concerning the arrested 49.5% of corporate rights in FPM. As at the date of the approval of these consolidated financial statements, no member of the Ferrexpo Group has received any official documents or requests from the Ukrainian authorities with regard to the decision of the Pecherskyi District Court of Kyiv and has not seen a copy of the court decision. The details of the court decision are therefore unclear at this stage. Based on independent legal advice from Ukrainian counsel, management understands that FAG remains the 100% owner of FPM. Further to that, ARMA may enter into an agreement with a third party manager who might manage 49.5% of the corporate rights in FPM, but according to the current Ukrainian legislation such manager will need to obtain consent from FAG for any corporate actions. Based on the Law on ARMA, the manager is obliged to coordinate the exercise of assumed powers at the shareholders meeting with the owner of the shares unless an exception applies. This rule means that the manager cannot vote at the shareholders meeting on its own, but only with the consent of the owner, FAG. Share freeze in relation to undisclosed investigation During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out on 4 February 2026, it was discovered that the High Anti-Corruption Court of Ukraine ordered the arrest (freeze) of corporate rights in all of the Group\u2019s Ukrainian subsidiaries, except for LLC TIS-Ruda, in a criminal proceeding to which none of the Group companies are parties. The court order was not published in the Ukrainian State Register of Court Decisions to preserve the confidentiality of the pre-trial investigation, and none of the Group companies received any order in connection with this arrest (freeze) of corporate rights. Details of the criminal case, including the percentage of corporate rights subject to the arrest (freeze), are therefore unavailable at this stage. However, under Ukrainian law arrest (freezing) orders do not affect ownership of the relevant shares but typically prohibit their transfer and in addition may restrict the right to exercise corporate rights such as voting rights and the right to receive dividends. Second share freeze in relation to another investigation in connection with Bank F&C During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out in March 2026, it was discovered that the Pecherskyi District Court of Kyiv issued a new arrest (freeze) of corporate rights in the Group\u2019s Ukrainian subsidiaries in connection with the Bank F&C investigation on 23 December 2025. This arrest applies to 49.5% of the corporate rights in the Group\u2019s Ukrainian subsidiaries. It relies on the mechanism of \u201cSpecial Confiscation\u201d, a process under Ukrainian law which allows the State to seize assets directly linked to a criminal offence, including where the property is obtained as a result of the commission of the offence or income derived therefrom, property used as a tool or instrument of the offence, or property intended for financing the offence or as a reward for its commission. Special confiscation can extend to property owned by third parties, provided the owner knew or ought to have known of its origin or intended use in connection with the offence. Execution of \u201cSpecial Confiscation\u201d requires a final court decision in the criminal proceedings but is not confined to a guilty verdict. Special confiscation may be ordered following a guilty verdict of the court; a court ruling closing the criminal proceedings on non-exonerating grounds, including release from criminal liability; or a ruling imposing criminal-law measures upon a legal entity. In each case this ruling can only occur after examination of the merits of the case, which has not yet occurred. The arrest (freeze) does not immediately affect ownership rights but may restrict voting rights, dividend rights and the ability to transfer shares. FAG has filed an appeal against the share freeze on 3 April 2026. The first appeal hearing took place on 19 May 2026 and a further hearing scheduled for 18 August 2026 was cancelled and postponed to 16 September 2026. As at the date of the approval of these consolidated financial statements, the appeal proceedings remain ongoing. Restrictions imposed by Swiss Office of the Attorney General over Ferrexpo AG (\u201cFAG\u201d) shares On 13 February 2026, the Swiss Office of the Attorney General issued a provisional order to the management bodies of Ferrexpo AG (\u201cFAG\u201d) to prohibit FAG from issuing new shares and from consenting to the sale or transfer of existing shares in FAG. The proceedings are based on a request for legal assistance from the National-Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) to Switzerland made on 4 November 2025. The request for legal assistance states that the proceedings are based on the suspicion that Mr Zhevago, with the assistance of his lawyer, granted an unlawful advantage to the former president of the Supreme Court of Ukraine, in order to influence proceedings in the above-mentioned claim relating to the share sale and purchase agreement for a 40.2% stake in Ferrexpo Poltava Mining. On 26 February 2026, FAG filed an appeal to the Swiss Federal Criminal Court against the aforementioned restrictions, which remains ongoing. Currency control measures imposed in Ukraine With the start of the Russian invasion of Ukraine on 24 February 2022, the Ukrainian government introduced Martial Law affecting, among other things, matters relating to lending agreements, foreign exchange and currency controls and banking activities. As a result, the National Bank of Ukraine (\u201cNBU\u201d) has introduced significant currency and capital control restrictions in Ukraine. These measures are affecting the Group in terms of its cross-border payments, which are restricted and may be made only in exceptional cases. The maximum period for settlement of invoices under export and import contracts was decreased as at 1 April 2022 from what was previously 360 days to 180 days. Despite the partial relaxation of Ukrainian hryvnia controls in May 2024 around the regulatory framework specific to foreign currency transactions, intercompany settlements and transfers offshore for international Groups, the NBU maintains tight capital controls in Ukraine. These measures put additional pressure on the Group\u2019s liquidity management as the Ukrainian subsidiaries are currently not in a position to make significant cash transfers outside of Ukraine. As it is essential to the Group that sufficient liquidity is held outside of Ukraine to ensure that the Group\u2019s liabilities can be settled when falling due, intercompany receivable balances due to the Ukrainian subsidiaries have historically only been paid when falling due and after considering the local cash requirements for operating activities and capital expenditure programmes. The lower operating activities and reduced capital expenditure programmes due to the ongoing war have reduced the local cash requirements and consequently increased the imbalance between payments to be made into Ukraine and local cash requirements. As a result of the imposed currency control measures, the Group has to carefully manage the payments to be made into Ukraine, as the local subsidiaries cannot transfer any surplus funds back to Group entities outside of Ukraine, if required. Failure to comply with the currency control regulations can result in fines of 0.3% per day calculated on the cumulative overdue receivable balances with the maximum amount limited to the receivable balances. The Group has implemented various measures to mitigate the impact of the currency control regulations and reduce the risk of material fines, but there exists legal uncertainty in the application of the currency control regulations during the application of Martial Law in Ukraine. The currency control regulations may also be subject to change in the future (including with retrospective effect). Therefore, there was a risk that the Group may become subject to challenges from regulatory authorities in connection with the application of the regulations. In July 2026, the State Tax Service of Ukraine (\u201cSTS\u201d) completed an unscheduled documentary in-house review of Ferrexpo Poltava Mining (\u201cFPM\u201d) in relation to compliance with currency control regulations concerning settlement deadlines under eleven import contracts and ten export contracts, primarily for the period between 1 July 2021 and 31 December 2025. Following the completion of this internal review, the STS issued its report on 14 July 2026, assessing penalties of approximately UAH35.3 billion (approximately US$787 million as at the date of approval of these consolidated financial statements) for potentially alleged breaches of foreign currency settlement deadlines. FPM considers the review to be irregular on the grounds that it was conducted with multiple procedural violations and that the tax authority failed to consider relevant factual circumstances, including arbitration awards under several export contracts. Those awards procedurally preclude the imposition of penalties in respect of those contracts, which account for the majority of the penalties assessed. FPM filed formal objections to the STS on 4 August 2026 in connection with the report received. On 17 August 2026, the Eastern Interregional Directorate of the STS issued an order providing for a further documentary on-site review of FPM, to commence on 14 September 2026, which is expected to take 15 working days, for the purpose of a comprehensive examination of the circumstances set out in FPM\u2019s objections. FPM intends to challenge any potentially resulting tax notices-decisions before the Ukrainian courts. In that event, the assessed liabilities will remain unconfirmed and unenforceable pending a judicial review process and, as a consequence, no provision has been recorded as at 31 December 2025. Share dispute As disclosed in the 2024 consolidated financial statements, on 19 April 2023, the Grand Chamber of the Supreme Court ruled in favour of FAG in relation to the old shareholder litigation re-opened in 2020. In May 2023, the National Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) and the Specialised Anti-Corruption Prosecutor\u2019s Office (\u201cSAPO\u201c) accused the Head of the Supreme Court of Ukraine of bribery. These allegations made reference to the ruling made by the Supreme Court of Ukraine on 19 April 2023 and Mr Zhevago. Investigations by NABU and SAPO are underway into the conduct of the former Head of the Supreme Court and a lawyer who allegedly acted as the intermediary in the alleged bribery. On 3 August 2023, NABU announced that Mr Zhevago had been issued with a notice of suspicion in NABU\u2019s and SAPO\u2019s investigation. On 15 October 2025, the Appellate Chamber of the High Anti-Corruption Court granted permission to conduct a special pre-trial investigation. On 8 June 2026, the High Anti-Corruption Court of Ukraine (\u201cHAAC\u201d) approved a plea agreement between SAPO and the former Head of the Supreme Court of Ukraine in connection with these allegations. On 9 June 2026, it was publicly announced that Mr Zhevago had been issued with a summons by NABU to appear on 16 June 2026 to receive the indictment and case materials in connection with these allegations. A verdict from the HAAC that a judge has received a bribe for the favourable decision in the share dispute case (which verdict remains valid after any potential appeal), may entitle the claimants in the share dispute case to apply to the Supreme Court of Ukraine to review the ruling made by the Supreme Court of Ukraine on 19 April 2023. According to records at UK Companies House, all four claimants are currently subject to liquidation or dissolution proceedings. If the share dispute case were to be reviewed by the Grand Chamber of the Supreme Court of Ukraine once again, based on advice from Ukrainian legal counsel, management remains of the view that FAG has compelling legal arguments to defend its position. However, more general concerns surrounding the independence of the judicial system and its immunity from economic and political influences in Ukraine means there remains a residual risk of a negative outcome. A hypothetical reversal of the 19 April 2023 decision by the Grand Chamber of the Supreme Court would result in the loss of a significant proportion of the shareholding in the Group\u2019s main operating subsidiary in Ukraine, which holds approximately 65% of the Group\u2019s non- current operating assets, and would have a material adverse impact on the shareholders\u2019 equity attributable to the shareholders of Ferrexpo plc. Due to the various uncertainties, it is currently not possible to reliably estimate the financial impact, but it could be material. A negative decision could also have an impact on potential future dividends from FPM to FAG and, as result, on the distributable reserves of Ferrexpo plc. See Note 12 Earnings per share and dividends paid and proposed for further details. No non-controlling interest has been recognised as at 31 December 2025 in respect of this dispute because FPM remains wholly owned by FAG as at the date of the approval of these consolidated financial statements. It is management\u2019s view that a hypothetical reversal of the decision by the Grand Chamber of the Supreme Court will not cast significant doubt on the Group\u2019s ability to continue as a going concern. However, such a decision might complicate the daily business of the Group\u2019s major subsidiary in Ukraine. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "GOING CONCERN Throughout the financial year 2025, the situation in Ukraine remained unpredictable and extremely challenging due to the ongoing war and legal actions against the Group. The Group showed strong momentum at the beginning of the year, resulting in the Group\u2019s best production in the first quarter since the full-scale invasion in February 2022. This strong momentum was significantly curtailed in the second quarter as the Group started to experience the full impact of the Ukrainian tax authorities\u2019 decisions to suspend the refund of VAT to the Group\u2019s subsidiaries in Ukraine. The situation further deteriorated in the last quarter of 2025, when the intensity and frequency of missile and drone attacks on Ukraine\u2019s energy, transport, and port infrastructure increased. This led to power cuts and a sharp rise in electricity prices, which had a further negative impact on the Group\u2019s business operations in the fourth quarter. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. Given the importance of this route for both parties involved in this war and for the global grain supply, it is management\u2019s view the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets. Management is aware that the timing of the availability of the ocean-going Black Sea ports in Ukraine is subject to significant uncertainty and management is currently assessing alternative logistics routes as done in 2022 and 2023, when theses ports were unavailable for an extended time. However, channelling sales through alternative logistics routes may result in lower sales volumes and/or higher logistics costs. Following the personal sanctions imposed on Mr Zhevago by Ukrainian authorities on 12 February 2025, the Group\u2019s subsidiaries in Ukraine have not been receiving VAT refunds since March 2025. As a result of the suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash, affecting the Group\u2019s financial performance during the financial year 2025, but also the expected cash flow generation during the period covered by the Group\u2019s going concern assessment. As part of management\u2019s going concern assessment, the Group continuously adjusts its financial long-term model to reflect the latest developments in terms of possible production and sales volumes as well as latest market prices and production costs. The financial long-term model was updated using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current circumstances the Group must operate in, including the effects from the suspension of VAT refunds and the ongoing legal actions against the Group in Ukraine. The level of the Group\u2019s production is currently restricted due to outstanding VAT refunds and also remains dependent on a constant power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing war, which are reflected in the Group\u2019s financial long-term model. Both the war and the legal actions against the Group in Ukraine are still ongoing, which have affected the Group\u2019s business activities, including available logistic routes, and thus its profitability and cash flow generation during the financial year ended 31 December 2025 and are also expected to have a continuing impact on the next 18 months following the approval of these consolidated financial statements, which includes the period covered by the Group\u2019s going concern assessment. The suspension of VAT refunds has continued in 2026, significantly affecting the Group\u2019s available cash balance. The total net outstanding VAT refunds are US$87,982 thousand at the end of June 2026, of which US$86,911 thousand had been claimed for refund from the Ukrainian tax authorities and refunds totalling US$84,265 thousand have been refused by the tax authorities, both as at the date of approval of these consolidated financial statements, because of the association of the Group with Mr Zhevago as a consequence of the personal sanctions imposed on him. As a result of the challenging situation during the financial year ended 31 December 2025, the Group\u2019s total commercial production totalled 6,142 thousand tonnes of iron ore pellets and concentrate, a decrease of 11% compared to 6,890 thousand tonnes during the comparative year ended 31 December 2024. As no VAT refunds have been received since March 2025, the Group significantly reduced its capital expenditure programme, which however could only partially offset the significantly lower operating cash flow generation. As a result, the closing balance of cash and cash equivalents decreased to US$58,447 thousand as at 31 December 2025, compared to US$105,919 thousand as of 31 December 2024. As at the date of the approval of these consolidated financial statements, the Group has an available cash balance of approximately US$26,300 thousand and is in a net cash position of approximately US$17,700 thousand. In addition to the available cash balance, the Group has an outstanding trade receivable balance of approximately US$6,300 thousand from its pellet and concentrate sales, which is expected to be collected in the next few months, and finished goods already stockpiled of 234 thousand tonnes at different ports or storage locations other than the plant. The challenging and unpredictable environment in which the Group has been operating since the beginning of the invasion and the ongoing war, whose duration and impact on the Group\u2019s activities in future periods are difficult to predict, continue to represent a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. In addition to the war-related material uncertainty, the Group is also exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which is exacerbated by the war and/or the current circumstances facing Mr Zhevago. As a result, the Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which represents another material uncertainty as at the date of the approval of these consolidated financial statements. Despite the challenging environment in which the Group has operated in recent years, the Group managed to maintain an available cash balance of over US$100,000 thousand at the end of the previous financial years. Due to the suspension of VAT refunds in Ukraine, the situation continued to deteriorate and the Group\u2019s available cash reserves declined steadily during the financial year 2025, totalling US$58,447 thousand as at 31 December 2025. Despite the fact that the Group remains focused on managing its costs and optimising its sales mix, management expects the Group\u2019s liquidity to be sufficient until at least mid-September 2026. It is therefore the Directors\u2019 intention to raise gross proceeds of approximately US$100,000 thousand by way of a conditional placing of Ordinary Shares to support the Group\u2019s working capital position and fund its ongoing operations. This planned fundraise is expected by management to be completed in late September 2026 and will provide the necessary immediate recapitalisation and place the Group in a stronger financial position, thereby enabling the Group to have more time to deal with the current challenging environment. The fundraise is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern, if no alternative funding can be secured before the liquidity is expected to be exhausted. As the fundraise is expected to be completed subsequent to the approval of these consolidated financial statements, the outcome of the fundraise represents a further material uncertainty, as it is to some extent outside of the Group\u2019s control. The base case of the financial long-term model, including an inflow of US$100,000 thousand from the planned fundraise, shows that the Group has sufficient liquidity under the base case assumptions to continue its operations at a reduced level throughout the entire period of management\u2019s going concern assessment, covering a period of 18 months from the date of approval of these consolidated financial statements. No VAT refunds are assumed during the 18 months of the Group\u2019s going concern assessment. The updated base case assumes a pellet production volume of approximately 40% and 64% of the pre-war level for the financial years 2026 and 2027, respectively, and an expected start of the recovery to the pre-war level in the second half of 2028. The Group\u2019s cash flow generation is most sensitive to sales price changes. The sensitivities prepared for reasonably possible adverse changes, with a focus on the expected realised prices, show negative cash balances under some scenarios in the last quarter of 2027, before any mitigating actions are taken, such as a further reduction of operating expenditures and the Group\u2019s mining and maintenance activities. However, with the significant reduction of the Group\u2019s operation in the long-term model, the available mitigating actions also reduced significantly. As a result, the possible mitigating actions under the full control of management might not be sufficient to offset certain negative effects from reasonably possible adverse changes to the base case. Considering the tight available cash balances under the base case scenario and sensitivity to realised prices, the Group\u2019s available cash balance is expected to be depleted in the last quarter of 2027, when combining all effects of reasonably plausible changes under a stress test scenario. However, it is management\u2019s position that, as in the past, a combination of all reasonably possible or plausible adverse changes in respect of realised prices and production costs is unlikely to happen as a result of the historical natural hedge between iron ore prices and prices for key input materials. As disclosed in Note 30 Commitments, contingencies and legal disputes, the ongoing legal actions against the Group have led to an escalation of a number of risks, including risks relating to the political environment and the independence of the legal system in Ukraine, which might be exacerbated by the ongoing war. These risks remain at the date of the approval of these consolidated financial statements and could have a material negative impact on the Group\u2019s business activities and, as a consequence, on the Group\u2019s ability to continue as a going concern. The court proceedings before the Supreme Court of Ukraine in respect of contested sureties (see Note 30 Commitments, contingencies and legal disputes for further details) continued during the financial year 2025 and first months of 2026. Although management is of the opinion that this claim is without merit, the full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of 2023, was not released, considering the magnitude of this specific claim and the risks associated with the judicial system in Ukraine. The outcome of this ongoing legal dispute continues to represent a material uncertainty in terms of the Group\u2019s ability to continue as a going concern. In respect of the contested sureties claim and the opening of bankruptcy proceedings against FPM mentioned above, no decision has been made by the Supreme Court in the contested sureties claim as at the date of the approval of these consolidated financial statements. The next hearing before the Supreme Court is scheduled for 12 October 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s appeal in the bankruptcy case. If the Supreme Court rules in favour of the claimants in the contested sureties case, this would mean that FPM\u2019s bankruptcy process will continue, which could potentially have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. Following that negative decision of the court of appeal in the bankruptcy case, on 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. In the meantime, it is not possible to assess the potential impact of such bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of time. In terms of the claim received regarding alleged illegal mining and selling of subsoil (minerals other than iron ore), several hearings took place in 2025 and 2026 and it is still expected that this will be a protracted process. However, considering the magnitude of the subsoil claim, a final decision in this case could have a negative impact on the Group\u2019s ability to continue as a going concern. A future cash outflow, which also depends on the details and technicalities of a possible enforcement in the event of a negative decision by the Supreme Court, is likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. As announced on 24 February 2026, a local court of first instance in Poltava ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). This ruling is in relation to the contested sureties claim, which is still under review by the Supreme Court of Ukraine. Therefore, the local court opened the bankruptcy proceedings without a final decision by the Supreme Court on the main litigation having been made. FPM filed an appeal which was dismissed by the court of appeal in Kharkiv on 18 August 2026. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. There is a risk that actions of the appointed insolvency manager could have a significant impact on the Group\u2019s ability to continue as a going concern. As announced on 4 February 2025, the Group\u2019s subsidiary FPM has received a civil claim seeking joint liability of FPM and its General Director for damages amounting to UAH157 billion (approximately US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state (see Note 30 Commitments, contingencies and legal disputes for further details). Management is of the opinion that these accusations and the claim are without merit and FPM has started the vigorous defence of its position in the Ukrainian courts. The outcome of this legal dispute depends on further legal proceedings and it is expected that this will be a protracted process, with a final court ruling likely made outside of the Group\u2019s going concern period. See Note 30 Commitments, contingencies and legal disputes for further information, which should be read in conjunction with this note. As mentioned above, the Ukrainian subsidiaries of the Group have not been receiving VAT refunds since March 2025. Although, the sanctions imposed on Mr Zhevago have not been imposed on any member of the Group, the personal sanctions on Mr Zhevago have implications for the Group\u2019s operation and, as a consequence, on its profitability and cash flow generation, which could have an impact on the Group\u2019s ability to continue as a going concern. In connection with the personal sanctions on Mr Zhevago, on 20 February 2025, the State Bureau of Investigation (the \u201cSBI\u201d) made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine (the \u201cHACC\u201d) to nationalise 49.5% of shares in FPM and certain of its assets. As at the date of approval of these consolidated financial statements, FPM has not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no authority to petition, bring claims or make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC. Nonetheless, in the event of a nationalisation of 49.5% of shares in FPM and certain of its assets, it is likely this would have a significant impact on the Group\u2019s ability to continue as a going concern as FPM could lose key assets required for the production of iron ore pellets and concentrate. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in detail in the Group\u2019s interim condensed consolidated financial statements as of 30 June 2025, on 4 March 2025, the SBI made a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in FPM held by FAG to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). This transfer is in connection with ongoing proceedings against Mr Zhevago relating to Bank F&C, as disclosed in detail on pages 248 and 249 of Note 30 Commitments, contingencies and legal disputes. See Note 12 Earnings per share and dividends paid and proposed for further details regarding the impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves. As disclosed in Note 11 Taxation, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports in September and November 2023, stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand as at 31 December 2025) and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively. Negative decisions by the court of appeal, after potential negative decisions of the court of first instance, are likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 11 Taxation for further information. The claims and certain decisions received by the courts in Ukraine are another example of the risk of operating in a dynamic and adverse political landscape in Ukraine, which creates additional challenges for both the Group\u2019s subsidiaries in Ukraine and, also for the Group itself. As at the date of the approval of these consolidated financial statements, the Group\u2019s operations, located adjacent to the city of Horishni Plavni, have not been directly affected by the ongoing war, but this remains a risk. Should the area surrounding the Group\u2019s operations become subject to the armed conflict, there would be a significant risk posed to the safety of the Group\u2019s workforce and the local community, as well as a significant risk to key assets and the infrastructure required for the Group to operate effectively. See the Principal Risks section on pages 103 and 106 for further information on the Ukraine country risk. The Group has assessed that, taking into account: i) its available cash and cash equivalents; ii) its cash flow projections, adjusted for the effects caused by the ongoing war in Ukraine and potential absence of VAT refunds, for the period of management\u2019s going concern assessment covering a period of 18 months from the date of the approval of these consolidated financial statements; iii) the feasibility and effectiveness of all available mitigating actions within management\u2019s control for identified uncertainties; iv) the legal merits in terms of the ongoing legal dispute regarding the above mentioned contested sureties, including the bankruptcy proceedings against FPM, and potential future actions available to protect the interests of the Group in case of a negative decision from the Supreme Court; v) the suspension of VAT refunds, which might not resume as expected by management; vi) the logistics route via the ocean-going Black Sea ports in Ukraine, which is currently unavailable and which may not be available to the Group as currently expected by management and as reflected in the Group\u2019s current long-term model; vii) the risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which is outside of management\u2019s control, the uncertainty in relation to the independence of the judicial system and its immunity from economic and political influences in Ukraine, which could have an impact on the outcome of the ongoing legal disputes; and viii)the uncertainty in relation to a successful completion of the planned fundraising in late September 2026, there remains a material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. Despite the current situation of the ongoing war, the Group\u2019s legal disputes in Ukraine and the prospects of the planned fundraise in late September 2026, the Group continues to prepare its consolidated financial statements on a going concern basis. This conclusion also takes into account management\u2019s ability to adapt the Group\u2019s operation to changing circumstances caused by the war, including availability of logistic routes, the effects of the suspension of VAT refunds in Ukraine and the independent legal advice received regarding the merits of the ongoing legal actions against the Group in Ukraine. However, as explained above, many of the identified material uncertainties in respect of the ongoing war and legal disputes are outside of management\u2019s control, and are unpredictable, which may cast significant doubt upon the Group\u2019s ability to continue as a going concern. For more information on critical judgements made by management in preparing these consolidated financial statements, see also Note 30 Commitments, contingencies and legal disputes in respect of other ongoing legal proceedings and disputes and Note 35 Events after the reporting period. If the Group is unable to continue to realise assets and discharge liabilities in the normal course of business, it would be necessary to adjust the amounts in the statement of financial position in the future to reflect these circumstances, which may materially change the measurement and classification of certain figures contained in these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S FINANCIAL STATEMENTS The Group acknowledges the potential impact of climate change on its operations and recognises that climate change could have direct and indirect financial implications in the future. Despite the ongoing war in Ukraine, the Group remains committed to reduce its Scope 1 and Scope 2 carbon emissions by 50% by 2030, compared to the baseline year of 2019, and is targeting a net zero production for Scope 1 and Scope 2 carbon emissions by 2050. In terms of the Group\u2019s net zero pathway, it is important to acknowledge that the Group is still operating in a challenging environment, which requires the fast adaption to new circumstances and uncertainties that are outside of the Group\u2019s control. As a result, there is a risk that the Group may also need to adapt its carbon emission reduction and net zero targets, depending on the duration and impact of the ongoing war in Ukraine. Further information is provided in the Group\u2019s 2024 Responsible Business Report published in November 2025 and the 2023 Climate Report published in December 2024. The ongoing war in Ukraine continues to have an impact on the Group\u2019s cash flow generation and profitability. As a result, certain projects related to the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway were stopped since the beginning of the war in February 2022. In terms of the impact on the Group\u2019s operation in Ukraine, see Note 2 Basis of preparation, going concern, on pages 205 to 208 for further information. As a consequence of the ongoing war in Ukraine, the Group has not entered into any significant commitments for the renewal and replacement of processing and mining equipment in its operations, particularly in Ukraine, as it had been planned prior to the outbreak of the war. Physical risks The Group is aware of the potential increased risks that climate change could pose to its assets in Ukraine. In preparing the consolidated financial statements, the Group considered the potential impacts of climate related physical risks (specifically heatwaves) on its operations, assets, and liabilities, informed by climate scenario analysis conducted in 2024 in line with TCFD recommendations. However, it was determined that there is no immediate risk at this time and the Group will continue to monitor and consider these risks when planning the renewal and replacement of its existing operating assets.
Transition risks and opportunities
The Group is aware of a potential shift towards a low-carbon economy and the potential implications for its business models, which could
affect market demand for its iron ore products in the medium to long term.
Following the climate scenario analysis in 2024 the Group is aware of the downstream market opportunities arising from the increased
demand for low carbon steel. The Group\u2019s production of a low carbon iron ore pellet provides a significant opportunity and it is facilitating
stakeholder engagement to explore this market.
The Group is in the position to produce Direct Reduction (\u201cDR\u201d) pellets and continues to monitor the market and invest in customer
relationships in order to secure fixed supply volumes in the short, medium and long term. The shift does not affect the Group\u2019s finished
goods on stock as at 31 December 2025 as these are still in demand and expected to be sold in the coming months.
The transition risks, as well as the Group\u2019s Scope 1 and Scope 2 carbon emission targets and the net zero pathway, could also have an impact
on the Group\u2019s processing and mining equipment required in the future. In the absence of any significant commitments for processing and
mining equipment as at 31 December 2025, there is no significant impact on the expected remaining useful lives of the Group\u2019s operating
assets at this time. Furthermore, the Group assumes that its critical operating assets will continue to be an essential part of the Group\u2019s
business activities in the future. However, the Group will continue to monitor these risks and take them into account when planning the
renewal and replacement of its existing operating assets.
As at the time of approval of these consolidated financial statements, no significant changes to the Group\u2019s mine plan are expected that could
have a material impact on the Group\u2019s operating assets, which are either amortised based on the expected remaining useful life or the unit of
production method, and on the recognised site restoration provisions. However, the Group\u2019s mine plan is being affected by the ongoing war
in Ukraine, which requires a high degree of flexibility and adaptability, and may consequently lead to adjustment to the mine plan.
There are a number of work streams underway to develop the Group\u2019s decarbonisation pathway and create a structure on which to plan and
prioritise future investments. This pathway is, however, also dependent on the duration and impact of the ongoing war in Ukraine. The
Group\u2019s business model is regularly updated based on the circumstances in Ukraine and more clarity about the Group\u2019s future
decarbonisation pathway is expected to be available, once the war comes to an end, allowing the Group to make required commitments for
the renewal and replacement of processing and mining equipment.
For further information on ongoing workstreams and the Group\u2019s climate-related financial disclosures, see the Responsible Business section
in the Strategic Report on pages 62 to 73. See also the Group\u2019s Principal Risk section on page 113 for further information on risks relating to
climate change.
CRITICAL ESTIMATES AND JUDGEMENTS
The most critical accounting estimates are in relation to key assumptions used for the preparation of the Group\u2019s financial long-term model,
such as the expected future prices for iron ore products and for key input materials as well as possible production and sales volumes, taking
also into account the current circumstances the Group has to operate in, including available logistics routes. Further to the critical estimates,
the preparation of the Group\u2019s financial long-term model required also some critical judgements from management in respect of the timing
of when the Group\u2019s operation is expected to return to pre-war levels and when VAT refunds in Ukraine will resume again. The critical
estimates and judgements do have a significant impact on the computation of the value in use of the Group\u2019s non-current assets and, as
a consequence, on the outcome of the Group\u2019s impairment test. See Note 2 Basis of preparation for further information on matters affecting
the Group\u2019s financial long-term model.
The Group\u2019s impairment test is based on cash flow projections over the remaining estimated lives of the GPL and the Yerystivske deposits,
which are expected to expire in 2058 and 2048, respectively, according to the current approved mine plans. The cash flow projection is based
on a financial long-term model approved by senior management and the effects of expected future mine life extension programmes are not
taken into account in the estimated future production volumes. As in the past, the several critical estimates and judgements used when
preparing the Group\u2019s financial long-term model are reviewed by the Audit Committee with specific consideration given to the realistically
plausible production volumes in light of the current situation in the country, sales price and production cost forecasts as well as the discount
rate used to discount the cash flows. The situation in Ukraine remains unpredictable and continues to require the Group to be extremely
flexible, as mining operations, production and available logistics routes have to be adapted to the prevailing conditions. Following the
suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash,
affecting also the Group\u2019s cash flow generation in future periods and resulting in a further delay of the ramp-up of its operation to pre-war
levels. See Note 2 Basis of preparation and Note 35 Events after the reporting period for further details in respect of the suspended VAT.
In addition to ongoing legal actions taken by the Ukrainian government against the Group, including the effects of the personal sanctions on
Mr Zhevago mentioned above, the Group\u2019s operation in Ukraine is still affected by the ongoing war in Ukraine. Following intensified attacks
from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in
Ukraine is currently unavailable to the Group. As at the date of the approval of these consolidated financial statements, the war and the legal
disputes in Ukraine are still ongoing and the duration and possible implications on the Group\u2019s operation are difficult to predict.
The financial long-term model is continuously updated, the last time in July 2026, using management\u2019s best estimate of reasonably
conservative key assumptions, taking also into account the current circumstances the Group has to operate in, including the effects from
the continued suspended VAT refunds in Ukraine on the Group\u2019s development in future periods. In terms of the key assumptions used, an
average iron ore index price of US$115 per tonne of 65% Fe fines CFR North China was used in the assumptions for the cash flow projection
for the next five years.
When assessing its expected future long-term selling price, the Group considers external and internal analysis of the short-term and longer-
term supply and demand dynamics on the international market for iron ore pellets and concentrate as well as more specific local supply and
demand balances affecting its major customers.
The Group\u2019s production level is currently constrained by the suspended VAT refunds in Ukraine and remains highly dependent on a constant
power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the
ongoing war. As a result of the current restrictions, the production capacity used for the cash flow projection under the base case is expected
to be approximately 40% of the pre-war level for the financial year 2026, before an increase to approximately 64% in 2027 and an expected
recovery to pre-war levels in the second half of 2028. Because of an increased demand for high-grade concentrate and the expected
realisable margins based on forecast market conditions, the share of concentrate production increased significantly and averaged around
28% for the years covered by the long-term model, compared to 11% in the long-term model used for the 2024 year-end impairment test.
There is no perpetual growth rate applied for the cash flow projections beyond the last year covered by the Group\u2019s long-term model.
The Group\u2019s expected major cost components, such as production and shipping costs, are determined taking into account local inflationary pressure, major exchange rate developments between the Ukrainian hryvnia and the US dollar, the short-term and longer-term trends in energy supply and demand and the expected movements in steel-related commodity prices, which could have a material effect on the cost of certain production input materials. In terms of the currently unavailable logistics route via the Black Sea ports in Ukraine, given the importance of this route for both parties involved in this war and for the global grain supply, it is management\u2019s judgement the situation will ease later in 2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets. Due to the expected increase of the share of concentrate production during the years covered by the Group\u2019s long-term model, management has assessed whether the increase in concentrate production could indicate that the assets used for the production of pellets and concentrate represent two separate cash-generating units. Following a thorough assessment, management concluded that it is still appropriate to test the Group\u2019s non-current operating assets based on one CGU because of the high level of vertical integration of the Group\u2019s production at the Group\u2019s major subsidiary Ferrexpo Poltava Mining and absence of largely independent cash flows. Further to that, it is management\u2019s view that an impairment test based on two CGUs would not reflect appropriately the Group\u2019s current challenging circumstances as the total impairment loss would be limited by the total value of the assets used for the production of pellets. The key assumptions used for the preparation of the Group\u2019s long-term model are:
Key assumptions
Basis
Future production and sales volume
Proved and probable reserves and available logistics capacity and power supply
Commodity prices
Contract prices and longer-term price estimates
Capital expenditures
Estimated future sustaining capital expenditures
Cost of raw materials and other production/distribution
Expected future cost of production
Exchange rates
Longer-term predictions of market exchange rates
Nominal pre-tax discount rate
Cost of capital risk adjusted for the resource concerned
The outcome of the Group\u2019s impairment test is predominantly dependent on the forecast cash flow generation and the nominal pre-tax discount rate to be applied. For the impairment test as at 31 December 2025, it was decided to apply a dual WACC approach, whereby a higher WACC is used for the years during which the war is expected to be ongoing and a post-war WACC is applied for the years following the war. As a result, the Group\u2019s forecast cash flows for the financial years 2026 and 2027 were discounted with a WACC of 25.8% and those for the following years with a WACC of 19.2% (2024: single WACC of 23.1%), both of them still significantly higher than the pre-war WACC of 13.8% as at 31 December 2021. It is management\u2019s position that the change to a dual WACC approach is a better basis for the computation of the value in use of the Group\u2019s non-current operating assets as at 31 December 2025 as this more accurately reflects the impact of the terminal value on the value in use. According to the base case of the Group\u2019s impairment test prepared for the 2025 year end accounts, the value in use of the Group\u2019s single cash-generating unit\u2019s operating non-current assets, including property, plant and equipment as well as other intangible assets and other non-current assets, supported the carrying value of these assets as at 31 December 2025, as a result, no further impairment losses needed to be recognised in addition to the impairment loss of US$154,107 thousand recognised as at 30 June 2025. As in the past, the recorded impairment loss is allocated to various asset categories within property, plant and equipment. The key assumptions in respect of production and sales volumes are largely dependent on the point of time when VAT refunds in Ukraine will resume again, whereas the production costs are dependent on end of the war in Ukraine, and therefore a wide range of alternative outcomes are possible, reflecting a high level of uncertainty. The Group\u2019s financial long-term model assumes an inflow of US$100,000 thousand from a fundraise expected to be completed in late September 2026, which is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern and, as a consequence, on the valuation of its non-current operating assets. A delay of the recovery of the production and sales volumes to a pre-war level by another year, which is possible, if VAT refunds are not resumed as expected by management, with all other assumptions remaining unchanged, would reduce the value in use of the Group\u2019s non-current operating assets by approximately US$79,000 thousand. A reduction of the realised price by 10% in 2026 and 5% for each year until 2048 would reduce the value in use by approximately US$240,000 thousand and a decrease of the production and sales volume by 10%, combined with an increase of the production costs by 5%, again for the entire period of the assessment, would reduce the value in use by approximately US$292,000 thousand whilst every 1.0% increase of the nominal pre-tax discount rate would reduce the value in use by approximately US$50,000 thousand, with all other assumptions remaining unchanged. There is a potential risk that the logistics route via the ocean-going Black Sea ports in Ukraine may not be available to the Group as currently expected by management and as reflected in the Group\u2019s current long-term model. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 is in addition to the impairment losses of US$71,170 thousand and US$254,477 thousand recorded during the financial years ended 31 December 2024 and 31 December 2022. The recorded impairment losses will be re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of these assets. As disclosed in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes, the Group announced on 29 January 2024 that a Ukrainian court of appeal has confirmed a claim against Ferrexpo Poltava Mining (\u201cFPM\u201d) in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), in respect of contested sureties. FPM appealed this decision to the Supreme Court of Ukraine and the court proceedings continued during the year ended 31 December 2025 and no decision has been made as at the date of the approval of these consolidated financial statements. In relation to the contested sureties\u2019 claim, which is still under review by the Supreme Court of Ukraine, a local court of first instance in Poltava ruled in favour of the claimant in the dispute over the contested sureties and ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). Despite the fact that it was management\u2019s view that FPM has compelling arguments to defend its position in the Supreme Court of Ukraine, given the magnitude of this specific claim and the underdeveloped and fragile judicial system in Ukraine, the Group recorded a full provision for this claim as at the end of the financial year ended 31 December 2023 in accordance with IAS 37 Provisions, contingent liabilities and contingent assets and has not been released as at 31 December 2025. If the ruling of the Supreme Court is not in favour of FPM or if any enforcement procedures are commenced by the appointed insolvency manager before the final ruling of the Supreme Court, there is a risk that some of the Group\u2019s property, plant and equipment will be seized or subject to a forced sales process as part of the enforcement proceedings. Although the Group has recognised a provision for the full amount of the contested sureties claim, there is a risk that any assets subject to seizure or a forced sales process are valued at an amount which is different than their current carrying values as at 31 December 2025. Note 2 Basis of preparation provides further information in terms of the possible implications on the Group\u2019s ability to continue as a going concern. In addition to the case above and as disclosed in Note 2 Basis of preparation, there is still a risk of nationalisation of 49.5% of shares in FPM and certain of its assets, which could potentially affect the availability of FPM\u2019s property, plant and equipment and, as a consequence, the carrying value of these assets included in the Group\u2019s consolidated financial statements. Due to the lack of information available at the date of the approval of these consolidated financial statements, it is impossible to estimate the possible financial impact in future periods. See Note 30 Commitments, contingencies and legal disputes for further information. As at 31 December 2025, property, plant and equipment comprised:
Exploration Buildings Assets
and Mining and tailings Plant and Fixtures and under
US$000
evaluation
Land
assets
dam
Vessels
equipment
Vehicles
fittings
construction
Total
Cost:
At 1 January 2024
1,443
8,006
313,891
255,623
137,891
403,037
224,867
8,763
302,115
1,655,636
Additions
\u2212
86
(157)
29
636
617
1,173
44
119,348
121,776
Transfers
\u2212
99
\u2212
17,1 31
4,358
22,548
3,624
162
(47,922)
\u2212
Disposals
\u2212
\u2212
\u2212
(261)
(620)
(107)
(33)
(44)
(802)
(1,867)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(11,148)
(11,148)
Translation differences
(139)
(776)
(30,289)
(24,811)
(5,918)
(35,287)
(16,370)
(669)
(33,290)
(147, 5 49)
At 31 December 2024
1,304
7,41 5
283,445
247,711
136,860
213,261
390,295
8,256
328,301
1,616,848
Additions
\u2212
40
762
65
1,693
56
2
2
61,135
63,755
Transfers
\u2212
(17)
248
2,867
1,015
21,333
891
185
(26,522)
\u2212
Disposals
\u2212
\u2212
\u2212
(257)
\u2212
(636)
(1,380)
(16)
\u2212
(2,289)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(12,783)
(12,783)
Translation differences
(11)
(55)
(2,337)
(2,051)
12,515
(3,034)
(1,234)
34
(2,776)
1,051
At 31 December 2025
1,293
7,3 83
282,118
248,335
152,083
408,014
211,540
8,461
347,355
1,666,582
Accumulated depreciation and impairment:
At 1 January 2024
\u2212
23
108,818
130,593
95,177
178,601
271,447
6,265
38,678
829,602
Depreciation charge
\u2212
\u2212
8,802
14,112
4,577
23,922
7,162
679
\u2212
59,254
Disposals
\u2212
\u2212
\u2212
(172)
(71)
(573)
(21)
(42)
\u2212
(879)
Write-offs and
impairments
\u2212
191
15,383
9,847
3,471
3,110
10,008
\u2212
30,074
72,084
Transfers of impairments
\u2212
\u2212
\u2212
3,063
\u2212
4,131
855
28
(8,077)
\u2212
Translation differences
\u2212
\u2212
(11,127)
(13,320)
(3,457)
(12,190)
(23,009)
(462)
(3,566)
(67, 1 31 )
At 31 December 2024
\u2212
214
121,876
144,123
99,697
285,926
177,517
6,468
57, 10 9
892,930
Depreciation charge
\u2212
\u2212
28,567
13,198
4,002
16,073
3,556
606
(200)
65,802
Disposals
\u2212
\u2212
\u2212
(163)
(3)
(550)
(1,375)
(17)
\u2212
(2,108)
Write-offs and
impairments
\u2212
464
31,021
19,739
8,408
21,762
6,954
(3)
71,342
159,687
Transfers of impairments
\u2212
\u2212
128
1,005
\u2212
6,820
384
76
(8,413)
\u2212
Translation differences
\u2212
(7)
(2,128)
(1,769)
7,529
(2,625)
(1,142)
29
(1,544)
(1,657)
At 31 December 2025
\u2212
671
179,464
176,133
119,633
327,4 0 6
185,894
7, 159
118,294
1,114,654
Net book value:
At 31 December 2024
1,304
7, 2 01
161,569
103,588
37, 1 6 3
104,369
35,744
1,788
723,918
271,192
At 31 December 2025
1,293
6,712
102,654
72,202
32,450
80,608
25,646
1,302
229,061
551,928
Amortisation profile (in
years)
n/a
n/a
UOP
20 to 50
8 to 40
3 to 15
7 to 15
2.5 to 10
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements for Ferrexpo plc and its subsidiaries as at 31 December each
year. The financial statements of the subsidiaries are prepared as at the same reporting date as Ferrexpo plc\u2019s, using consistent
accounting policies.
Subsidiaries are fully consolidated from the date the Group obtains control, which exists from the point of time when the Group is exposed
to, or has rights to, variable returns from an entity and the Group has the ability to affect those returns through its power to direct the
activities of an entity. Similarly, subsidiaries disposed of are deconsolidated from the date on which the Group ceases to hold control.
A change in the ownership interest of an entity without obtaining or losing control is accounted for as an equity transaction.
All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full.
Unrealised losses are eliminated unless costs cannot be recovered.
BUSINESS COMBINATIONS
On the acquisition of a subsidiary, the business combination is accounted for using the acquisition method. The cost of an acquisition is
measured as the aggregated amount of the fair value of the consideration transferred, measured at the date of acquisition. The consideration
paid is allocated to the identifiable assets acquired and liabilities (including contingent liabilities) assumed on the basis of fair values at the
date of acquisition. Any excess of the consideration transferred over the net of the fair value of the identifiable assets acquired and liabilities
assumed is recognised as goodwill. If the fair value of the identifiable net assets exceeds the consideration transferred, a bargain purchase
gain is recognised in profit or loss. Acquisition costs are expensed when incurred and included in general and administrative expenses.
FUNCTIONAL AND PRESENTATIONAL CURRENCIES
Based on the economic substance of the underlying business transactions and circumstances relevant to the parent, the functional currency
of the parent has been determined to be the US dollar, with each subsidiary determining its own functional currency based on its own
circumstances. The Group has chosen the US dollar as its presentational currency. The functional currency of Ukrainian subsidiaries, which is
where the Group\u2019s main operations are based, is the Ukrainian hryvnia.
FOREIGN CURRENCY TRANSLATION
For individual subsidiary company accounts, transactions in foreign currencies (i.e. other than the functional currency) are recorded at the
rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional
currency at the rate of exchange ruling at the reporting date and non-monetary assets and liabilities at the historic rate. Foreign exchange
differences arising on translation are recognised in the consolidated income statement.
For presentation of the Group\u2019s consolidated financial statements, if the functional currency of a subsidiary is different to the presentational
currency as at the reporting date, the assets and liabilities of this entity are translated into the presentational currency at the rate ruling at
the reporting date and the consolidated income statement is translated using the average exchange rate for the year based on the officially
published rates by the National Bank of Ukraine (\u201cNBU\u201d). The foreign exchange differences arising are recognised in other comprehensive
income and taken directly to a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount of exchange
differences recognised in equity relating to the particular foreign operation is recognised in the consolidated income statement.
NOTE 3: NEW ACCOUNTING POLICIES NEW STANDARDS AND INTERPRETATIONS ADOPTED The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group\u2019s annual financial statements for the year ended 31 December 2024 except for the adoption of new standards, interpretations and amendments to UK adopted IFRS effective as at 1 January 2025. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED WITHOUT AN IMPACT ON THE GROUP\u2019S CONSOLIDATED FINANCIAL STATEMENTS Amendments to IAS 21 Lack of Exchangeability provide guidance on when a currency is exchangeable into another currency and further clarify how a spot rate is estimated when a currency lacks exchangeability. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET ADOPTED The Group has elected not to adopt early any revised and amended standards or interpretations that are not yet mandatory in the UK. The standards and interpretations below could have an impact on the consolidated financial statements of the Group in future periods. Amendments to IFRS 7 and IFRS 9 Classification and Measurement of Financial Instruments were issued in May 2024 and are effective for annual reporting periods beginning on or after 1 January 2026. The amendments provide further clarification and requirements for the recognition and derecognition criteria for financial assets and liabilities, the classification requirements for financial assets, particularly those containing contingent features (such as ESG-linked targets) and non-recourse features or contractually linked instruments. It also requires disclosures related to the amendments to the classification requirements and also for investments in equity instruments designated at fair value through other comprehensive income. The Group does not expect a material impact on its consolidated financial statements because of these amendments. Amendments to IFRS 7 and IFRS 9 Contracts Referencing Nature-dependent Electricity were issued in December 2024 and are effective for annual reporting periods beginning on or after 1 January 2026. The amendments clarify the own-use exemption and hedge accounting for contracts linked to electricity generation dependent on natural conditions (e.g. wind, solar). The IASB clarified that other contracts, for example, contracts for electricity generated from biofuel, are not within the scope of the amendments because such electricity generation is not subject to the same uncertainty as in-scope contracts. Entities must assess whether they are net purchasers of electricity to qualify for own-use treatment and may designate variable nominal volumes in cash flow hedges to reflect renewable variability. New IFRS 7 disclosures require qualitative and quantitative information on these contracts, related commitments, and their impact on performance. The Group does not expect a material impact on its consolidated financial statements because of these amendments. New standard IFRS 18 Presentation and Disclosure in Financial Statements was published by the International Accounting Standards Board (\u201cIASB\u201d) on 9 April 2024. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027. It requires the presentation of two new defined subtotals in the consolidated income statement a) operating profit and profit before financing and income taxes as well as the disclosure of management-defined performance measures (\u201cMPMs\u201d) and b) subtotals of income and expenses not specified by IFRS Accounting Standards that are used in public communications to communicate management\u2019s view of an aspect of an establishment\u2019s financial performance. It also requires a reconciliation between the MPMs and the most directly comparable totals or subtotals specified by IFRS Accounting Standards, in order to provide transparency on the entity-specific performance measures. Ferrexpo Group assessed the implications of the new IFRS 18 standard and has identified the changes required for presentation of the consolidated income statement and prepared the new mapping of the accounts to meet the requirements of the new standard. The disclosure requirements related to the management-defined performance measures (\u201cMPMs\u201d) are currently still examined. With the exception of the addition of the two new defined subtotals and the disclosures on MPMs, the Group does not expect a material impact on its consolidated financial statements because of this new standard. There are limited changes to IAS 7 Statement of Cash Flows to improve comparability by specifying a consistent starting point for the indirect method of reporting cash flows from operating activities and eliminating options for the classification of interest and dividend cash flows. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027 and enhances the general and specific requirements for aggregation and disaggregation to help the Group to provide useful information. The specific requirements include those for disaggregation of \u2018other\u2019 balances, such as the presentation of operating expenses in the income statement and disclosure of specified operating expenses by nature included in each function line item. The Group does not expect a material impact on its consolidated financial statements because of this new standard. The Group expects that all other standards, interpretations and amendments issued at the reporting date, but not yet to be adopted for these financial statements, are not relevant to the Group as they do not have a material impact on its consolidated financial statements and are therefore not listed above. In accordance with IFRS 8 Operating Segments, the Group presents its results in a single segment, which are disclosed in the consolidated income statement for the Group.
ACCOUNTING POLICY
Revenue recognition
Revenue is recognised to the extent that it is probable that the Group will collect the consideration to which it expects to be entitled in
exchange for transferring promised goods or services to a customer. The following specific recognition criteria are to be met before revenue
is recognised.
Sale of goods including sales of pellets and fuel from bunker business
Revenue is recognised when the control of the goods has passed to the buyer and can be reliably measured.
The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods
or services. The Group does not have any material variable considerations, such as retrospective volume rebates and rights of returns, in
the contracts with its customers. Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the
consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts.
In terms of the associated commodity risk, see Note 27 Financial instruments for further information.
The control of goods passes when title for the goods passes to the customer as determined by the contractual sales terms based on the
International Commercial Terms (\u201cIncoterms\u201d). The sales are typically made under CIF (\u201cCost Insurance and Freight\u201d), CFR (\u201cCost and
Freight\u201d), DAP (\u201cDelivery At Place\u201d) and FOB (\u201cFree on Board\u201d) terms.
Under DAP Incoterms, revenue is recognised when goods arrive at the agreed destination or at the border crossing, whereas under the other
above-mentioned terms the title passes on the date of the bill of lading. If the sales agreement allows for adjustment of the sales prices
based on survey of the goods by the customer (e.g. ore content) the revenue is recognised based on the most recent determined
product specification.
The Group enters into long-term contracts with some of its customers, which become subject to either renewal or extension when about to
expire. As the performance obligations under the old contracts are not affected by the renewal or extension, the new modified contracts are
accounted for as separate contracts.
The Group has no unsatisfied or partially unsatisfied performance obligations relating to contracts with customers with original expected duration of more than one year. The Group has therefore taken advantage of the practical expedient provided in IFRS 15 and need not disclose the transaction price allocated to the remaining performance obligations. Freight services related to sales of pellets and concentrate For CIF and CFR contracts the Group must contract for and pay the freight necessary to bring the goods to the named port of destination. Consequently, the freight services under CIF and CFR Incoterms meet the criteria of a separate performance obligation and the corresponding revenue is shown separate from the revenue from sales of iron ore pellets and concentrate. Freight revenue is recognised over time, as the obligation to perform freight services is fulfilled, along with the associated costs. For the separate presentation of the freight revenue as required under IFRS 15 Revenue from contracts with customers, the Group measures freight revenue based on the average freight rates of the relevant pricing period for specific shipments as outlined in the contracts with its customers. In case the relevant pricing period is after the end of the reporting period (normally within 60 days), revenue is measured based on forward freight rates at the reporting date. Actual freight costs recognised for specific shipments might differ from the presented freight revenue due to movements in market rates between the timing of fixture of vessels and the relevant pricing periods outlined in the contracts with customers. Logistic services Revenue from logistic services rendered is measured at the transaction price contractually agreed between the parties based on applicable market rates for the specific freight services to be provided. The timing of satisfaction of the performance obligation is over time as services are completed. Where services are invoiced in advance of discharge, amounts attributable to the time between the end of the reporting period and the discharge date are deferred as contract liabilities. Other sales Other sales and services provided include predominantly the revenue generated from the sale of other materials and repair and maintenance works provided to third parties. The revenues are recognised when the title passes for material sold or services provided are completed.
ACCOUNTING POLICY
Operating expenses arise in the course of the ordinary activities of the Group and are recognised in the consolidated income statement when
a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably.
Expenses are recognised in the consolidated income statement on the basis of a direct association between costs incurred and specific items
of income. When economic benefits are expected to arise over several accounting periods and the association with income can only
be broadly or indirectly determined, expenses are systematically allocated to the accounting period in which the economic benefits are
expected to arise.
Royalties are outflows of resources embodying economic benefits and imposed by governments on entities, in accordance with legislation.
The obligating event that gives rise to a liability to pay royalties is the activity, identified by the legislation, that triggers the payment
of royalties. The liability to pay royalties is recognised as the obligating event occurs. Mining royalties payable are presented within
operating expenses.
ACCOUNTING POLICY
Other income mainly includes lease income generated from rail cars, mining equipment and premises, and the proceeds from the sale
of spare parts, scrap metal and fuel, and compensation received from insurance companies. Lease income is recognised based on the
underlying contractual basis over the term of the lease. Other income from the sale of consumable materials is recognised as revenue when
the title passes.
ACCOUNTING POLICY
Foreign exchange gains and losses are reported on a net basis. Operating foreign exchange gains and losses are those resulting directly from
the Group\u2019s operating activities. Non-operating gains and losses are predominantly those associated with the Group\u2019s financing and treasury
activities, including the transactional gains and losses from the conversion of cash balances in currencies different from the local functional
currencies at exchange rates different from those at the initial recognition date.
ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details.
Finance income
Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest
income is recognised as it accrues using the effective interest method.
ACCOUNTING POLICY Current income tax Current income taxes are computed based on enacted or substantively enacted local tax rates and laws at the reporting date and the expected taxable income of the entities of the Group for the respective period. Current income taxes are recognised as an expense or income in the consolidated income statement unless related to items directly recognised in other comprehensive income or equity or if related to the initial accounting for a business combination. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognised for taxable temporary differences that will become taxable. Deferred tax assets are generally recognised for deductible temporary differences, carry forwards of available unused tax credits and tax losses, and to the extent that it is more likely than not that they will be recovered in a future period against taxable profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. No deferred assets or liabilities are recognised if the temporary differences arise from the initial recognition of assets and liabilities in a transaction, other than in a business combination, which affects neither the accounting profit nor taxable profit or loss. Deferred tax liabilities are recognised in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets in relation to temporary differences on such investments and interests are recognised to the extent that it is probable that there are sufficient taxable profits available against which the benefits of the temporary differences can be utilised and that they are expected to reverse in the foreseeable future. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the deferred income tax assets to be utilised. Additionally, unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Income tax effects on items directly recognised in other comprehensive income or equity are also recognised in other comprehensive income or equity, respectively. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. In terms of BEPS Pillar Two, the Group makes use of the temporary exception issued by the IASB in May 2023 in respect of the accounting requirements for deferred taxes under IAS 12. As a result, the Group neither recognises nor discloses any information on deferred tax assets and liabilities related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with the application during the comparative financial year 2024. ACCOUNTING POLICY Basic number of Ordinary Shares outstanding The basic number of Ordinary Shares is calculated by reducing the total number of Ordinary Shares in issue by the weighted average of shares held in treasury and employee benefit trust reserve. The basic earnings per share (\u201cEPS\u201d) are calculated by dividing the net profit or loss for the year attributable to ordinary equity shareholders of Ferrexpo plc by the weighted average number of Ordinary Shares. Dilutive potential Ordinary Shares The dilutive potential Ordinary Shares outstanding are calculated by adjusting the weighted average number of Ordinary Shares in issue on the assumption of conversion of all potentially dilutive Ordinary Shares. All share awards that are potentially dilutive are considered in the calculation of diluted earnings per share. In the case of a loss per share, there is no dilutive effect, and the basic and diluted loss per share are identical. Distributable reserves Ferrexpo plc (the \u201cCompany\u201d) is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits available for distribution in the Group as at 31 December 2025. ACCOUNTING POLICY Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for qualifying assets (see below) if the recognition criteria are met. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Major spare parts, stand-by and servicing equipment qualify as property, plant and equipment when they are expected to be used during more than one period. Expenditure incurred after the assets have been put into operation, such as repairs and maintenance and overhaul costs, are charged to the consolidated income statement in the period the costs are incurred unless it can be demonstrated that the expenditure results in future economic benefits, when the expenditure is capitalised as an additional cost. Upon recognition, items of property, plant and equipment are divided into components, which represent items with a significant value that have different useful lives. Assets included in property, plant and equipment are depreciated over their estimated useful life taking into account their own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the assets are located. The remaining useful lives for major assets are reassessed on a regular basis, but at least annually. Mining assets are depreciated using the unit of production method. Changes in expected resources, which affect the unit of production calculations, are accounted for prospectively. Except for mining assets, which are depreciated using the unit of production method, depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Buildings: 20\u201350 years \u2022 Vessels: 8\u201340 years \u2022 Plant and equipment: 3\u201315 years \u2022 Vehicles: 7\u201315 years \u2022 Fixtures and fittings: 2.5\u201310 years An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated income statement in the period the item is derecognised. Assets in the course of construction are initially recognised in assets under construction. Assets under construction are not depreciated. On completion of the asset and when available for use, the cost of construction is transferred to the appropriate asset category in property, plant and equipment and depreciation commences. Freehold land is not depreciated. Deferred and capitalised stripping costs Rock, soil and other waste materials are typically to be removed to access an ore body, which is known as stripping activity. Stripping work comprises overburden removal at pre-production, mine extension and production stages. Stripping costs are deferred and capitalised if related to gaining improved access to an identified component of an ore body to be mined in future periods. The capitalised amount is determined based on the volume of waste extracted, compared with expected ore volume in the identified component of the ore body. Pre-production stripping costs incurred in the development of a component of a mine before commercial production commences are capitalised as part of assets under construction. After the commencement of commercial production, the respective capitalised pre-production stripping costs are transferred to mining assets and depreciated over the life of the respective component of the ore body on a unit of production (\u201cUOP\u201d) basis. Production stripping costs are generally charged to the consolidated income statement as variable production costs unless these costs are related to gaining improved access to an identified component of the ore body to be mined in future periods. Such production stripping costs are capitalised within mining assets provided all the following conditions are met: \u2022 it is probable that the future economic benefit associated with the stripping activity will be realised; \u2022 the component of the ore body for which access has been improved can be identified; and \u2022 the costs relating to the stripping activity associated with the improved access can be reliably measured. Once the commercial production of the specific component of the ore body commences, the capitalised production stripping costs are depreciated on a UOP basis over the life of the respective identified component. Mining assets Any capitalised stripping activities, either of a pre-production or production nature, are reclassified to mining assets at the point of time when the extraction of the ore body of the specific component starts. Mining assets are depreciated using the UOP method based on the estimated economically recoverable reserves to which they relate. Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. Capitalised exploration and evaluation expenditures are carried forward as an asset as long as these costs are expected to be recouped in full through successful development and exploration in a future period.
Exploration and evaluation assets are measured at cost and are neither amortised nor depreciated but monitored for indications of
impairment. To the extent that the capitalised expenditures are not expected to be recouped, the excess is fully provided for in the financial
year in which this is determined.
Upon reaching the development stage, exploration and evaluation assets are either transferred to assets under construction or other intangible assets, if those costs were associated with the acquisition of licences. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (\u201cqualifying asset\u201d) are capitalised as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of the funds. In the case of general borrowings used to fund the acquisition or construction of a qualifying asset, the borrowing costs to be capitalised are calculated based on a weighted average interest rate applicable to the relevant general borrowings of the Group during a specific period. Impairment testing Property, plant and equipment is considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash-generating unit (\u201cCGU\u201d). The Group assesses at each reporting date whether the carrying value of its non-current operating assets is exceeding its recoverable amount or previously recognised impairment losses may no longer exist or may need to be partially reversed. The Group determines the recoverable amount of its non-current operating assets in accordance with IAS 36 Impairment of Assets, which is the higher of value in use (\u201cViU\u201d) and the fair value less cost of disposal (\u201cFVLCD\u201d). Historically, the Group determined the recoverable amount of its non-current operating assets as the ViU. Furthermore, under the current circumstances, due to the ongoing war in Ukraine, the observable market data required for a reliable determination of the FVLCD is limited. The ViU is predominantly dependent on forecast cash flow generation based on management\u2019s best estimates of future key assumptions, including the nominal pre-tax discount rate, which require management to make significant estimates and judgements. A previously recognised impairment loss is reversed only if the recoverable amount exceeds the carrying value of the Group\u2019s non-current operating assets, potentially resulting from a positive change in significant estimates and judgements. In this case, the carrying value of the asset is increased to its recoverable amount but not exceeding the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated income statement and the basis for future depreciation is adjusted accordingly. ACCOUNTING POLICY The Group recognises right-of-use assets for leases of buildings, equipment and land not used for the direct extraction of iron ore, as these fall within the scope of IFRS 16 Leases. The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land in Note 30 Commitments, contingencies and legal disputes. The right-of-use asset is recognised at the commencement date of the lease (when the asset is ready for use) and initially measured at cost. The cost includes the balance of the lease liability recognised, initial direct costs and lease payments made at or before the commencement date. In subsequent periods, the value of the right-of-use assets is adjusted for accumulated depreciation, impairment losses and remeasurement of the lease liability, if any. The depreciation is on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. In terms of land not used for the direct extraction of iron ore, the Group holds long-term land lease agreements with the Ukrainian government, typically with durations of up to 49 years. Payments under these lease agreements are made in the form of rental taxes determined annually by the government based on the normative value of the land. As these payments are not substantially fixed and are subject to non-market-driven annual changes, they do not meet the definition of in-substance fixed lease payments under IFRS 16 Leases. Consequently, the Group recognises right-of-use assets and related lease liabilities only over a 12-month period, representing the portion of the lease term for which payments are considered substantially fixed. Future payments beyond this period are disclosed as lease- related commitments. Payments for short-term leases or leases for assets of a low value are recognised as an expense on a systematic basis over the lease term. ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. ACCOUNTING POLICY Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: \u2022 Raw materials \u2013 at cost on a first-in, first-out basis. \u2022 Finished goods and work in progress \u2013 at cost of direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs. \u2022 Low-grade and weathered ore \u2013 at cost, if lower than net realisable value. The net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion (conversion into pellets or concentrate) and the estimated costs necessary to sell the product or goods. Major spare parts and servicing equipment that meet the definition of property, plant and equipment are, in accordance with IAS 16, included in property, plant and equipment and not in inventory.
ACCOUNTING POLICY
Trade receivables are non-derivative financial assets initially measured at fair value. Due to their short maturity, the fair value of trade
receivables approximates their carrying amount, which is stated at original invoice amount less an allowance for expected credit losses.
The Group applies the simplified approach to measure the loss allowance at an amount equal to the lifetime expected credit losses of its
customers based on publicly available default risk ratings adjusted for current observable circumstances, forecast information and past
history of credit losses. All of the Group\u2019s receivable balances are classified as current based on the agreed terms and conditions and the
Group has no history of credit losses. Therefore, the Group measures the lifetime expected credit losses of its customers using the 12-month
probability of default. Individual balances are written off when management deems that there is no possibility of recovery. Fully written off
trade and other receivable balances could still be subject to enforcement activities.
Trade receivables include provisionally priced sales which are open at the end of the reporting period. Certain contracts have embedded
provisional pricing mechanisms, which have the character of commodity derivatives that are carried at fair value through profit and loss.
For further information on the Group\u2019s contracts with customers see Note 6 Revenue. Revenues on these contracts are initially recognised
at the estimated fair value of consideration receivable, based on the contractual or forward prices, depending on the specific terms and
conditions with the customers, and adjusted at the end of each subsequent reporting period on the basis of changes in iron ore index prices
and the specific underlying contract terms. Final prices based on the relevant index are normally known within 60 days after the reporting
period. Further information on the fair value of the embedded provisional pricing mechanism at 31 December 2025 is disclosed in Note 27
Financial instruments.
ACCOUNTING POLICY Value added tax Revenues, expenses and assets are recognised net of the amount of value added tax (\u201cVAT\u201d), except: \u2022 where VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2022 receivables and payables are stated with the amount of VAT included. VAT receivable balances are not discounted unless the overdue balances are expected to be received after more than 12 months following the year end, subject to a contractual agreement regarding the exact timing of the expected refunds.
ACCOUNTING POLICY
Trade and other payables are not interest-bearing, being generally short-term, and are stated at their original invoice amount.
ACCOUNTING POLICY
The defined benefit costs relating to the plans operated by the Group in the different countries are determined and accrued in the
consolidated financial statements using the projected unit credit method for those employees entitled to such payments. The underlying
assumptions are defined by management and the defined benefit pension liability is calculated by independent actuaries at the end of each
annual reporting period.
Remeasurements, comprising actuarial gains and losses, are immediately reflected in the statement of financial position. The corresponding
charge or credit is recognised in the other comprehensive income of the period in which it occurred and immediately reflected in retained
earnings as not reclassified to the consolidated income statement in subsequent periods.
The costs of managing plan assets are deducted from the return on plan assets reflected in other comprehensive income. All other scheme
administration costs are charged to the consolidated income statement. The net interest is calculated by applying the discount rate to the
net defined benefit pension liability or plan assets. Any past service costs are recognised in the consolidated income statement at the earlier
of when the plan amendment occurs or when related restructuring costs are recognised.
The service costs (including current and past) are included in cost of sales, selling and distribution expenses and general and administrative
expenses in the consolidated income statement whereas the net finance expenses are included in finance expenses.
The defined benefit pension liability is the aggregate of the defined benefit obligation less fair value of plan assets of funded schemes.
The Group operates funded and unfunded schemes.
The Group\u2019s expenses in relation to defined contribution plans are charged directly to the consolidated income statement.
The Group mainly operates defined benefit plans for qualifying employees of its subsidiaries in Ukraine and Switzerland. All local defined
benefit pension liabilities are calculated by independent actuaries applying accepted actuarial techniques. In addition to the aforementioned
schemes, the Group operates a defined benefit scheme in Austria and contribution plans for qualifying employees in the UK and
in Singapore.
ACCOUNTING POLICY
General
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation.
The provisions are classified in the Group\u2019s consolidated financial statements either as non-current or current, depending on the expected
timing of the outflow of resources.
Site restoration
Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation
costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision
is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision,
a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to
which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations.
ACCOUNTING POLICY
Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the
Group as at the end of the reporting period.
Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as
the performance obligation is fulfilled, and released at the point of time when the freight services are completed. Contract liabilities are
normally derecognised within 60 days after the reporting period.
ACCOUNTING POLICY
Cash and cash equivalents include cash at bank and on hand and short-term deposits with original maturity of 90 days or less from inception.
Cash at bank and on hand and short-term deposits are recorded at their nominal amount as these present an insignificant risk of changes
in value.
ACCOUNTING POLICY
Lease liabilities are initially measured at the present value of future lease payments, discounted using the interest rate implicit in the lease or,
if unavailable, the lessee\u2019s incremental borrowing rate for similar leases. The change of the lease liabilities is the net effect of interest accrued
over time, lease payments made, and additions to lease liabilities resulting from new leases entered into during the period. The principal
elements of lease payments are presented in the consolidated statement of cash flows within financing activities and interest elements
within operating activities. The carrying amount is subject to remeasurement in subsequent periods to reflect any lease modifications.
More detailed accounting policies regarding the specific treatment of lease agreements for land used for the direct extraction of iron ore and
land not used for this purpose are set out in Note 14 Right-of-use assets.
ACCOUNTING POLICY
Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
NON-DERIVATIVE FINANCIAL INSTRUMENTS
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings (including lease
liabilities) and trade and other payables.
DERIVATIVE FINANCIAL INSTRUMENTS
Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative
financial instruments.
For more information about the provisionally priced receivables see Commodity risk within this Note.
INITIAL MEASUREMENT
Non-derivative financial instruments
Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly
attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial
assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities,
the transaction costs are recognised immediately in the consolidated income statement.
All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or
sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation
or convention in the marketplace.
The subsequent measurement is based on the classification of the financial instruments.
SUBSEQUENT MEASUREMENT
Financial assets
Financial assets measured at amortised cost
Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non-
derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the
effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised
or impaired along with the amortisation process.
Financial liabilities
Trade and other payables
Trade and other payables are subsequently measured at amortised cost using the effective interest method.
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings (excluding lease liabilities) are subsequently measured at amortised cost using the effective interest
method. Gains and losses are recognised in the consolidated income statement when the liabilities are derecognised as well as through the
amortisation process. For the accounting policy of lease liabilities see Note 26 Lease liabilities.
IMPAIRMENT OF FINANCIAL ASSETS
In addition to the individual assessment at each reporting date as to whether a financial asset or group of financial assets is impaired,
the Group also assesses the expected credit losses on financial assets carried at amortised cost in accordance with the general approach.
As all of the Group\u2019s financial assets carried at amortised cost are classified as current based on the agreed terms and conditions, the loss
allowance is measured at an amount equal to the lifetime expected credit losses based on publicly available credit default ratings adjusted
for current observable circumstances, forecast information and past history of credit losses.
This assessment is performed individually for all financial assets that are individually significant and collectively for those that are not
individually significant and have similar credit risk characteristics. The carrying amount of the financial assets is reduced by an allowance
account with the change of the allowance being recognised in the consolidated income statement.
Individual balances are written off when management deems that there is no possibility of recovery.
ACCOUNTING POLICY
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to the fair value of the award at the grant date using
modelling techniques consistent with the mathematics underlying the Black-Scholes option pricing model extended to allow for the
performance conditions. The fair value is determined by reference to the quoted closing share price on the grant date. The cost is
recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the
award. In valuing equity-settled transactions, no account is taken of any vesting conditions, except for market conditions, such as the relative
Total Shareholder Return (\u201cTSR\u201d).
Where the vesting of awards is subject to the satisfaction of certain market conditions, a vesting charge is recognised irrespective of whether
or not the market condition is satisfied, provided that all other performance conditions are satisfied. Where awards terminate before the
performance period is complete, any unamortised expense is recognised immediately.
At each reporting date, the cumulative expense of outstanding awards is calculated, representing the extent to which the vesting period
has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and of the number of equity
instruments that will ultimately vest. The movement in cumulative expense since the previous reporting date is recognised in the
consolidated income statement, with a corresponding entry in the employee benefit trust reserve in equity.
Long-term incentive plan (\u201cLTIP\u201d)
The LTIP is a share-based scheme whereby certain senior management and executives receive rewards based on the relative TSR. The LTIP
is subject to a performance condition based on the TSR compared to a comparator group, which operates in a similar environment,
measured over the vesting period. Further description is provided in the Remuneration Report. The cost of equity-settled awards is
measured as described above together with an estimate of future social security contributions payable in respect of this value.
ACCOUNTING POLICY
Contingencies
Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow
of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but
disclosed when an inflow of economic benefits is probable.
Commitments for the lease of mining land
The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in
the standard and are disclosed as commitments for the lease of mining land.
ACCOUNTING POLICY
Ordinary Shares
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of Ordinary Shares and share options are
recognised as a deduction from equity, net of any tax effects.
Employee benefit trust reserve
Ferrexpo plc shares held by the Group are recognised at cost and classified in reserves. Consideration received for the sale of such shares is
also recognised in equity, with any difference between the proceeds from the sale and the original cost to be recorded in reserves. No gain or
loss is recognised in the consolidated income statement on the purchase, issue or cancellation of equity shares.
Treasury shares
Own equity instruments, which are reacquired (treasury shares), are recognised at cost and deducted from equity and represent a reduction
in distributable reserves. No gain or loss is recognised in the consolidated income statement on the purchase, sale, issue or cancellation of
the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration is recognised in retained earnings.
Translation reserve
The translation reserve represents exchange differences arising on the translation of non-US dollar functional currency operations within the
Group, mainly those in Ukrainian hryvnia, into US dollars.
ACCOUNTING POLICY
Entities are included in the consolidated financial statements from the date of obtaining control and the inclusion in the consolidated
financial statements is consequently ceased when the control over an entity is lost. Control is obtained when the Group is exposed, or has
the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the
investee that gives the current ability to direct the relevant activities. Control can be obtained through voting rights, but also through
agreements, statutes, contracts, trust deeds or other schemes.
Non-controlling interests in the net assets of consolidated subsidiaries are shown separately in the Group\u2019s consolidated statement of
financial position and consolidated statement of changes in equity. The share of the profit attributable to non-controlling interests is shown
in the consolidated income statement and the consolidated statement of comprehensive income. The carrying amount of the non-
controlling interests is adjusted for any change in ownership interest to reflect the relative controlling and non-controlling interests in the
subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is
recognised in the equity attributable to equity shareholders of Ferrexpo plc.
The Group comprises Ferrexpo plc and its consolidated subsidiaries. The Group\u2019s interests in the entities are held indirectly by the Company,
with the exception of Ferrexpo AG, which is directly held. All of the Group\u2019s major subsidiaries are wholly owned. The interests that non-
controlling interests have in the Group\u2019s operations are not material and no significant judgements and assumptions were required to
determine that the Group has control over these entities. The Group\u2019s consolidated subsidiaries are listed on page 265.
The Group does not have any other interests of 20% or more in undertakings that are not disclosed on page 265, except for the investment
in the associate mentioned in Note 33 Investments in associates.
ACCOUNTING POLICY
The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group
has significant influence and which is neither a subsidiary nor a joint venture.
Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition
changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an
associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application
of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s
investment in the associate.
The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group
and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates
and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group.
The Group holds an interest of 49.9% (2024: 49.9%) in TIS Ruda LLC, operating a port on the Black Sea, which the Group uses as part of its
distribution channel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements for Ferrexpo plc and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared as at the same reporting date as Ferrexpo plc\u2019s, using consistent accounting policies. Subsidiaries are fully consolidated from the date the Group obtains control, which exists from the point of time when the Group is exposed to, or has rights to, variable returns from an entity and the Group has the ability to affect those returns through its power to direct the activities of an entity. Similarly, subsidiaries disposed of are deconsolidated from the date on which the Group ceases to hold control. A change in the ownership interest of an entity without obtaining or losing control is accounted for as an equity transaction. All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless costs cannot be recovered. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "BUSINESS COMBINATIONS On the acquisition of a subsidiary, the business combination is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregated amount of the fair value of the consideration transferred, measured at the date of acquisition. The consideration paid is allocated to the identifiable assets acquired and liabilities (including contingent liabilities) assumed on the basis of fair values at the date of acquisition. Any excess of the consideration transferred over the net of the fair value of the identifiable assets acquired and liabilities assumed is recognised as goodwill. If the fair value of the identifiable net assets exceeds the consideration transferred, a bargain purchase gain is recognised in profit or loss. Acquisition costs are expensed when incurred and included in general and administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "BUSINESS COMBINATIONS On the acquisition of a subsidiary, the business combination is accounted for using the acquisition method. The cost of an acquisition is measured as the aggregated amount of the fair value of the consideration transferred, measured at the date of acquisition. The consideration paid is allocated to the identifiable assets acquired and liabilities (including contingent liabilities) assumed on the basis of fair values at the date of acquisition. Any excess of the consideration transferred over the net of the fair value of the identifiable assets acquired and liabilities assumed is recognised as goodwill. If the fair value of the identifiable net assets exceeds the consideration transferred, a bargain purchase gain is recognised in profit or loss. Acquisition costs are expensed when incurred and included in general and administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "FUNCTIONAL AND PRESENTATIONAL CURRENCIES Based on the economic substance of the underlying business transactions and circumstances relevant to the parent, the functional currency of the parent has been determined to be the US dollar, with each subsidiary determining its own functional currency based on its own circumstances. The Group has chosen the US dollar as its presentational currency. The functional currency of Ukrainian subsidiaries, which is where the Group\u2019s main operations are based, is the Ukrainian hryvnia. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "FOREIGN CURRENCY TRANSLATION For individual subsidiary company accounts, transactions in foreign currencies (i.e. other than the functional currency) are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the rate of exchange ruling at the reporting date and non-monetary assets and liabilities at the historic rate. Foreign exchange differences arising on translation are recognised in the consolidated income statement. For presentation of the Group\u2019s consolidated financial statements, if the functional currency of a subsidiary is different to the presentational currency as at the reporting date, the assets and liabilities of this entity are translated into the presentational currency at the rate ruling at the reporting date and the consolidated income statement is translated using the average exchange rate for the year based on the officially published rates by the National Bank of Ukraine (\u201cNBU\u201d). The foreign exchange differences arising are recognised in other comprehensive income and taken directly to a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount of exchange differences recognised in equity relating to the particular foreign operation is recognised in the consolidated income statement. ACCOUNTING POLICY Foreign exchange gains and losses are reported on a net basis. Operating foreign exchange gains and losses are those resulting directly from the Group\u2019s operating activities. Non-operating gains and losses are predominantly those associated with the Group\u2019s financing and treasury activities, including the transactional gains and losses from the conversion of cash balances in currencies different from the local functional currencies at exchange rates different from those at the initial recognition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "
NOTE 3: NEW ACCOUNTING POLICIES
NEW STANDARDS AND INTERPRETATIONS ADOPTED
The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements are consistent with
those followed in the preparation of the Group\u2019s annual financial statements for the year ended 31 December 2024 except for the adoption
of new standards, interpretations and amendments to UK adopted IFRS effective as at 1 January 2025.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED WITHOUT AN IMPACT ON THE GROUP\u2019S CONSOLIDATED
FINANCIAL STATEMENTS
Amendments to IAS 21 Lack of Exchangeability provide guidance on when a currency is exchangeable into another currency and further
clarify how a spot rate is estimated when a currency lacks exchangeability.
NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET ADOPTED
The Group has elected not to adopt early any revised and amended standards or interpretations that are not yet mandatory in the UK.
The standards and interpretations below could have an impact on the consolidated financial statements of the Group in future periods.
Amendments to IFRS 7 and IFRS 9 Classification and Measurement of Financial Instruments were issued in May 2024 and are effective
for annual reporting periods beginning on or after 1 January 2026. The amendments provide further clarification and requirements for the
recognition and derecognition criteria for financial assets and liabilities, the classification requirements for financial assets, particularly those
containing contingent features (such as ESG-linked targets) and non-recourse features or contractually linked instruments. It also requires
disclosures related to the amendments to the classification requirements and also for investments in equity instruments designated at fair
value through other comprehensive income. The Group does not expect a material impact on its consolidated financial statements because
of these amendments.
Amendments to IFRS 7 and IFRS 9 Contracts Referencing Nature-dependent Electricity were issued in December 2024 and are effective
for annual reporting periods beginning on or after 1 January 2026. The amendments clarify the own-use exemption and hedge accounting
for contracts linked to electricity generation dependent on natural conditions (e.g. wind, solar). The IASB clarified that other contracts, for
example, contracts for electricity generated from biofuel, are not within the scope of the amendments because such electricity generation
is not subject to the same uncertainty as in-scope contracts. Entities must assess whether they are net purchasers of electricity to qualify for
own-use treatment and may designate variable nominal volumes in cash flow hedges to reflect renewable variability. New IFRS 7 disclosures
require qualitative and quantitative information on these contracts, related commitments, and their impact on performance. The Group does
not expect a material impact on its consolidated financial statements because of these amendments.
New standard IFRS 18 Presentation and Disclosure in Financial Statements was published by the International Accounting Standards Board
(\u201cIASB\u201d) on 9 April 2024. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027. It requires the
presentation of two new defined subtotals in the consolidated income statement a) operating profit and profit before financing and income
taxes as well as the disclosure of management-defined performance measures (\u201cMPMs\u201d) and b) subtotals of income and expenses not
specified by IFRS Accounting Standards that are used in public communications to communicate management\u2019s view of an aspect of an
establishment\u2019s financial performance. It also requires a reconciliation between the MPMs and the most directly comparable totals or
subtotals specified by IFRS Accounting Standards, in order to provide transparency on the entity-specific performance measures. Ferrexpo
Group assessed the implications of the new IFRS 18 standard and has identified the changes required for presentation of the consolidated
income statement and prepared the new mapping of the accounts to meet the requirements of the new standard. The disclosure
requirements related to the management-defined performance measures (\u201cMPMs\u201d) are currently still examined. With the exception of the
addition of the two new defined subtotals and the disclosures on MPMs, the Group does not expect a material impact on its consolidated
financial statements because of this new standard.
There are limited changes to IAS 7 Statement of Cash Flows to improve comparability by specifying a consistent starting point for the
indirect method of reporting cash flows from operating activities and eliminating options for the classification of interest and dividend cash
flows. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027 and enhances the general and
specific requirements for aggregation and disaggregation to help the Group to provide useful information. The specific requirements include
those for disaggregation of \u2018other\u2019 balances, such as the presentation of operating expenses in the income statement and disclosure of
specified operating expenses by nature included in each function line item. The Group does not expect a material impact on its consolidated
financial statements because of this new standard.
The Group expects that all other standards, interpretations and amendments issued at the reporting date, but not yet to be adopted for
these financial statements, are not relevant to the Group as they do not have a material impact on its consolidated financial statements and
are therefore not listed above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "NEW STANDARDS AND INTERPRETATIONS ADOPTED The accounting policies and methods of computation adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group\u2019s annual financial statements for the year ended 31 December 2024 except for the adoption of new standards, interpretations and amendments to UK adopted IFRS effective as at 1 January 2025. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS ADOPTED WITHOUT AN IMPACT ON THE GROUP\u2019S CONSOLIDATED FINANCIAL STATEMENTS Amendments to IAS 21 Lack of Exchangeability provide guidance on when a currency is exchangeable into another currency and further clarify how a spot rate is estimated when a currency lacks exchangeability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET ADOPTED The Group has elected not to adopt early any revised and amended standards or interpretations that are not yet mandatory in the UK. The standards and interpretations below could have an impact on the consolidated financial statements of the Group in future periods. Amendments to IFRS 7 and IFRS 9 Classification and Measurement of Financial Instruments were issued in May 2024 and are effective for annual reporting periods beginning on or after 1 January 2026. The amendments provide further clarification and requirements for the recognition and derecognition criteria for financial assets and liabilities, the classification requirements for financial assets, particularly those containing contingent features (such as ESG-linked targets) and non-recourse features or contractually linked instruments. It also requires disclosures related to the amendments to the classification requirements and also for investments in equity instruments designated at fair value through other comprehensive income. The Group does not expect a material impact on its consolidated financial statements because of these amendments. Amendments to IFRS 7 and IFRS 9 Contracts Referencing Nature-dependent Electricity were issued in December 2024 and are effective for annual reporting periods beginning on or after 1 January 2026. The amendments clarify the own-use exemption and hedge accounting for contracts linked to electricity generation dependent on natural conditions (e.g. wind, solar). The IASB clarified that other contracts, for example, contracts for electricity generated from biofuel, are not within the scope of the amendments because such electricity generation is not subject to the same uncertainty as in-scope contracts. Entities must assess whether they are net purchasers of electricity to qualify for own-use treatment and may designate variable nominal volumes in cash flow hedges to reflect renewable variability. New IFRS 7 disclosures require qualitative and quantitative information on these contracts, related commitments, and their impact on performance. The Group does not expect a material impact on its consolidated financial statements because of these amendments. New standard IFRS 18 Presentation and Disclosure in Financial Statements was published by the International Accounting Standards Board (\u201cIASB\u201d) on 9 April 2024. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027. It requires the presentation of two new defined subtotals in the consolidated income statement a) operating profit and profit before financing and income taxes as well as the disclosure of management-defined performance measures (\u201cMPMs\u201d) and b) subtotals of income and expenses not specified by IFRS Accounting Standards that are used in public communications to communicate management\u2019s view of an aspect of an establishment\u2019s financial performance. It also requires a reconciliation between the MPMs and the most directly comparable totals or subtotals specified by IFRS Accounting Standards, in order to provide transparency on the entity-specific performance measures. Ferrexpo Group assessed the implications of the new IFRS 18 standard and has identified the changes required for presentation of the consolidated income statement and prepared the new mapping of the accounts to meet the requirements of the new standard. The disclosure requirements related to the management-defined performance measures (\u201cMPMs\u201d) are currently still examined. With the exception of the addition of the two new defined subtotals and the disclosures on MPMs, the Group does not expect a material impact on its consolidated financial statements because of this new standard. There are limited changes to IAS 7 Statement of Cash Flows to improve comparability by specifying a consistent starting point for the indirect method of reporting cash flows from operating activities and eliminating options for the classification of interest and dividend cash flows. The new standard will be effective for annual reporting periods beginning on or after 1 January 2027 and enhances the general and specific requirements for aggregation and disaggregation to help the Group to provide useful information. The specific requirements include those for disaggregation of \u2018other\u2019 balances, such as the presentation of operating expenses in the income statement and disclosure of specified operating expenses by nature included in each function line item. The Group does not expect a material impact on its consolidated financial statements because of this new standard. The Group expects that all other standards, interpretations and amendments issued at the reporting date, but not yet to be adopted for these financial statements, are not relevant to the Group as they do not have a material impact on its consolidated financial statements and are therefore not listed above. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
NOTE 5: SEGMENT INFORMATION
The Group is managed as a single segment, which produces, develops and markets its principal product, iron ore pellets and concentrate,
for sale to the metallurgical industry. While the revenue generated by the Group is monitored at a more detailed level, there are no separate
measures of profit reported to the Group\u2019s Chief Operating Decision-Maker (\u201cCODM\u201d). In accordance with IFRS 8 Operating Segments,
the Group presents its results in a single segment, which are disclosed in the consolidated income statement for the Group. Management
monitors the operating result of the Group based on a number of measures including Underlying EBITDA, gross profit and net cash.
UNDERLYING EBITDA AND GROSS PROFIT
The Group presents the Underlying EBITDA as it is a useful measure for evaluating its ability to generate cash and its operating performance.
The Group amended its definition of Underlying EBITDA during the financial year 2024 by excluding operating foreign exchange gains and
losses. The full definition of Underlying EBITDA and details in respect of the amended definition are provided in the Alternative Performance
Measures (\u201cAPMs\u201d) section.
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
(Loss)/profit before tax and finance
(209,816)
19,928
(Gains)/losses on disposal and liquidation of property, plant and equipment
(572)
231
Share-based payments 28
431
320
Write-offs and impairments 7
160,936
71,871
Allowance on overdue VAT receivable balances 20
13,139
\u2212
Depreciation and amortisation
68,406
60,281
Operating foreign exchange gains
(4,969)
(83,321)
Underlying EBITDA
27,555
69,310
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Revenue 6
787, 324
933,263
Cost of sales 7
(504,214)
(597,4 3 8)
Gross profit
283,110
335,825
NET CASH
Net cash as defined by the Group comprises cash and cash equivalents less lease liabilities.
As at As at
US$000
Notes
31.12.25 31.12.24
Cash and cash equivalents 25
58,447
105,919
Lease liabilities \u2013 current 26
(4,228)
(4,665)
Lease liabilities \u2013 non-current 26
(6,792)
(419)
Net cash
47,427
100,835
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings as at 31 December
2025 and the end of the comparative year ended 31 December 2024.
Net cash is an APM. Further information on the APMs used by the Group, including the definitions, is provided on pages 266 and 267.
DISCLOSURE OF REVENUE AND NON-CURRENT ASSETS
The Group does not generate significant revenues from external customers attributable to the UK, the Company\u2019s country of domicile.
The information on the revenues from external customers attributed to the individual foreign countries is given in Note 6 Revenue. The Group
does not have any significant non-current assets that are located in the country of domicile of the Company. The vast majority of the
non-current assets are located in Ukraine.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "In accordance with IFRS 8 Operating Segments, the Group presents its results in a single segment, which are disclosed in the consolidated income statement for the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "NOTE 6: REVENUE ACCOUNTING POLICY Revenue recognition Revenue is recognised to the extent that it is probable that the Group will collect the consideration to which it expects to be entitled in exchange for transferring promised goods or services to a customer. The following specific recognition criteria are to be met before revenue is recognised. Sale of goods including sales of pellets and fuel from bunker business Revenue is recognised when the control of the goods has passed to the buyer and can be reliably measured. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. The Group does not have any material variable considerations, such as retrospective volume rebates and rights of returns, in the contracts with its customers. Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. In terms of the associated commodity risk, see Note 27 Financial instruments for further information. The control of goods passes when title for the goods passes to the customer as determined by the contractual sales terms based on the International Commercial Terms (\u201cIncoterms\u201d). The sales are typically made under CIF (\u201cCost Insurance and Freight\u201d), CFR (\u201cCost and Freight\u201d), DAP (\u201cDelivery At Place\u201d) and FOB (\u201cFree on Board\u201d) terms. Under DAP Incoterms, revenue is recognised when goods arrive at the agreed destination or at the border crossing, whereas under the other above-mentioned terms the title passes on the date of the bill of lading. If the sales agreement allows for adjustment of the sales prices based on survey of the goods by the customer (e.g. ore content) the revenue is recognised based on the most recent determined product specification. The Group enters into long-term contracts with some of its customers, which become subject to either renewal or extension when about to expire. As the performance obligations under the old contracts are not affected by the renewal or extension, the new modified contracts are accounted for as separate contracts. The Group has no unsatisfied or partially unsatisfied performance obligations relating to contracts with customers with original expected duration of more than one year. The Group has therefore taken advantage of the practical expedient provided in IFRS 15 and need not disclose the transaction price allocated to the remaining performance obligations. Freight services related to sales of pellets and concentrate For CIF and CFR contracts the Group must contract for and pay the freight necessary to bring the goods to the named port of destination. Consequently, the freight services under CIF and CFR Incoterms meet the criteria of a separate performance obligation and the corresponding revenue is shown separate from the revenue from sales of iron ore pellets and concentrate. Freight revenue is recognised over time, as the obligation to perform freight services is fulfilled, along with the associated costs. For the separate presentation of the freight revenue as required under IFRS 15 Revenue from contracts with customers, the Group measures freight revenue based on the average freight rates of the relevant pricing period for specific shipments as outlined in the contracts with its customers. In case the relevant pricing period is after the end of the reporting period (normally within 60 days), revenue is measured based on forward freight rates at the reporting date. Actual freight costs recognised for specific shipments might differ from the presented freight revenue due to movements in market rates between the timing of fixture of vessels and the relevant pricing periods outlined in the contracts with customers. Logistic services Revenue from logistic services rendered is measured at the transaction price contractually agreed between the parties based on applicable market rates for the specific freight services to be provided. The timing of satisfaction of the performance obligation is over time as services are completed. Where services are invoiced in advance of discharge, amounts attributable to the time between the end of the reporting period and the discharge date are deferred as contract liabilities. Other sales Other sales and services provided include predominantly the revenue generated from the sale of other materials and repair and maintenance works provided to third parties. The revenues are recognised when the title passes for material sold or services provided are completed. Revenue for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Revenue from sales of iron ore pellets and concentrate
664,774
831,807
Freight revenue related to sales of iron ore pellets and concentrate
77, 0 6 4
49,691
Total revenue from sale of iron ore pellets and concentrate
741,838
881,498
Revenue from logistics and bunker business
40,650
46,139
Revenue from other sales and services provided
4,836
5,626
Total revenue
787, 324
933,263
The Group\u2019s sales of iron ore pellets and concentrate were still significantly below pre-war levels because of the ongoing war in Ukraine as was also the case for the comparative year 2024. The Group\u2019s seaborne sales continued to benefit from the availability of the Ukrainian Black Sea ports, which had been closed at the beginning of the war, but were reopened again during the financial year 2024. The Group\u2019s sales in 2025 were also affected by the suspension of VAT refunds in Ukraine, which required the downscaling of the Group\u2019s operation in Ukraine to minimise the impact on the Group\u2019s liquidity. See Note 20 Other taxes recoverable and payable for further information. As at 31 December 2025, freight-related revenue in the amount of US$2,172 thousand (2024: US$4,436 thousand) was deferred because the related performance obligations had not yet been fulfilled, of which US$977 thousand (2024: US$2,799 thousand) are related to the revenue from sales of iron ore pellets and concentrate and US$1,195 thousand (2024: US$1,637 thousand) from the logistics business. The total amount is included in the balance of the contract liabilities. Revenue recognised for the year ended 31 December 2025 includes US$4,436 thousand (2024: nil) that had been included in the opening balance of contract liabilities as at 1 January 2025, for which the related performance obligations were fulfilled during the financial year 2025. There was no such effect during the comparative year ended 31 December 2024 in respect of the revenue from sales of iron ore pellets and concentrate as there were no contract liabilities as at 1 January 2024 due to the absence of not completed sales under the Incoterm CFR as at 31 December 2023 and US$1,915 thousand related to revenue from the logistics business. See Note 24 Accrued and contract liabilities for further information. Information on the commodity risk related to provisionally priced sales are provided in Note 27 Financial instruments. Total sales of iron ore pellets and concentrate by geographical destination showing separately countries that individually represented 10% or more of total sales in either the current or prior year were as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Europe, including Turkey
354,732
668,425
Austria
168,494
237, 0 92
Czech Republic
99,578
97,612
Turkey
29,614
123,615
Germany
18,599
1 27, 50 0
Others
38,446
82,606
China & South East Asia
363,666
148,363
China
357, 3 8 6
138,551
Others
6,280
9,812
Middle East & North Africa
23,440
64,710
Total revenue from sale of iron ore pellets and concentrate
741,838
881,498
The Group markets its products across various regions. The disclosure of the segmentation reflects how the Group makes its business decisions and monitors its sales. Information about the composition of the regions is provided in the Glossary on pages 268 to 270. Sales to customers that individually represented 10% or more of total sales in either current or prior year accounted for 73% of the revenue from sales of iron ore pellets and concentrate (2024: 67%), and are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Customer A
168,494
237,0 92
Customer B
153,726
\u2212
Customer C
99,578
97,61 2
Customer D
74,873
39,976
Customer E
29,614
123,615
Customer F
18,599
92,354
Considering the constraints imposed by the ongoing war, the Group has not been able to fulfil the demands from all its customers since the beginning of the war in Ukraine in February 2022, and sales volumes were therefore allocated to markets and customers based on logistics and market considerations. Relationships with long-standing customers are maintained and the Group expects to be able to meet their demand again as soon as the geopolitical situation in Ukraine improves.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "NOTE 6: REVENUE ACCOUNTING POLICY Revenue recognition Revenue is recognised to the extent that it is probable that the Group will collect the consideration to which it expects to be entitled in exchange for transferring promised goods or services to a customer. The following specific recognition criteria are to be met before revenue is recognised. Sale of goods including sales of pellets and fuel from bunker business Revenue is recognised when the control of the goods has passed to the buyer and can be reliably measured. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. The Group does not have any material variable considerations, such as retrospective volume rebates and rights of returns, in the contracts with its customers. Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. In terms of the associated commodity risk, see Note 27 Financial instruments for further information. The control of goods passes when title for the goods passes to the customer as determined by the contractual sales terms based on the International Commercial Terms (\u201cIncoterms\u201d). The sales are typically made under CIF (\u201cCost Insurance and Freight\u201d), CFR (\u201cCost and Freight\u201d), DAP (\u201cDelivery At Place\u201d) and FOB (\u201cFree on Board\u201d) terms. Under DAP Incoterms, revenue is recognised when goods arrive at the agreed destination or at the border crossing, whereas under the other above-mentioned terms the title passes on the date of the bill of lading. If the sales agreement allows for adjustment of the sales prices based on survey of the goods by the customer (e.g. ore content) the revenue is recognised based on the most recent determined product specification. The Group enters into long-term contracts with some of its customers, which become subject to either renewal or extension when about to expire. As the performance obligations under the old contracts are not affected by the renewal or extension, the new modified contracts are accounted for as separate contracts. The Group has no unsatisfied or partially unsatisfied performance obligations relating to contracts with customers with original expected duration of more than one year. The Group has therefore taken advantage of the practical expedient provided in IFRS 15 and need not disclose the transaction price allocated to the remaining performance obligations. Freight services related to sales of pellets and concentrate For CIF and CFR contracts the Group must contract for and pay the freight necessary to bring the goods to the named port of destination. Consequently, the freight services under CIF and CFR Incoterms meet the criteria of a separate performance obligation and the corresponding revenue is shown separate from the revenue from sales of iron ore pellets and concentrate. Freight revenue is recognised over time, as the obligation to perform freight services is fulfilled, along with the associated costs. For the separate presentation of the freight revenue as required under IFRS 15 Revenue from contracts with customers, the Group measures freight revenue based on the average freight rates of the relevant pricing period for specific shipments as outlined in the contracts with its customers. In case the relevant pricing period is after the end of the reporting period (normally within 60 days), revenue is measured based on forward freight rates at the reporting date. Actual freight costs recognised for specific shipments might differ from the presented freight revenue due to movements in market rates between the timing of fixture of vessels and the relevant pricing periods outlined in the contracts with customers. Logistic services Revenue from logistic services rendered is measured at the transaction price contractually agreed between the parties based on applicable market rates for the specific freight services to be provided. The timing of satisfaction of the performance obligation is over time as services are completed. Where services are invoiced in advance of discharge, amounts attributable to the time between the end of the reporting period and the discharge date are deferred as contract liabilities. Other sales Other sales and services provided include predominantly the revenue generated from the sale of other materials and repair and maintenance works provided to third parties. The revenues are recognised when the title passes for material sold or services provided are completed. Revenue for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Revenue from sales of iron ore pellets and concentrate
664,774
831,807
Freight revenue related to sales of iron ore pellets and concentrate
77, 0 6 4
49,691
Total revenue from sale of iron ore pellets and concentrate
741,838
881,498
Revenue from logistics and bunker business
40,650
46,139
Revenue from other sales and services provided
4,836
5,626
Total revenue
787, 324
933,263
The Group\u2019s sales of iron ore pellets and concentrate were still significantly below pre-war levels because of the ongoing war in Ukraine as was also the case for the comparative year 2024. The Group\u2019s seaborne sales continued to benefit from the availability of the Ukrainian Black Sea ports, which had been closed at the beginning of the war, but were reopened again during the financial year 2024. The Group\u2019s sales in 2025 were also affected by the suspension of VAT refunds in Ukraine, which required the downscaling of the Group\u2019s operation in Ukraine to minimise the impact on the Group\u2019s liquidity. See Note 20 Other taxes recoverable and payable for further information.
As at 31 December 2025, freight-related revenue in the amount of US$2,172 thousand (2024: US$4,436 thousand) was deferred because
the related performance obligations had not yet been fulfilled, of which US$977 thousand (2024: US$2,799 thousand) are related to the
revenue from sales of iron ore pellets and concentrate and US$1,195 thousand (2024: US$1,637 thousand) from the logistics business.
The total amount is included in the balance of the contract liabilities. Revenue recognised for the year ended 31 December 2025 includes
US$4,436 thousand (2024: nil) that had been included in the opening balance of contract liabilities as at 1 January 2025, for which the
related performance obligations were fulfilled during the financial year 2025. There was no such effect during the comparative year ended
31 December 2024 in respect of the revenue from sales of iron ore pellets and concentrate as there were no contract liabilities as at 1 January
2024 due to the absence of not completed sales under the Incoterm CFR as at 31 December 2023 and US$1,915 thousand related to revenue
from the logistics business. See Note 24 Accrued and contract liabilities for further information.
Information on the commodity risk related to provisionally priced sales are provided in Note 27 Financial instruments.
Total sales of iron ore pellets and concentrate by geographical destination showing separately countries that individually represented 10%
or more of total sales in either the current or prior year were as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Europe, including Turkey
354,732
668,425
Austria
168,494
237, 0 92
Czech Republic
99,578
97,612
Turkey
29,614
123,615
Germany
18,599
1 27, 50 0
Others
38,446
82,606
China & South East Asia
363,666
148,363
China
357, 3 8 6
138,551
Others
6,280
9,812
Middle East & North Africa
23,440
64,710
Total revenue from sale of iron ore pellets and concentrate
741,838
881,498
The Group markets its products across various regions. The disclosure of the segmentation reflects how the Group makes its business
decisions and monitors its sales. Information about the composition of the regions is provided in the Glossary on pages 268 to 270.
Sales to customers that individually represented 10% or more of total sales in either current or prior year accounted for 73% of the revenue
from sales of iron ore pellets and concentrate (2024: 67%), and are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Customer A
168,494
237,0 92
Customer B
153,726
\u2212
Customer C
99,578
97,61 2
Customer D
74,873
39,976
Customer E
29,614
123,615
Customer F
18,599
92,354
Considering the constraints imposed by the ongoing war, the Group has not been able to fulfil the demands from all its customers since the
beginning of the war in Ukraine in February 2022, and sales volumes were therefore allocated to markets and customers based on logistics
and market considerations. Relationships with long-standing customers are maintained and the Group expects to be able to meet their
demand again as soon as the geopolitical situation in Ukraine improves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "ACCOUNTING POLICY Revenue recognition Revenue is recognised to the extent that it is probable that the Group will collect the consideration to which it expects to be entitled in exchange for transferring promised goods or services to a customer. The following specific recognition criteria are to be met before revenue is recognised. Sale of goods including sales of pellets and fuel from bunker business Revenue is recognised when the control of the goods has passed to the buyer and can be reliably measured. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. The Group does not have any material variable considerations, such as retrospective volume rebates and rights of returns, in the contracts with its customers. Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. In terms of the associated commodity risk, see Note 27 Financial instruments for further information. The control of goods passes when title for the goods passes to the customer as determined by the contractual sales terms based on the International Commercial Terms (\u201cIncoterms\u201d). The sales are typically made under CIF (\u201cCost Insurance and Freight\u201d), CFR (\u201cCost and Freight\u201d), DAP (\u201cDelivery At Place\u201d) and FOB (\u201cFree on Board\u201d) terms. Under DAP Incoterms, revenue is recognised when goods arrive at the agreed destination or at the border crossing, whereas under the other above-mentioned terms the title passes on the date of the bill of lading. If the sales agreement allows for adjustment of the sales prices based on survey of the goods by the customer (e.g. ore content) the revenue is recognised based on the most recent determined product specification. The Group enters into long-term contracts with some of its customers, which become subject to either renewal or extension when about to expire. As the performance obligations under the old contracts are not affected by the renewal or extension, the new modified contracts are accounted for as separate contracts.
The Group has no unsatisfied or partially unsatisfied performance obligations relating to contracts with customers with original expected
duration of more than one year. The Group has therefore taken advantage of the practical expedient provided in IFRS 15 and need not
disclose the transaction price allocated to the remaining performance obligations.
Freight services related to sales of pellets and concentrate
For CIF and CFR contracts the Group must contract for and pay the freight necessary to bring the goods to the named port of destination.
Consequently, the freight services under CIF and CFR Incoterms meet the criteria of a separate performance obligation and the
corresponding revenue is shown separate from the revenue from sales of iron ore pellets and concentrate.
Freight revenue is recognised over time, as the obligation to perform freight services is fulfilled, along with the associated costs.
For the separate presentation of the freight revenue as required under IFRS 15 Revenue from contracts with customers, the Group measures
freight revenue based on the average freight rates of the relevant pricing period for specific shipments as outlined in the contracts with its
customers. In case the relevant pricing period is after the end of the reporting period (normally within 60 days), revenue is measured based
on forward freight rates at the reporting date.
Actual freight costs recognised for specific shipments might differ from the presented freight revenue due to movements in market rates
between the timing of fixture of vessels and the relevant pricing periods outlined in the contracts with customers.
Logistic services
Revenue from logistic services rendered is measured at the transaction price contractually agreed between the parties based on applicable
market rates for the specific freight services to be provided. The timing of satisfaction of the performance obligation is over time as services
are completed. Where services are invoiced in advance of discharge, amounts attributable to the time between the end of the reporting
period and the discharge date are deferred as contract liabilities.
Other sales
Other sales and services provided include predominantly the revenue generated from the sale of other materials and repair and maintenance
works provided to third parties. The revenues are recognised when the title passes for material sold or services provided are completed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "As at 31 December 2025, freight-related revenue in the amount of US$2,172 thousand (2024: US$4,436 thousand) was deferred because the related performance obligations had not yet been fulfilled, of which US$977 thousand (2024: US$2,799 thousand) are related to the revenue from sales of iron ore pellets and concentrate and US$1,195 thousand (2024: US$1,637 thousand) from the logistics business. The total amount is included in the balance of the contract liabilities. Revenue recognised for the year ended 31 December 2025 includes US$4,436 thousand (2024: nil) that had been included in the opening balance of contract liabilities as at 1 January 2025, for which the related performance obligations were fulfilled during the financial year 2025. There was no such effect during the comparative year ended 31 December 2024 in respect of the revenue from sales of iron ore pellets and concentrate as there were no contract liabilities as at 1 January 2024 due to the absence of not completed sales under the Incoterm CFR as at 31 December 2023 and US$1,915 thousand related to revenue from the logistics business. See Note 24 Accrued and contract liabilities for further information. ", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Total sales of iron ore pellets and concentrate by geographical destination showing separately countries that individually represented 10% or more of total sales in either the current or prior year were as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Europe, including Turkey
354,732
668,425
Austria
168,494
237, 0 92
Czech Republic
99,578
97,612
Turkey
29,614
123,615
Germany
18,599
1 27, 50 0
Others
38,446
82,606
China & South East Asia
363,666
148,363
China
357, 3 8 6
138,551
Others
6,280
9,812
Middle East & North Africa
23,440
64,710
Total revenue from sale of iron ore pellets and concentrate
741,838
881,498
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "Sales to customers that individually represented 10% or more of total sales in either current or prior year accounted for 73% of the revenue from sales of iron ore pellets and concentrate (2024: 67%), and are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Customer A
168,494
237,0 92
Customer B
153,726
\u2212
Customer C
99,578
97,61 2
Customer D
74,873
39,976
Customer E
29,614
123,615
Customer F
18,599
92,354
Considering the constraints imposed by the ongoing war, the Group has not been able to fulfil the demands from all its customers since the beginning of the war in Ukraine in February 2022, and sales volumes were therefore allocated to markets and customers based on logistics and market considerations. Relationships with long-standing customers are maintained and the Group expects to be able to meet their demand again as soon as the geopolitical situation in Ukraine improves.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "NOTE 7: OPERATING EXPENSES ACCOUNTING POLICY Operating expenses arise in the course of the ordinary activities of the Group and are recognised in the consolidated income statement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. Expenses are recognised in the consolidated income statement on the basis of a direct association between costs incurred and specific items of income. When economic benefits are expected to arise over several accounting periods and the association with income can only be broadly or indirectly determined, expenses are systematically allocated to the accounting period in which the economic benefits are expected to arise. Royalties are outflows of resources embodying economic benefits and imposed by governments on entities, in accordance with legislation. The obligating event that gives rise to a liability to pay royalties is the activity, identified by the legislation, that triggers the payment of royalties. The liability to pay royalties is recognised as the obligating event occurs. Mining royalties payable are presented within operating expenses. Operating expenses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Cost of sales
504,214
597, 4 38
Selling and distribution expenses
242,405
246,300
General and administrative expenses
59,287
68,974
Other operating expenses
39,336
19,862
Total operating expenses
845,242
932,574
Total operating expenses include:
Year ended Year ended
US$000 31.12.25 31.12.24
Inventories recognised as an expense upon sale of goods
475,471
566,526
Employee costs (excluding logistics and bunker business)
76,192
85,435
Change in inventories of finished goods
36,097
4,961
Depreciation of property, plant and equipment and right-of-use assets
67,636
59,392
Amortisation of intangible assets
770
889
Royalties
26,093
32,187
Costs of logistics and bunker business
44,167
54,991
Professional fees (including legal fees)
13,104
17,676
Audit and non-audit services
2,348
2,239
Community support donations
1,463
4,319
Impairment loss/(reversal) on financial assets
5,598
(1,731)
(Gains)/losses on disposal and liquidation of property, plant and equipment
(572)
231
Write-offs and impairments include:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Write-offs of inventories
1,278
81
Write-offs of property, plant and equipment 13
5,335
155
Total write-offs
6,613
236
Impairment of property, plant and equipment 13
154,323
71,635
Total impairments
154,323
71,635
Total write-offs and impairments
160,936
71,871
AUDITOR REMUNERATION
Year ended Year ended
US$000 31.12.25 31.12.24
Audit services
Ferrexpo plc Annual Report and Accounts
1,594
1,464
Subsidiary entities
352
328
Total audit services
1,946
1,792
Audit-related assurance services
402
309
Total audit and audit-related assurance services
2,348
2,101
Non-audit services
Other services
\u2212
138
Total non-audit services
\u2212
138
Total auditor remuneration
2,348
2,239
Auditor remuneration paid is in respect of the audit of the financial statements of the Group and its subsidiary entities and, when applicable, for the provision of other services not in connection with the audit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "NOTE 7: OPERATING EXPENSES ACCOUNTING POLICY Operating expenses arise in the course of the ordinary activities of the Group and are recognised in the consolidated income statement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. Expenses are recognised in the consolidated income statement on the basis of a direct association between costs incurred and specific items of income. When economic benefits are expected to arise over several accounting periods and the association with income can only be broadly or indirectly determined, expenses are systematically allocated to the accounting period in which the economic benefits are expected to arise. Royalties are outflows of resources embodying economic benefits and imposed by governments on entities, in accordance with legislation. The obligating event that gives rise to a liability to pay royalties is the activity, identified by the legislation, that triggers the payment of royalties. The liability to pay royalties is recognised as the obligating event occurs. Mining royalties payable are presented within operating expenses. Operating expenses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Cost of sales
504,214
597, 4 38
Selling and distribution expenses
242,405
246,300
General and administrative expenses
59,287
68,974
Other operating expenses
39,336
19,862
Total operating expenses
845,242
932,574
Total operating expenses include:
Year ended Year ended
US$000 31.12.25 31.12.24
Inventories recognised as an expense upon sale of goods
475,471
566,526
Employee costs (excluding logistics and bunker business)
76,192
85,435
Change in inventories of finished goods
36,097
4,961
Depreciation of property, plant and equipment and right-of-use assets
67,636
59,392
Amortisation of intangible assets
770
889
Royalties
26,093
32,187
Costs of logistics and bunker business
44,167
54,991
Professional fees (including legal fees)
13,104
17,676
Audit and non-audit services
2,348
2,239
Community support donations
1,463
4,319
Impairment loss/(reversal) on financial assets
5,598
(1,731)
(Gains)/losses on disposal and liquidation of property, plant and equipment
(572)
231
Write-offs and impairments include:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Write-offs of inventories
1,278
81
Write-offs of property, plant and equipment 13
5,335
155
Total write-offs
6,613
236
Impairment of property, plant and equipment 13
154,323
71,635
Total impairments
154,323
71,635
Total write-offs and impairments
160,936
71,871
AUDITOR REMUNERATION
Year ended Year ended
US$000 31.12.25 31.12.24
Audit services
Ferrexpo plc Annual Report and Accounts
1,594
1,464
Subsidiary entities
352
328
Total audit services
1,946
1,792
Audit-related assurance services
402
309
Total audit and audit-related assurance services
2,348
2,101
Non-audit services
Other services
\u2212
138
Total non-audit services
\u2212
138
Total auditor remuneration
2,348
2,239
Auditor remuneration paid is in respect of the audit of the financial statements of the Group and its subsidiary entities and, when applicable, for the provision of other services not in connection with the audit. NOTE 8: OTHER INCOME ACCOUNTING POLICY Other income mainly includes lease income generated from rail cars, mining equipment and premises, and the proceeds from the sale of spare parts, scrap metal and fuel, and compensation received from insurance companies. Lease income is recognised based on the underlying contractual basis over the term of the lease. Other income from the sale of consumable materials is recognised as revenue when the title passes. Other income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Income on sale of current assets
1,021
2,566
Compensation from insurances
814
1,286
Lease income
886
837
Other income
862
786
Total other income
3,583
5,475
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "ACCOUNTING POLICY Operating expenses arise in the course of the ordinary activities of the Group and are recognised in the consolidated income statement when a decrease in future economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be measured reliably. Expenses are recognised in the consolidated income statement on the basis of a direct association between costs incurred and specific items of income. When economic benefits are expected to arise over several accounting periods and the association with income can only be broadly or indirectly determined, expenses are systematically allocated to the accounting period in which the economic benefits are expected to arise. Royalties are outflows of resources embodying economic benefits and imposed by governments on entities, in accordance with legislation. The obligating event that gives rise to a liability to pay royalties is the activity, identified by the legislation, that triggers the payment of royalties. The liability to pay royalties is recognised as the obligating event occurs. Mining royalties payable are presented within operating expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
Operating expenses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Cost of sales
504,214
597, 4 38
Selling and distribution expenses
242,405
246,300
General and administrative expenses
59,287
68,974
Other operating expenses
39,336
19,862
Total operating expenses
845,242
932,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Year ended Year ended
US$000 31.12.25 31.12.24
Cost of sales
504,214
597, 4 38
Selling and distribution expenses
242,405
246,300
General and administrative expenses
59,287
68,974
Other operating expenses
39,336
19,862
Total operating expenses
845,242
932,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
Year ended Year ended
US$000 31.12.25 31.12.24
Cost of sales
504,214
597, 4 38
Selling and distribution expenses
242,405
246,300
General and administrative expenses
59,287
68,974
Other operating expenses
39,336
19,862
Total operating expenses
845,242
932,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "
Year ended Year ended
US$000 31.12.25 31.12.24
Inventories recognised as an expense upon sale of goods
475,471
566,526
Employee costs (excluding logistics and bunker business)
76,192
85,435
Change in inventories of finished goods
36,097
4,961
Depreciation of property, plant and equipment and right-of-use assets
67,636
59,392
Amortisation of intangible assets
770
889
Royalties
26,093
32,187
Costs of logistics and bunker business
44,167
54,991
Professional fees (including legal fees)
13,104
17,676
Audit and non-audit services
2,348
2,239
Community support donations
1,463
4,319
Impairment loss/(reversal) on financial assets
5,598
(1,731)
(Gains)/losses on disposal and liquidation of property, plant and equipment
(572)
231
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Write-offs and impairments include:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Write-offs of inventories
1,278
81
Write-offs of property, plant and equipment 13
5,335
155
Total write-offs
6,613
236
Impairment of property, plant and equipment 13
154,323
71,635
Total impairments
154,323
71,635
Total write-offs and impairments
160,936
71,871
The total impairment loss of US$154,107 thousand recorded during the financial year 2025 is in addition to the impairment losses of US$71,170 thousand and US$254,477 thousand recorded during the financial years ended 31 December 2024 and 31 December 2022. The recorded impairment losses will be re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of these assets. IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "Write-offs and impairments include:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Write-offs of inventories
1,278
81
Write-offs of property, plant and equipment 13
5,335
155
Total write-offs
6,613
236
Impairment of property, plant and equipment 13
154,323
71,635
Total impairments
154,323
71,635
Total write-offs and impairments
160,936
71,871
Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Write-offs and impairments include:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Write-offs of inventories
1,278
81
Write-offs of property, plant and equipment 13
5,335
155
Total write-offs
6,613
236
Impairment of property, plant and equipment 13
154,323
71,635
Total impairments
154,323
71,635
Total write-offs and impairments
160,936
71,871
Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:ExplanationOfImpairmentLossRecognisedOrReversedByClassOfAssetsAndByReportableSegment", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "
AUDITOR REMUNERATION
Year ended Year ended
US$000 31.12.25 31.12.24
Audit services
Ferrexpo plc Annual Report and Accounts
1,594
1,464
Subsidiary entities
352
328
Total audit services
1,946
1,792
Audit-related assurance services
402
309
Total audit and audit-related assurance services
2,348
2,101
Non-audit services
Other services
\u2212
138
Total non-audit services
\u2212
138
Total auditor remuneration
2,348
2,239
Auditor remuneration paid is in respect of the audit of the financial statements of the Group and its subsidiary entities and, when applicable,
for the provision of other services not in connection with the audit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "NOTE 8: OTHER INCOME ACCOUNTING POLICY Other income mainly includes lease income generated from rail cars, mining equipment and premises, and the proceeds from the sale of spare parts, scrap metal and fuel, and compensation received from insurance companies. Lease income is recognised based on the underlying contractual basis over the term of the lease. Other income from the sale of consumable materials is recognised as revenue when the title passes.
Other income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Income on sale of current assets
1,021
2,566
Compensation from insurances
814
1,286
Lease income
886
837
Other income
862
786
Total other income
3,583
5,475
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "ACCOUNTING POLICY Other income mainly includes lease income generated from rail cars, mining equipment and premises, and the proceeds from the sale of spare parts, scrap metal and fuel, and compensation received from insurance companies. Lease income is recognised based on the underlying contractual basis over the term of the lease. Other income from the sale of consumable materials is recognised as revenue when the title passes. ", "dimensions": { "concept": "ferrexpoplc:DescriptionOfAccountingPolicyForOtherIncome", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "NOTE 9: FOREIGN EXCHANGE GAINS AND LOSSES ACCOUNTING POLICY Foreign exchange gains and losses are reported on a net basis. Operating foreign exchange gains and losses are those resulting directly from the Group\u2019s operating activities. Non-operating gains and losses are predominantly those associated with the Group\u2019s financing and treasury activities, including the transactional gains and losses from the conversion of cash balances in currencies different from the local functional currencies at exchange rates different from those at the initial recognition date. Foreign exchange gains and losses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Operating foreign exchange gains/(losses)
Conversion of trade receivables
5,038
83,588
Conversion of trade payables
(481)
(283)
Others
412
16
Total operating foreign exchange gains
4,969
83,321
Non-operating foreign exchange gains/(losses)
Conversion of interest-bearing loans
1,630
(37,591)
Conversion of cash and cash equivalents
(291)
673
Others
(988)
(2,437)
Total non-operating foreign exchange gains/(losses)
351
(39,355)
Net foreign exchange gains
5,320
43,966
Operating foreign exchange gains and losses are those items that are directly related to the production and sale of pellets (e.g. trade receivables, trade payables on operating expenditure) whereas non-operating gains and losses are those associated with the Group\u2019s financing and treasury activities and with local income tax payables. The translation differences and foreign exchange gains and losses are predominantly dependent on the fluctuation of the exchange rate of the Ukrainian hryvnia against the US dollar and the outstanding US dollar denominated receivable balances in Ukraine. A devaluation of the local currency generally has a positive effect on the Group\u2019s production costs and results in operating foreign exchange gains on the conversion of the Ukrainian subsidiaries\u2019 trade receivables denominated in US dollar. The effect arising on the translation of non-US dollar functional currency operations, mainly in Ukrainian hryvnia, is included in the translation reserve. See Note 31 Share capital and reserves for further details. The Ukrainian hryvnia devalued marginally from 42.039 to 42.388 compared to the US dollar during the year ended 31 December 2025. A devaluation of the local currency can result in significant foreign exchange gains on US dollar denominated receivable balances, depending on the underlying net balances, and a reduction of the Group\u2019s net assets as a significant portion of assets and liabilities of the Ukrainian subsidiaries are denominated in the local currency, with an opposite effect in the case of an appreciation of the local currency in Ukraine. The table below shows the closing and average rates of the most relevant currencies of the Group compared to the US dollar.
Average exchange rate
Closing exchange rate
Year ended Year ended As at As at
Against US$ 31.12.25 31.12.24 31.12.25 31.12.24
UAH
41.689
40.152
42.388
42.039
EUR
0.887
0.924
0.852
0.963
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "ACCOUNTING POLICY Foreign exchange gains and losses are reported on a net basis. Operating foreign exchange gains and losses are those resulting directly from the Group\u2019s operating activities. Non-operating gains and losses are predominantly those associated with the Group\u2019s financing and treasury activities, including the transactional gains and losses from the conversion of cash balances in currencies different from the local functional currencies at exchange rates different from those at the initial recognition date. ", "dimensions": { "concept": "ferrexpoplc:DescriptionOfAccountingPolicyForForeignExchangeGainsAndLosses", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
NOTE 10: NET FINANCE EXPENSE
ACCOUNTING POLICY
Finance expense
Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is
recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined
benefit plans.
Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when
the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details.
Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "NOTE 10: NET FINANCE EXPENSE ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "NOTE 10: NET FINANCE EXPENSE ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "NOTE 10: NET FINANCE EXPENSE ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "NOTE 10: NET FINANCE EXPENSE ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "NOTE 10: NET FINANCE EXPENSE ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing costs are therefore capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "ACCOUNTING POLICY Finance expense Finance expense is expensed as incurred with the exception of interest on loans and borrowings measured at amortised cost, which is recognised in the consolidated income statement using the effective interest method. Finance expense includes interest on defined benefit plans. Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details. Finance income Finance income comprises interest income on funds invested and the effect of unwinding discounts recorded in previous years. Interest income is recognised as it accrues using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "Borrowing costs incurred in respect of the financing of construction or production of a qualifying asset are capitalised up to the date when the asset is ready for its intended use. See also Note 13 Property, plant and equipment for further details.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period
of time to get ready for its intended use or sale (\u201cqualifying asset\u201d) are capitalised as part of the cost of the respective asset. All other
borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the
borrowing of the funds. In the case of general borrowings used to fund the acquisition or construction of a qualifying asset, the borrowing
costs to be capitalised are calculated based on a weighted average interest rate applicable to the relevant general borrowings of the Group
during a specific period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
Finance expense and income for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Finance expense
Net interest on defined benefit plans 22
(3,384)
(2,432)
Bank charges
(611)
(1,304)
Interest expense on lease liabilities
(230)
(191)
Other finance costs
(661)
(1,052)
Total finance expense
(4,886)
(4,979)
Finance income
Interest income on bank deposits
1,754
3,979
Other finance income
\u2212
7
Total finance income
1,754
3,986
Net finance expense
(3,132)
(993)
With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and no borrowing
costs are therefore capitalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
NOTE 11: TAXATION
ACCOUNTING POLICY
Current income tax
Current income taxes are computed based on enacted or substantively enacted local tax rates and laws at the reporting date and the
expected taxable income of the entities of the Group for the respective period.
Current income taxes are recognised as an expense or income in the consolidated income statement unless related to items directly
recognised in other comprehensive income or equity or if related to the initial accounting for a business combination.
Deferred income tax
Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are generally recognised for taxable temporary differences that will become taxable. Deferred tax assets are generally
recognised for deductible temporary differences, carry forwards of available unused tax credits and tax losses, and to the extent that
it is more likely than not that they will be recovered in a future period against taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
No deferred assets or liabilities are recognised if the temporary differences arise from the initial recognition of assets and liabilities in
a transaction, other than in a business combination, which affects neither the accounting profit nor taxable profit or loss.
Deferred tax liabilities are recognised in respect of taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, except where the Group is able to control the reversal of the temporary differences and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred tax assets in relation to temporary differences on such investments
and interests are recognised to the extent that it is probable that there are sufficient taxable profits available against which the benefits of
the temporary differences can be utilised and that they are expected to reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profit will be available to allow the deferred income tax assets to be utilised. Additionally, unrecognised deferred
income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable
profit will allow the deferred tax assets to be recovered.
Income tax effects on items directly recognised in other comprehensive income or equity are also recognised in other comprehensive income
or equity, respectively.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
In terms of BEPS Pillar Two, the Group makes use of the temporary exception issued by the IASB in May 2023 in respect of the accounting
requirements for deferred taxes under IAS 12. As a result, the Group neither recognises nor discloses any information on deferred tax assets
and liabilities related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with
the application during the comparative financial year 2024.
CRITICAL JUDGEMENTS Tax legislation The Group operates across a number of jurisdictions through its value chain and prices its sales between its subsidiaries using international benchmark prices for comparable products covering product quality and applicable freight costs. Despite two claims received in Ukraine in 2023, the Group is still of the opinion that the terms of the cross-border transactions between the subsidiaries of the Group comply with the legislation applicable in the jurisdictions in which it operates. In connection with two audits initiated by the State Tax Service of Ukraine (\u201cSTS\u201d), formerly known as State Fiscal Service of Ukraine (\u201cSFS\u201d), on 18 February and on 14 June 2021, the Group\u2019s two major subsidiaries in Ukraine received tax audit reports on 13 September 2023 and 8 November 2023, stating potential claims for underpayment of corporate profit taxes in Ukraine of UAH2,162 million (US$51,005 thousand as at 31 December 2025), including fines and penalties, and UAH259 million (US$6,110 thousand as at 31 December 2025), respectively. The two claims received are in relation to cross-border transactions for iron ore pellets and concentrate between the two Ukrainian subsidiaries of the Group and two subsidiaries of the Group outside of Ukraine during the financial years 2015 to 2017. Based on previous experience, no agreements could be reached with the tax authorities and the claims are to be heard by the courts in Ukraine. As a result, both subsidiaries filed the objections against the potential claims stated in the tax audit reports received. After various preparatory meetings in 2024 for both cases, several hearings on the merits before the court of first instance took place in 2024 and in 2025. The hearings are still ongoing and, as a result, no final decisions have been made for the claims received as at the date of the approval of these consolidated financial statements. A partially negative verdict of the Supreme Court was received by one of the Group\u2019s subsidiaries in respect of claims made by the STS as a result of a tax audit of cross-border transactions for the period from 1 September 2013 to 31 December 2015. It is the Group\u2019s position that the STS used the verdict of the Supreme Court on the claims for the period from 1 September 2013 to 31 December 2015 as a precedent for the claims made for cross-border transactions during the financial years 2015 to 2017, although the Supreme Court did not appropriately consider relevant technical grounds and the applicable legislation when ruling on this specific case. In terms of the claims received, the Group will continue to defend its methodology applied to determine the prices between its subsidiaries in the Ukrainian courts, but there is a risk that the independence of the judicial system and its immunity from economic and political influences in Ukraine is not upheld. Negative decisions by the court of appeal, after positive or negative decisions of the court of first instance, is likely to have a significant impact on the Group\u2019s future cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern, as the decision will become a legal obligation. As at the date of the approval of these consolidated financial statements, no final court decisions have been made for the above-mentioned claims received by the two Ukrainian subsidiaries of the Group and, as a consequence, no specific provisions have been recorded as at 31 December 2025, neither for the claims received nor for any subsequent years, which might also be material, as it is impossible to reasonably quantify the potential exposure. See Note 30 Commitments, contingencies and legal disputes for further information. Separate from the cases mentioned earlier, on 23 June 2020 Ferrexpo Poltava Mining (\u201cFPM\u201d) received a court ruling which grants access to information and documents to the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) in relation to the sale of iron ore pellets and concentrate to two subsidiaries of the Group outside of Ukraine during the years 2013 to 2019. FPM cooperated with the SBI and provided the requested information as per the court ruling to support these investigations. On 20 October 2023, the SBI raided the FPM offices with the intention of collecting documents and information for ongoing transfer pricing investigations. In October 2024, FPM became aware of a new transfer pricing investigation by the SBI in connection with the financial years 2014 to 2017. There had been no actions or any new requests from the SBI as at the date of the approval of these consolidated financial statements. In accordance with the provisions of IFRIC 23 Uncertainty over income tax treatments, the Group reviewed and reassessed its exposure in respect of all uncertain tax positions, including the claims received and for cross-border transactions in subsequent years. It is the position of the management of the Group and the Group\u2019s external tax advisors that the Ukrainian legislation and regulations on taxation are not always clearly written and are therefore subject to varying interpretations and inconsistent enforcement by local, regional and national tax authorities. Considering the uncertainties in terms of the legal and tax framework in Ukraine, the Group will continue to defend its pricing methodology applied during all the years in the courts in Ukraine. The transfer pricing testing method has been changed by the Group\u2019s Ukrainian subsidiaries in 2025 for the previous years as the Transactional Net Margin Method (\u201cTNMM\u201d), based on advice from local transfer pricing experts, appears to better support the defence strategy in the courts. An unfavourable outcome of any future court proceedings would have an adverse impact on the Group\u2019s total income tax expense and effective tax rate in future periods. See also the Principal Risks section for further information on the Ukraine country risk. Except for the matters in Ukraine mentioned above, the Group is not aware of any other significant challenges by local tax authorities in any jurisdictions in which the Group operates. However, the application of international and local tax legislation and regulations can be complex and requires judgement to assess possible associated risks, particularly in relation to the Group\u2019s cross-border operations and transactions. The income tax expense for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Current income tax
Current income tax charge
4,494
18,784
Global minimum top-up tax
978
\u2212
Amounts related to previous years
3,661
2,374
Total current income tax
9,133
21,158
Deferred income tax
Origination and reversal of temporary differences
2,202
8,452
Total deferred income tax
2,202
8,452
Total income tax expense
11,335
29,610
Tax effects on items recognised in other comprehensive income consisted of the following for the year ended 31 December 2025:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Tax effect of exchange differences arising on translating foreign operations 31
(320)
(3,972)
Total income tax effects recognised in other comprehensive credit
(320)
(3,972)
The weighted average statutory corporate income tax rate is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the profits and losses before tax of the subsidiaries in the respective countries, as included in the consolidated financial information. The weighted average statutory corporate income tax rate for the financial year 2025 was 19.1% before any exceptional items included in the profit before tax for the period and income tax expense in the consolidated income statement (2024: 15.0% before tax for the period and income tax expense). The reconciliation between the income tax charged in the accompanying financial information and income before taxes multiplied by the weighted average statutory tax rate for the year ended 31 December 2025 is as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Loss before tax
(212,597)
(20,420)
Notional tax credit computed at the weighted average statutory tax rate of 19.1% (2024: 15.0%)
(40,597)
(3,070)
Derecognition of deferred tax assets
1
8,554
7,3 4 4
Expenses not deductible for local tax purposes
2
3,722
3,014
Income exempted for local tax purposes
3
\u2212
(941)
Effect from non-recognition of deferred taxes
4
26,195
18,497
Effect from utilisation of non-recognised deferred tax assets
5
(7,0 91)
\u2212
Effect from non-recognition of deferred taxes on current year losses
6
13,945
1,911
Effect of different tax rates
7
\u2212
(1,487)
Withholding tax on interest
8
931
1,528
Prior year adjustments to current tax
9
3,661
2,374
Effect from share of profit from associates
10
(87)
(416)
Effect from global minimum top-up tax
11
978
\u2212
Other (including translation differences)
1,124
856
Total income tax expense
11,335
29,610
1 Effect in 2025 includes the effect from recognition of full allowances on deferred tax assets and liabilities recognised by two of the Group\u2019s subsidiaries in Ukraine as a result of uncertainties when the subsidiaries could become profitable again. Effect in 2024 was also related to the ongoing war as it was uncertain at this point of time if and when some of the temporary differences are expected to unwind. 2 Effects predominantly relate to expenses not deductible in Ukraine. This effect is expected to be of a recurring nature as a portion of operating expenses in Ukraine is historically not deductible for tax purposes according to the enacted local tax legislation. 3 Effects in 2024 relate to income expected to be tax exempted in the United Kingdom as primarily related to the adoption of IFRS 9. This effect is considered to be of a recurring nature. 4 Effects in 2025 relate to an impairment loss of US$154,323 thousand (2024: US$71,635 thousand) and the different treatment of low-grade ore in the amount of US$15,489 thousand (2024: US$36,317 thousand) in the consolidated financial statements and the local statutory accounts of one of the Group\u2019s subsidiaries in Ukraine. The effects are potentially of a recurring nature. In the case that the situation in Ukraine will significantly improve, there is a chance that recorded impairment losses will reverse in a future period. Such potential positive effects are expected to be tax exempted. 5 Effect in 2025 relates to deferred taxes not recognised on prior year losses of the corporate entities in Switzerland. This effect is expected to be of a non-recurring nature. 6 Effects in 2025 and 2024 relate mainly to subsidiaries in Ukraine. Due to the uncertainty in respect of the point of time when subsidiaries become profitable for local tax purposes again, no deferred tax assets have been recognised. Profitability of Ukrainian subsidiaries is affected by the ongoing war and effect could be of a recurring nature. 7 Effect in 2024 relates to the different tax rates applying to different income streams in Swiss subsidiaries as a result of their specific tax status and to those caused by the difference between the local statutory tax rates and the notional tax rate applied for the tax rate reconciliation, mainly in respect of the significant effects in Ukraine. The effects are of a recurring nature. 8 Effects in 2025 and 2024 relates to effects of interest paid by subsidiaries in Ukraine, which are subject to withholding tax. Potential effect in future years depends on the level of interest payments made. 9 Effect in 2025 relates to charges related to the Ukrainian subsidiaries, net of a tax credit in Switzerland. Effect in 2024 primarily relates to additional tax charges in Switzerland. Similar effects, irrespective of the jurisdiction, can also occur in future years. 10 Share of loss or profit from associates is generally recognised net of taxes of the associates. This effect is of a recurring nature. 11 Effect in 2025 from top-up tax in connection to QDMTT in Switzerland and the U.A.E. The Group operates across a number of jurisdictions and its effective tax rate is subject to various factors outside of the Group\u2019s control. This includes the volatility in the global iron ore pellet and concentrate market and foreign exchange rate movements, primarily between the Ukrainian hryvnia and the US dollar. The effective tax rate for the financial year 2025 is affected by the additional impairment loss of US$154,323 thousand on the Group\u2019s non-current operating assets, which is primarily to be allocated to the Group\u2019s operations in Ukraine, and the effect from extracted low grade ore totalling US$15,489 thousand, which are both not tax deductible in Ukraine. As a consequence, there is no deferred tax effect recognised in respect of the impairment loss recorded as it was done in the past on previously recorded impairment losses. The Group is also in a loss position before the significant impairment loss recorded during the financial year 2025, and no deferred tax assets have been recognised on the resulting tax losses carried forwards as it is currently uncertain whether the Group\u2019s subsidiaries in the various jurisdictions will be able to benefit from them in the near future. The effective tax rate of the financial year 2025 was 37.7% with an opposite sign, compared to 33.7% for the financial year 2024, both after the elimination of the exceptional effects mentioned above. Without excluding these effects, the effective tax rate would have been 5.3% for the financial year 2025 and 145.0% for the financial year 2024, both with an opposite sign driven by the losses before taxes. The net balance of income tax payable changed as follows during the financial year 2025:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
(6,535)
(12,770)
Charge in the consolidated income statement
(9,133)
(21,158)
Booked through other comprehensive (loss)/income
320
3,972
Tax paid
2,692
23,278
Translation differences
(239)
143
Closing balance
(12,895)
(6,535)
The net income tax payable as at 31 December 2025 consisted of the following:
As at As at
US$000 31.12.25 31.12.24
Income tax receivable balance
7,888
7,026
Income tax payable balance
(19,805)
(13,561)
Global minimum top-up tax payable
(978)
\u2212
Closing balance
(12,895)
(6,535)
Temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes and the recognition of available tax loss carry forwards result in the following deferred income tax assets and liabilities at 31 December 2025:
Consolidated statement Consolidated
of financial position income statement
As at As at Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
Property, plant and equipment
\u2212
235
(592)
(5,74 0)
Intangible assets
\u2212
168
(166)
(1,883)
Inventories
\u2212
173
(172)
(416)
Trade and other receivables
\u2212
1,423
(1,405)
(199)
Defined benefit pension liability
798
863
(67)
255
Other
\u2212
454
(426)
117
Tax losses recognised
144
207
(63)
(55)
Total deferred tax assets/change
942
3,523
(2,891)
(7, 921)
Thereof netted against deferred tax liabilities
(926)
(1,264)
\u2212
\u2212
Total deferred tax assets as per the statement of financial position/
16
2,259
(2,891)
(7,921)
change
Property, plant and equipment
(501)
191
(352)
334
Intangible assets
\u2212
(465)
461
(91)
Financial assets
(4,096)
(4,186)
88
(59)
Inventories
\u2212
(515)
509
(519)
Pension assets
(652)
(636)
(17)
(196)
Total deferred tax liabilities/change
(5,249)
(5,611)
689
(531)
Thereof netted against deferred tax assets
926
1,264
\u2212
\u2212
Total deferred tax liabilities as per the statement of financial position/
(4,323)
(4,347)
689
(531)
change
Net deferred tax liabilities/net change
(4,307)
(2,088)
(2,202)
(8,452)
The movement in the deferred income tax balance is as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
(2,088)
7,421
Charge in consolidated income statement
(2,202)
(8,452)
Translation differences
(17)
(1,057)
Closing balance
(4,307)
(2,088)
Following the recognition of full allowances on the deferred tax asset and liabilities recognised by the Group\u2019s Ukrainian subsidiaries, the net deferred tax liability balance of US$4,307 thousand as at 31 December 2025 is predominantly attributable to the Group\u2019s corporate entities. As at the end of the comparative year ended 31 December 2024, the net deferred tax asset balance of US$2,088 thousand was net of a deferred tax asset balance of 1,799 thousand related to the Group\u2019s two major subsidiaries in Ukraine. Full allowances have been recognised as at 31 December 2025 on the deferred tax asset and liability balances of the Ukrainian subsidiaries due to the uncertainty when the subsidiaries will become profitable again, also because of the ongoing war in Ukraine and the reduced operating activities of these subsidiaries as a result of the suspended VAT refunds in Ukraine. The balance of recognised allowances related to the Ukrainian subsidiaries totalled US$32,228 thousand and US$19,798 thousand as at 31 December 2025 and 2024, respectively. The recoverability of the deferred tax assets depends on the level of taxable profits realised by the two subsidiaries in future periods, which is also relevant for the assessment of the duration of the unwind of the temporary differences. Considering the material uncertainty in terms of the Group\u2019s going concern, the relevant period for the recovery of the recognised net balance of deferred tax assets had to be aligned to the period of the going concern assessment. The table below provides details on the not recognised available tax loss carry forwards:
Year ended Year ended
US$000 31.12.25 31.12.24
Do not expire
46,385
41,266
Expire within less than seven years
41,986
14,665
Expire after seven years
29,434
27,9 81
Total available tax loss carry forwards
117, 8 0 5
83,912
Thereof in Austria
45,175
40,004
Thereof in Ukraine
30,642
29,241
Thereof in Hungary
28,108
14,667
Thereof in Switzerland
13,880
\u2212
No deferred tax liabilities have been recognised on temporary differences in the amount of US$516,241 thousand (2024: US$315,170 thousand) arising from undistributed profits from subsidiaries as no distributions are planned. The table below provides details on the amounts of temporary differences where deferred tax assets are not recognised:
As at As at
US$000 31.12.25 31.12.24
Impairment losses on non-current operating assets
381,976
232,239
Provision for legal disputes
114,741
115,694
Allowances on recognised temporary differences
179,045
109,989
Lean ore treatment
205,419
191,765
Allowances on VAT receivable balances
13,311
\u2212
Total temporary differences not recognised
894,492
649,687
The not recognised temporary differences are predominantly related to the Group\u2019s business operations in Ukraine and are translated based on the closing rate at the end of the financial year. BEPS \u2013 Pillar Two The Group is in the scope of the BEPS Pillar Two Model Rules as the consolidated revenues for the financial years 2024, 2022 and 2021 were above the threshold set by the OECD rules. The Group neither recognises nor discloses any information on deferred tax assets and liabilities related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with the application during the comparative financial year 2024. Based on the BEPS Pillar Two Global Anti-Base Erosion (\u201cGloBE\u201d) Model Rules, the parent company of the Group, Ferrexpo plc, is the Ultimate Parent Entity (\u201cUPE\u201d). Ferrexpo plc is incorporated and domiciled in England and Wales, with its tax domicile in Switzerland. As a result, the enacted legislation in Switzerland is most relevant for the Group. On 22 December 2023, the Swiss government enacted the Pillar Two income taxes legislation, which came into force on 1 January 2024 and provided for the Qualifying Domestic Minimum Top-up Tax (\u201cQDMTT\u201d). On 4 September 2024, the Swiss government decided to implement the Income Inclusion Rule (\u201cIIR\u201d) as at 1 January 2025, whereas the implementation of the Undertaxed Profits Rule (\u201cUTPR\u201d) is still postponed. Although the Group\u2019s effective tax rate for the financial year 2025 is well above the minimum tax rate of 15.0%, there are two jurisdictions in which the Group is operating with enacted statutory tax rates below the minimum tax rate of 15.0% set under the BEPS Pillar Two Model Rules. The profits of the Group\u2019s subsidiaries in Switzerland and the U.A.E. are subject to the QDMTT for taxable profits from the financial year 2025 as these jurisdictions did not pass the Transitional CbCR Safe Harbour (\u201cTCSH\u201d) test. There was no significant impact from the QDMTT, the IIR and the UTPR under the BEPS Pillar Two GloBE Model Rules on the Group\u2019s income tax expense and therefore did not have an impact on the Group\u2019s effective tax rate as at 31 December 2025. The total effect from top-up tax within the Group amounts to US$978 thousand in connection to QDMTT in Switzerland and the U.A.E. Taking also into account the implementation of the QDMTT in Switzerland and in the U.A.E. and the IIR in Switzerland, the Group\u2019s future effective tax rate, before any exceptional items included in the profit before tax for the period and the income tax expense, is expected to be in a range of 18.0% to 20.0%. The Group\u2019s effective tax rate is also dependent on the volatility in the global iron ore pellet and concentrate market and on foreign exchange rate movements, primarily between the Ukrainian hryvnia and the US dollar, and any one-off events, such as impairment losses that might not be tax deductible in some jurisdictions. As mentioned above, the Group has had exceptional items in the past that had a significant impact on the Group\u2019s effective tax rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "ACCOUNTING POLICY Current income tax Current income taxes are computed based on enacted or substantively enacted local tax rates and laws at the reporting date and the expected taxable income of the entities of the Group for the respective period. Current income taxes are recognised as an expense or income in the consolidated income statement unless related to items directly recognised in other comprehensive income or equity or if related to the initial accounting for a business combination. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognised for taxable temporary differences that will become taxable. Deferred tax assets are generally recognised for deductible temporary differences, carry forwards of available unused tax credits and tax losses, and to the extent that it is more likely than not that they will be recovered in a future period against taxable profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. No deferred assets or liabilities are recognised if the temporary differences arise from the initial recognition of assets and liabilities in a transaction, other than in a business combination, which affects neither the accounting profit nor taxable profit or loss. Deferred tax liabilities are recognised in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets in relation to temporary differences on such investments and interests are recognised to the extent that it is probable that there are sufficient taxable profits available against which the benefits of the temporary differences can be utilised and that they are expected to reverse in the foreseeable future. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the deferred income tax assets to be utilised. Additionally, unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Income tax effects on items directly recognised in other comprehensive income or equity are also recognised in other comprehensive income or equity, respectively. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. In terms of BEPS Pillar Two, the Group makes use of the temporary exception issued by the IASB in May 2023 in respect of the accounting requirements for deferred taxes under IAS 12. As a result, the Group neither recognises nor discloses any information on deferred tax assets and liabilities related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with the application during the comparative financial year 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "ACCOUNTING POLICY Current income tax Current income taxes are computed based on enacted or substantively enacted local tax rates and laws at the reporting date and the expected taxable income of the entities of the Group for the respective period. Current income taxes are recognised as an expense or income in the consolidated income statement unless related to items directly recognised in other comprehensive income or equity or if related to the initial accounting for a business combination. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are generally recognised for taxable temporary differences that will become taxable. Deferred tax assets are generally recognised for deductible temporary differences, carry forwards of available unused tax credits and tax losses, and to the extent that it is more likely than not that they will be recovered in a future period against taxable profit. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. No deferred assets or liabilities are recognised if the temporary differences arise from the initial recognition of assets and liabilities in a transaction, other than in a business combination, which affects neither the accounting profit nor taxable profit or loss. Deferred tax liabilities are recognised in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets in relation to temporary differences on such investments and interests are recognised to the extent that it is probable that there are sufficient taxable profits available against which the benefits of the temporary differences can be utilised and that they are expected to reverse in the foreseeable future. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the deferred income tax assets to be utilised. Additionally, unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. Income tax effects on items directly recognised in other comprehensive income or equity are also recognised in other comprehensive income or equity, respectively. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. In terms of BEPS Pillar Two, the Group makes use of the temporary exception issued by the IASB in May 2023 in respect of the accounting requirements for deferred taxes under IAS 12. As a result, the Group neither recognises nor discloses any information on deferred tax assets and liabilities related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with the application during the comparative financial year 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
The income tax expense for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000 31.12.25 31.12.24
Current income tax
Current income tax charge
4,494
18,784
Global minimum top-up tax
978
\u2212
Amounts related to previous years
3,661
2,374
Total current income tax
9,133
21,158
Deferred income tax
Origination and reversal of temporary differences
2,202
8,452
Total deferred income tax
2,202
8,452
Total income tax expense
11,335
29,610
Tax effects on items recognised in other comprehensive income consisted of the following for the year ended 31 December 2025:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Tax effect of exchange differences arising on translating foreign operations 31
(320)
(3,972)
Total income tax effects recognised in other comprehensive credit
(320)
(3,972)
The weighted average statutory corporate income tax rate is calculated as the average of the statutory tax rates applicable in the countries
in which the Group operates, weighted by the profits and losses before tax of the subsidiaries in the respective countries, as included in the
consolidated financial information. The weighted average statutory corporate income tax rate for the financial year 2025 was 19.1% before
any exceptional items included in the profit before tax for the period and income tax expense in the consolidated income statement
(2024: 15.0% before tax for the period and income tax expense). The reconciliation between the income tax charged in the accompanying
financial information and income before taxes multiplied by the weighted average statutory tax rate for the year ended 31 December 2025
is as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Loss before tax
(212,597)
(20,420)
Notional tax credit computed at the weighted average statutory tax rate of 19.1% (2024: 15.0%)
(40,597)
(3,070)
Derecognition of deferred tax assets
1
8,554
7,3 4 4
Expenses not deductible for local tax purposes
2
3,722
3,014
Income exempted for local tax purposes
3
\u2212
(941)
Effect from non-recognition of deferred taxes
4
26,195
18,497
Effect from utilisation of non-recognised deferred tax assets
5
(7,0 91)
\u2212
Effect from non-recognition of deferred taxes on current year losses
6
13,945
1,911
Effect of different tax rates
7
\u2212
(1,487)
Withholding tax on interest
8
931
1,528
Prior year adjustments to current tax
9
3,661
2,374
Effect from share of profit from associates
10
(87)
(416)
Effect from global minimum top-up tax
11
978
\u2212
Other (including translation differences)
1,124
856
Total income tax expense
11,335
29,610
1 Effect in 2025 includes the effect from recognition of full allowances on deferred tax assets and liabilities recognised by two of the Group\u2019s subsidiaries in Ukraine as a result of
uncertainties when the subsidiaries could become profitable again. Effect in 2024 was also related to the ongoing war as it was uncertain at this point of time if and when some of the
temporary differences are expected to unwind.
2 Effects predominantly relate to expenses not deductible in Ukraine. This effect is expected to be of a recurring nature as a portion of operating expenses in Ukraine is historically not
deductible for tax purposes according to the enacted local tax legislation.
3 Effects in 2024 relate to income expected to be tax exempted in the United Kingdom as primarily related to the adoption of IFRS 9. This effect is considered to be of a recurring nature.
4 Effects in 2025 relate to an impairment loss of US$154,323 thousand (2024: US$71,635 thousand) and the different treatment of low-grade ore in the amount of US$15,489
thousand (2024: US$36,317 thousand) in the consolidated financial statements and the local statutory accounts of one of the Group\u2019s subsidiaries in Ukraine. The effects are
potentially of a recurring nature. In the case that the situation in Ukraine will significantly improve, there is a chance that recorded impairment losses will reverse in a future period.
Such potential positive effects are expected to be tax exempted.
5 Effect in 2025 relates to deferred taxes not recognised on prior year losses of the corporate entities in Switzerland. This effect is expected to be of a non-recurring nature.
6 Effects in 2025 and 2024 relate mainly to subsidiaries in Ukraine. Due to the uncertainty in respect of the point of time when subsidiaries become profitable for local tax purposes
again, no deferred tax assets have been recognised. Profitability of Ukrainian subsidiaries is affected by the ongoing war and effect could be of a recurring nature.
7 Effect in 2024 relates to the different tax rates applying to different income streams in Swiss subsidiaries as a result of their specific tax status and to those caused by the difference
between the local statutory tax rates and the notional tax rate applied for the tax rate reconciliation, mainly in respect of the significant effects in Ukraine. The effects are of
a recurring nature.
8 Effects in 2025 and 2024 relates to effects of interest paid by subsidiaries in Ukraine, which are subject to withholding tax. Potential effect in future years depends on the level of
interest payments made.
9 Effect in 2025 relates to charges related to the Ukrainian subsidiaries, net of a tax credit in Switzerland. Effect in 2024 primarily relates to additional tax charges in Switzerland. Similar
effects, irrespective of the jurisdiction, can also occur in future years.
10 Share of loss or profit from associates is generally recognised net of taxes of the associates. This effect is of a recurring nature.
11 Effect in 2025 from top-up tax in connection to QDMTT in Switzerland and the U.A.E.
The Group operates across a number of jurisdictions and its effective tax rate is subject to various factors outside of the Group\u2019s control.
This includes the volatility in the global iron ore pellet and concentrate market and foreign exchange rate movements, primarily between
the Ukrainian hryvnia and the US dollar. The effective tax rate for the financial year 2025 is affected by the additional impairment loss of
US$154,323 thousand on the Group\u2019s non-current operating assets, which is primarily to be allocated to the Group\u2019s operations in Ukraine,
and the effect from extracted low grade ore totalling US$15,489 thousand, which are both not tax deductible in Ukraine. As a consequence,
there is no deferred tax effect recognised in respect of the impairment loss recorded as it was done in the past on previously recorded
impairment losses. The Group is also in a loss position before the significant impairment loss recorded during the financial year 2025, and
no deferred tax assets have been recognised on the resulting tax losses carried forwards as it is currently uncertain whether the Group\u2019s
subsidiaries in the various jurisdictions will be able to benefit from them in the near future.
The effective tax rate of the financial year 2025 was 37.7% with an opposite sign, compared to 33.7% for the financial year 2024, both after
the elimination of the exceptional effects mentioned above. Without excluding these effects, the effective tax rate would have been 5.3%
for the financial year 2025 and 145.0% for the financial year 2024, both with an opposite sign driven by the losses before taxes.
Temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes and the recognition of available tax loss carry forwards result in the following deferred income tax assets and liabilities at 31 December 2025:
Consolidated statement Consolidated
of financial position income statement
As at As at Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
Property, plant and equipment
\u2212
235
(592)
(5,74 0)
Intangible assets
\u2212
168
(166)
(1,883)
Inventories
\u2212
173
(172)
(416)
Trade and other receivables
\u2212
1,423
(1,405)
(199)
Defined benefit pension liability
798
863
(67)
255
Other
\u2212
454
(426)
117
Tax losses recognised
144
207
(63)
(55)
Total deferred tax assets/change
942
3,523
(2,891)
(7, 921)
Thereof netted against deferred tax liabilities
(926)
(1,264)
\u2212
\u2212
Total deferred tax assets as per the statement of financial position/
16
2,259
(2,891)
(7,921)
change
Property, plant and equipment
(501)
191
(352)
334
Intangible assets
\u2212
(465)
461
(91)
Financial assets
(4,096)
(4,186)
88
(59)
Inventories
\u2212
(515)
509
(519)
Pension assets
(652)
(636)
(17)
(196)
Total deferred tax liabilities/change
(5,249)
(5,611)
689
(531)
Thereof netted against deferred tax assets
926
1,264
\u2212
\u2212
Total deferred tax liabilities as per the statement of financial position/
(4,323)
(4,347)
689
(531)
change
Net deferred tax liabilities/net change
(4,307)
(2,088)
(2,202)
(8,452)
The movement in the deferred income tax balance is as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
(2,088)
7,421
Charge in consolidated income statement
(2,202)
(8,452)
Translation differences
(17)
(1,057)
Closing balance
(4,307)
(2,088)
Following the recognition of full allowances on the deferred tax asset and liabilities recognised by the Group\u2019s Ukrainian subsidiaries, the net deferred tax liability balance of US$4,307 thousand as at 31 December 2025 is predominantly attributable to the Group\u2019s corporate entities. As at the end of the comparative year ended 31 December 2024, the net deferred tax asset balance of US$2,088 thousand was net of a deferred tax asset balance of 1,799 thousand related to the Group\u2019s two major subsidiaries in Ukraine.
Full allowances have been recognised as at 31 December 2025 on the deferred tax asset and liability balances of the Ukrainian subsidiaries
due to the uncertainty when the subsidiaries will become profitable again, also because of the ongoing war in Ukraine and the reduced
operating activities of these subsidiaries as a result of the suspended VAT refunds in Ukraine. The balance of recognised allowances related
to the Ukrainian subsidiaries totalled US$32,228 thousand and US$19,798 thousand as at 31 December 2025 and 2024, respectively. The
recoverability of the deferred tax assets depends on the level of taxable profits realised by the two subsidiaries in future periods, which is also
relevant for the assessment of the duration of the unwind of the temporary differences. Considering the material uncertainty in terms of the
Group\u2019s going concern, the relevant period for the recovery of the recognised net balance of deferred tax assets had to be aligned to the
period of the going concern assessment.
The table below provides details on the not recognised available tax loss carry forwards:
Year ended Year ended
US$000 31.12.25 31.12.24
Do not expire
46,385
41,266
Expire within less than seven years
41,986
14,665
Expire after seven years
29,434
27,9 81
Total available tax loss carry forwards
117, 8 0 5
83,912
Thereof in Austria
45,175
40,004
Thereof in Ukraine
30,642
29,241
Thereof in Hungary
28,108
14,667
Thereof in Switzerland
13,880
\u2212
No deferred tax liabilities have been recognised on temporary differences in the amount of US$516,241 thousand (2024: US$315,170
thousand) arising from undistributed profits from subsidiaries as no distributions are planned.
The table below provides details on the amounts of temporary differences where deferred tax assets are not recognised:
As at As at
US$000 31.12.25 31.12.24
Impairment losses on non-current operating assets
381,976
232,239
Provision for legal disputes
114,741
115,694
Allowances on recognised temporary differences
179,045
109,989
Lean ore treatment
205,419
191,765
Allowances on VAT receivable balances
13,311
\u2212
Total temporary differences not recognised
894,492
649,687
The not recognised temporary differences are predominantly related to the Group\u2019s business operations in Ukraine and are translated based
on the closing rate at the end of the financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
The net balance of income tax payable changed as follows during the financial year 2025:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
(6,535)
(12,770)
Charge in the consolidated income statement
(9,133)
(21,158)
Booked through other comprehensive (loss)/income
320
3,972
Tax paid
2,692
23,278
Translation differences
(239)
143
Closing balance
(12,895)
(6,535)
The net income tax payable as at 31 December 2025 consisted of the following:
As at As at
US$000 31.12.25 31.12.24
Income tax receivable balance
7,888
7,026
Income tax payable balance
(19,805)
(13,561)
Global minimum top-up tax payable
(978)
\u2212
Closing balance
(12,895)
(6,535)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
Temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes and the recognition of available tax loss carry forwards result in the following deferred income tax assets and liabilities at
31 December 2025:
Consolidated statement Consolidated
of financial position income statement
As at As at Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
Property, plant and equipment
\u2212
235
(592)
(5,74 0)
Intangible assets
\u2212
168
(166)
(1,883)
Inventories
\u2212
173
(172)
(416)
Trade and other receivables
\u2212
1,423
(1,405)
(199)
Defined benefit pension liability
798
863
(67)
255
Other
\u2212
454
(426)
117
Tax losses recognised
144
207
(63)
(55)
Total deferred tax assets/change
942
3,523
(2,891)
(7, 921)
Thereof netted against deferred tax liabilities
(926)
(1,264)
\u2212
\u2212
Total deferred tax assets as per the statement of financial position/
16
2,259
(2,891)
(7,921)
change
Property, plant and equipment
(501)
191
(352)
334
Intangible assets
\u2212
(465)
461
(91)
Financial assets
(4,096)
(4,186)
88
(59)
Inventories
\u2212
(515)
509
(519)
Pension assets
(652)
(636)
(17)
(196)
Total deferred tax liabilities/change
(5,249)
(5,611)
689
(531)
Thereof netted against deferred tax assets
926
1,264
\u2212
\u2212
Total deferred tax liabilities as per the statement of financial position/
(4,323)
(4,347)
689
(531)
change
Net deferred tax liabilities/net change
(4,307)
(2,088)
(2,202)
(8,452)
The movement in the deferred income tax balance is as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
(2,088)
7,421
Charge in consolidated income statement
(2,202)
(8,452)
Translation differences
(17)
(1,057)
Closing balance
(4,307)
(2,088)
Following the recognition of full allowances on the deferred tax asset and liabilities recognised by the Group\u2019s Ukrainian subsidiaries, the net
deferred tax liability balance of US$4,307 thousand as at 31 December 2025 is predominantly attributable to the Group\u2019s corporate entities.
As at the end of the comparative year ended 31 December 2024, the net deferred tax asset balance of US$2,088 thousand was net of
a deferred tax asset balance of 1,799 thousand related to the Group\u2019s two major subsidiaries in Ukraine.
Full allowances have been recognised as at 31 December 2025 on the deferred tax asset and liability balances of the Ukrainian subsidiaries due to the uncertainty when the subsidiaries will become profitable again, also because of the ongoing war in Ukraine and the reduced operating activities of these subsidiaries as a result of the suspended VAT refunds in Ukraine. The balance of recognised allowances related to the Ukrainian subsidiaries totalled US$32,228 thousand and US$19,798 thousand as at 31 December 2025 and 2024, respectively. The recoverability of the deferred tax assets depends on the level of taxable profits realised by the two subsidiaries in future periods, which is also relevant for the assessment of the duration of the unwind of the temporary differences. Considering the material uncertainty in terms of the Group\u2019s going concern, the relevant period for the recovery of the recognised net balance of deferred tax assets had to be aligned to the period of the going concern assessment. The table below provides details on the not recognised available tax loss carry forwards:
Year ended Year ended
US$000 31.12.25 31.12.24
Do not expire
46,385
41,266
Expire within less than seven years
41,986
14,665
Expire after seven years
29,434
27,9 81
Total available tax loss carry forwards
117, 8 0 5
83,912
Thereof in Austria
45,175
40,004
Thereof in Ukraine
30,642
29,241
Thereof in Hungary
28,108
14,667
Thereof in Switzerland
13,880
\u2212
No deferred tax liabilities have been recognised on temporary differences in the amount of US$516,241 thousand (2024: US$315,170 thousand) arising from undistributed profits from subsidiaries as no distributions are planned. The table below provides details on the amounts of temporary differences where deferred tax assets are not recognised:
As at As at
US$000 31.12.25 31.12.24
Impairment losses on non-current operating assets
381,976
232,239
Provision for legal disputes
114,741
115,694
Allowances on recognised temporary differences
179,045
109,989
Lean ore treatment
205,419
191,765
Allowances on VAT receivable balances
13,311
\u2212
Total temporary differences not recognised
894,492
649,687
The not recognised temporary differences are predominantly related to the Group\u2019s business operations in Ukraine and are translated based on the closing rate at the end of the financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
BEPS \u2013 Pillar Two
The Group is in the scope of the BEPS Pillar Two Model Rules as the consolidated revenues for the financial years 2024, 2022 and 2021 were
above the threshold set by the OECD rules. The Group neither recognises nor discloses any information on deferred tax assets and liabilities
related to Pillar Two income taxes in its consolidated financial statements for the financial year 2025, which is consistent with the application
during the comparative financial year 2024.
Based on the BEPS Pillar Two Global Anti-Base Erosion (\u201cGloBE\u201d) Model Rules, the parent company of the Group, Ferrexpo plc, is the Ultimate
Parent Entity (\u201cUPE\u201d). Ferrexpo plc is incorporated and domiciled in England and Wales, with its tax domicile in Switzerland. As a result, the
enacted legislation in Switzerland is most relevant for the Group. On 22 December 2023, the Swiss government enacted the Pillar Two
income taxes legislation, which came into force on 1 January 2024 and provided for the Qualifying Domestic Minimum Top-up Tax (\u201cQDMTT\u201d).
On 4 September 2024, the Swiss government decided to implement the Income Inclusion Rule (\u201cIIR\u201d) as at 1 January 2025, whereas the
implementation of the Undertaxed Profits Rule (\u201cUTPR\u201d) is still postponed.
Although the Group\u2019s effective tax rate for the financial year 2025 is well above the minimum tax rate of 15.0%, there are two jurisdictions
in which the Group is operating with enacted statutory tax rates below the minimum tax rate of 15.0% set under the BEPS Pillar Two Model
Rules. The profits of the Group\u2019s subsidiaries in Switzerland and the U.A.E. are subject to the QDMTT for taxable profits from the financial
year 2025 as these jurisdictions did not pass the Transitional CbCR Safe Harbour (\u201cTCSH\u201d) test.
There was no significant impact from the QDMTT, the IIR and the UTPR under the BEPS Pillar Two GloBE Model Rules on the Group\u2019s income
tax expense and therefore did not have an impact on the Group\u2019s effective tax rate as at 31 December 2025. The total effect from top-up tax
within the Group amounts to US$978 thousand in connection to QDMTT in Switzerland and the U.A.E.
Taking also into account the implementation of the QDMTT in Switzerland and in the U.A.E. and the IIR in Switzerland, the Group\u2019s future
effective tax rate, before any exceptional items included in the profit before tax for the period and the income tax expense, is expected to be
in a range of 18.0% to 20.0%. The Group\u2019s effective tax rate is also dependent on the volatility in the global iron ore pellet and concentrate
market and on foreign exchange rate movements, primarily between the Ukrainian hryvnia and the US dollar, and any one-off events, such as
impairment losses that might not be tax deductible in some jurisdictions. As mentioned above, the Group has had exceptional items in the
past that had a significant impact on the Group\u2019s effective tax rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "NOTE 12: EARNINGS PER SHARE AND DIVIDENDS PAID AND PROPOSED ACCOUNTING POLICY Basic number of Ordinary Shares outstanding The basic number of Ordinary Shares is calculated by reducing the total number of Ordinary Shares in issue by the weighted average of shares held in treasury and employee benefit trust reserve. The basic earnings per share (\u201cEPS\u201d) are calculated by dividing the net profit or loss for the year attributable to ordinary equity shareholders of Ferrexpo plc by the weighted average number of Ordinary Shares. Dilutive potential Ordinary Shares The dilutive potential Ordinary Shares outstanding are calculated by adjusting the weighted average number of Ordinary Shares in issue on the assumption of conversion of all potentially dilutive Ordinary Shares. All share awards that are potentially dilutive are considered in the calculation of diluted earnings per share. In the case of a loss per share, there is no dilutive effect, and the basic and diluted loss per share are identical. Distributable reserves Ferrexpo plc (the \u201cCompany\u201d) is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits available for distribution in the Group as at 31 December 2025.
Year ended Year ended
31.12.25 31.12.24
Loss for the year attributable to equity shareholders \u2013 per share in US cents
Basic
(38.06)
(8.51)
Diluted
(38.06)
(8.51)
Loss for the year attributable to equity shareholders \u2013 US$000
Basic and diluted loss
(223,911)
(50,046)
Weighted average number of shares \u2013 thousands
Basic number of ordinary shares outstanding
588,385
588,363
Effect of dilutive potential ordinary shares
11,872
11,061
Diluted number of ordinary shares outstanding
600,257
599,424
DIVIDENDS PROPOSED AND PAID In view of the continued unpredictable situation in Ukraine, no dividends were proposed for the year ended 31 December 2025 as at the date of the approval of these consolidated financial statements. Considering the provisions of the Companies Act 2006 and relevant thin capitalisation rules, the total available distributable reserves of Ferrexpo plc would be approximately US$96,600 thousand as at 31 December 2025 (2024: US$77,500 thousand). Future distributable reserves at the Ferrexpo plc level are also dependent on the payment of dividends by the subsidiaries to the respective parent companies within the Group. Further to that, the distributable profits at subsidiaries\u2019 level are subject to potential impairment losses and provisions for legal disputes to be or already recorded in the respective stand-alone statutory financial statements as a result of uncertainties in Ukraine in connection with the ongoing war and legal disputes. Certain Group companies are currently restricted from paying dividends outside of Ukraine due to Ukrainian currency control measures imposed under martial law. Furthermore, the uncertainties related to the political environment and the independence of the legal system and other circumstances facing the Group (see Note 30 Commitments, contingencies and legal disputes) could also have a negative impact on Ferrexpo plc\u2019s ability and potential for future dividend payments. Further to that, an outflow of funds in connection with ongoing legal disputes would have an adverse impact on the Group\u2019s available cash balance for potential future dividend payments, despite a considerable amount of distributable profits of one of the Group\u2019s subsidiaries in Ukraine. As disclosed in Note 2 Basis of preparation, a nationalisation of 49.5% of shares in Ferrexpo Poltava Mining (\u201cFPM\u201d) or a transfer of 49.5% of the corporate rights in FPM to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d) for management of these corporate rights will also have an impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves.
Year ended
US$000 31.12.25
Dividends paid during the year
Dividends on vested 2022 LTIP awards
8
Total dividends paid during the year
8
Year ended
US$000 31.12.24
Dividends paid during the year
Dividends on vested 2021 LTIP awards
46
Total dividends paid during the year
46
Dividends paid during the financial years 2025 and 2024 related to the Group\u2019s share-based scheme. Further information is provided in the Remuneration Report. Although accounts are published in US dollars and dividends are declared in US dollars, the shares are denominated in UK pounds sterling and dividends are therefore paid in UK pounds sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "NOTE 12: EARNINGS PER SHARE AND DIVIDENDS PAID AND PROPOSED ACCOUNTING POLICY Basic number of Ordinary Shares outstanding The basic number of Ordinary Shares is calculated by reducing the total number of Ordinary Shares in issue by the weighted average of shares held in treasury and employee benefit trust reserve. The basic earnings per share (\u201cEPS\u201d) are calculated by dividing the net profit or loss for the year attributable to ordinary equity shareholders of Ferrexpo plc by the weighted average number of Ordinary Shares. Dilutive potential Ordinary Shares The dilutive potential Ordinary Shares outstanding are calculated by adjusting the weighted average number of Ordinary Shares in issue on the assumption of conversion of all potentially dilutive Ordinary Shares. All share awards that are potentially dilutive are considered in the calculation of diluted earnings per share. In the case of a loss per share, there is no dilutive effect, and the basic and diluted loss per share are identical. Distributable reserves Ferrexpo plc (the \u201cCompany\u201d) is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits available for distribution in the Group as at 31 December 2025.
Year ended Year ended
31.12.25 31.12.24
Loss for the year attributable to equity shareholders \u2013 per share in US cents
Basic
(38.06)
(8.51)
Diluted
(38.06)
(8.51)
Loss for the year attributable to equity shareholders \u2013 US$000
Basic and diluted loss
(223,911)
(50,046)
Weighted average number of shares \u2013 thousands
Basic number of ordinary shares outstanding
588,385
588,363
Effect of dilutive potential ordinary shares
11,872
11,061
Diluted number of ordinary shares outstanding
600,257
599,424
DIVIDENDS PROPOSED AND PAID In view of the continued unpredictable situation in Ukraine, no dividends were proposed for the year ended 31 December 2025 as at the date of the approval of these consolidated financial statements. Considering the provisions of the Companies Act 2006 and relevant thin capitalisation rules, the total available distributable reserves of Ferrexpo plc would be approximately US$96,600 thousand as at 31 December 2025 (2024: US$77,500 thousand). Future distributable reserves at the Ferrexpo plc level are also dependent on the payment of dividends by the subsidiaries to the respective parent companies within the Group. Further to that, the distributable profits at subsidiaries\u2019 level are subject to potential impairment losses and provisions for legal disputes to be or already recorded in the respective stand-alone statutory financial statements as a result of uncertainties in Ukraine in connection with the ongoing war and legal disputes. Certain Group companies are currently restricted from paying dividends outside of Ukraine due to Ukrainian currency control measures imposed under martial law. Furthermore, the uncertainties related to the political environment and the independence of the legal system and other circumstances facing the Group (see Note 30 Commitments, contingencies and legal disputes) could also have a negative impact on Ferrexpo plc\u2019s ability and potential for future dividend payments. Further to that, an outflow of funds in connection with ongoing legal disputes would have an adverse impact on the Group\u2019s available cash balance for potential future dividend payments, despite a considerable amount of distributable profits of one of the Group\u2019s subsidiaries in Ukraine. As disclosed in Note 2 Basis of preparation, a nationalisation of 49.5% of shares in Ferrexpo Poltava Mining (\u201cFPM\u201d) or a transfer of 49.5% of the corporate rights in FPM to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d) for management of these corporate rights will also have an impact on the equity attributable to the shareholders of Ferrexpo plc and its future distributable reserves.
Year ended
US$000 31.12.25
Dividends paid during the year
Dividends on vested 2022 LTIP awards
8
Total dividends paid during the year
8
Year ended
US$000 31.12.24
Dividends paid during the year
Dividends on vested 2021 LTIP awards
46
Total dividends paid during the year
46
Dividends paid during the financial years 2025 and 2024 related to the Group\u2019s share-based scheme. Further information is provided in the Remuneration Report. Although accounts are published in US dollars and dividends are declared in US dollars, the shares are denominated in UK pounds sterling and dividends are therefore paid in UK pounds sterling.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
ACCOUNTING POLICY
Basic number of Ordinary Shares outstanding
The basic number of Ordinary Shares is calculated by reducing the total number of Ordinary Shares in issue by the weighted average of
shares held in treasury and employee benefit trust reserve. The basic earnings per share (\u201cEPS\u201d) are calculated by dividing the net profit
or loss for the year attributable to ordinary equity shareholders of Ferrexpo plc by the weighted average number of Ordinary Shares.
Dilutive potential Ordinary Shares
The dilutive potential Ordinary Shares outstanding are calculated by adjusting the weighted average number of Ordinary Shares in issue on
the assumption of conversion of all potentially dilutive Ordinary Shares. All share awards that are potentially dilutive are considered in the
calculation of diluted earnings per share. In the case of a loss per share, there is no dilutive effect, and the basic and diluted loss per share
are identical.
Distributable reserves
Ferrexpo plc (the \u201cCompany\u201d) is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its
shareholders is dependent on its ability to access profits held in the subsidiaries. The Group\u2019s consolidated retained earnings shown in the
consolidated statement of changes in equity do not reflect the profits available for distribution in the Group as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Distributable reserves Ferrexpo plc (the \u201cCompany\u201d) is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits available for distribution in the Group as at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
Year ended Year ended
31.12.25 31.12.24
Loss for the year attributable to equity shareholders \u2013 per share in US cents
Basic
(38.06)
(8.51)
Diluted
(38.06)
(8.51)
Loss for the year attributable to equity shareholders \u2013 US$000
Basic and diluted loss
(223,911)
(50,046)
Weighted average number of shares \u2013 thousands
Basic number of ordinary shares outstanding
588,385
588,363
Effect of dilutive potential ordinary shares
11,872
11,061
Diluted number of ordinary shares outstanding
600,257
599,424
", "dimensions": { "concept": "ifrs-full:EarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "
DIVIDENDS PROPOSED AND PAID
In view of the continued unpredictable situation in Ukraine, no dividends were proposed for the year ended 31 December 2025 as at the
date of the approval of these consolidated financial statements. Considering the provisions of the Companies Act 2006 and relevant thin
capitalisation rules, the total available distributable reserves of Ferrexpo plc would be approximately US$96,600 thousand as at 31 December
2025 (2024: US$77,500 thousand).
", "dimensions": { "concept": "ferrexpoplc:DisclosureOfDividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
Year ended
US$000 31.12.25
Dividends paid during the year
Dividends on vested 2022 LTIP awards
8
Total dividends paid during the year
8
Year ended
US$000 31.12.24
Dividends paid during the year
Dividends on vested 2021 LTIP awards
46
Total dividends paid during the year
46
", "dimensions": { "concept": "ferrexpoplc:DisclosureOfDividendsRecognisedAsDistributionsToOwners", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "NOTE 13: PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICY Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for qualifying assets (see below) if the recognition criteria are met. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Major spare parts, stand-by and servicing equipment qualify as property, plant and equipment when they are expected to be used during more than one period. Expenditure incurred after the assets have been put into operation, such as repairs and maintenance and overhaul costs, are charged to the consolidated income statement in the period the costs are incurred unless it can be demonstrated that the expenditure results in future economic benefits, when the expenditure is capitalised as an additional cost. Upon recognition, items of property, plant and equipment are divided into components, which represent items with a significant value that have different useful lives. Assets included in property, plant and equipment are depreciated over their estimated useful life taking into account their own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the assets are located. The remaining useful lives for major assets are reassessed on a regular basis, but at least annually. Mining assets are depreciated using the unit of production method. Changes in expected resources, which affect the unit of production calculations, are accounted for prospectively. Except for mining assets, which are depreciated using the unit of production method, depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Buildings: 20\u201350 years \u2022 Vessels: 8\u201340 years \u2022 Plant and equipment: 3\u201315 years \u2022 Vehicles: 7\u201315 years \u2022 Fixtures and fittings: 2.5\u201310 years An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated income statement in the period the item is derecognised. Assets in the course of construction are initially recognised in assets under construction. Assets under construction are not depreciated. On completion of the asset and when available for use, the cost of construction is transferred to the appropriate asset category in property, plant and equipment and depreciation commences. Freehold land is not depreciated. Deferred and capitalised stripping costs Rock, soil and other waste materials are typically to be removed to access an ore body, which is known as stripping activity. Stripping work comprises overburden removal at pre-production, mine extension and production stages. Stripping costs are deferred and capitalised if related to gaining improved access to an identified component of an ore body to be mined in future periods. The capitalised amount is determined based on the volume of waste extracted, compared with expected ore volume in the identified component of the ore body. Pre-production stripping costs incurred in the development of a component of a mine before commercial production commences are capitalised as part of assets under construction. After the commencement of commercial production, the respective capitalised pre-production stripping costs are transferred to mining assets and depreciated over the life of the respective component of the ore body on a unit of production (\u201cUOP\u201d) basis. Production stripping costs are generally charged to the consolidated income statement as variable production costs unless these costs are related to gaining improved access to an identified component of the ore body to be mined in future periods. Such production stripping costs are capitalised within mining assets provided all the following conditions are met: \u2022 it is probable that the future economic benefit associated with the stripping activity will be realised; \u2022 the component of the ore body for which access has been improved can be identified; and \u2022 the costs relating to the stripping activity associated with the improved access can be reliably measured. Once the commercial production of the specific component of the ore body commences, the capitalised production stripping costs are depreciated on a UOP basis over the life of the respective identified component. Mining assets Any capitalised stripping activities, either of a pre-production or production nature, are reclassified to mining assets at the point of time when the extraction of the ore body of the specific component starts. Mining assets are depreciated using the UOP method based on the estimated economically recoverable reserves to which they relate. Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. Capitalised exploration and evaluation expenditures are carried forward as an asset as long as these costs are expected to be recouped in full through successful development and exploration in a future period. Exploration and evaluation assets are measured at cost and are neither amortised nor depreciated but monitored for indications of impairment. To the extent that the capitalised expenditures are not expected to be recouped, the excess is fully provided for in the financial year in which this is determined. Upon reaching the development stage, exploration and evaluation assets are either transferred to assets under construction or other intangible assets, if those costs were associated with the acquisition of licences. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (\u201cqualifying asset\u201d) are capitalised as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of the funds. In the case of general borrowings used to fund the acquisition or construction of a qualifying asset, the borrowing costs to be capitalised are calculated based on a weighted average interest rate applicable to the relevant general borrowings of the Group during a specific period. Impairment testing Property, plant and equipment is considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash-generating unit (\u201cCGU\u201d). The Group assesses at each reporting date whether the carrying value of its non-current operating assets is exceeding its recoverable amount or previously recognised impairment losses may no longer exist or may need to be partially reversed. The Group determines the recoverable amount of its non-current operating assets in accordance with IAS 36 Impairment of Assets, which is the higher of value in use (\u201cViU\u201d) and the fair value less cost of disposal (\u201cFVLCD\u201d). Historically, the Group determined the recoverable amount of its non-current operating assets as the ViU. Furthermore, under the current circumstances, due to the ongoing war in Ukraine, the observable market data required for a reliable determination of the FVLCD is limited. The ViU is predominantly dependent on forecast cash flow generation based on management\u2019s best estimates of future key assumptions, including the nominal pre-tax discount rate, which require management to make significant estimates and judgements. A previously recognised impairment loss is reversed only if the recoverable amount exceeds the carrying value of the Group\u2019s non-current operating assets, potentially resulting from a positive change in significant estimates and judgements. In this case, the carrying value of the asset is increased to its recoverable amount but not exceeding the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated income statement and the basis for future depreciation is adjusted accordingly. CRITICAL ESTIMATES AND JUDGEMENTS The most critical accounting estimates are in relation to key assumptions used for the preparation of the Group\u2019s financial long-term model, such as the expected future prices for iron ore products and for key input materials as well as possible production and sales volumes, taking also into account the current circumstances the Group has to operate in, including available logistics routes. Further to the critical estimates, the preparation of the Group\u2019s financial long-term model required also some critical judgements from management in respect of the timing of when the Group\u2019s operation is expected to return to pre-war levels and when VAT refunds in Ukraine will resume again. The critical estimates and judgements do have a significant impact on the computation of the value in use of the Group\u2019s non-current assets and, as a consequence, on the outcome of the Group\u2019s impairment test. See Note 2 Basis of preparation for further information on matters affecting the Group\u2019s financial long-term model. The Group\u2019s impairment test is based on cash flow projections over the remaining estimated lives of the GPL and the Yerystivske deposits, which are expected to expire in 2058 and 2048, respectively, according to the current approved mine plans. The cash flow projection is based on a financial long-term model approved by senior management and the effects of expected future mine life extension programmes are not taken into account in the estimated future production volumes. As in the past, the several critical estimates and judgements used when preparing the Group\u2019s financial long-term model are reviewed by the Audit Committee with specific consideration given to the realistically plausible production volumes in light of the current situation in the country, sales price and production cost forecasts as well as the discount rate used to discount the cash flows. The situation in Ukraine remains unpredictable and continues to require the Group to be extremely flexible, as mining operations, production and available logistics routes have to be adapted to the prevailing conditions. Following the suspension of VAT refunds in Ukraine, the Group had to adjust its production plan to mitigate working capital outflows and preserve cash, affecting also the Group\u2019s cash flow generation in future periods and resulting in a further delay of the ramp-up of its operation to pre-war levels. See Note 2 Basis of preparation and Note 35 Events after the reporting period for further details in respect of the suspended VAT. In addition to ongoing legal actions taken by the Ukrainian government against the Group, including the effects of the personal sanctions on Mr Zhevago mentioned above, the Group\u2019s operation in Ukraine is still affected by the ongoing war in Ukraine. Following intensified attacks from Russia on port infrastructure and civil vessels in the Black Sea in July 2026, the logistics route via the ocean-going Black Sea ports in Ukraine is currently unavailable to the Group. As at the date of the approval of these consolidated financial statements, the war and the legal disputes in Ukraine are still ongoing and the duration and possible implications on the Group\u2019s operation are difficult to predict. The financial long-term model is continuously updated, the last time in July 2026, using management\u2019s best estimate of reasonably conservative key assumptions, taking also into account the current circumstances the Group has to operate in, including the effects from the continued suspended VAT refunds in Ukraine on the Group\u2019s development in future periods. In terms of the key assumptions used, an average iron ore index price of US$115 per tonne of 65% Fe fines CFR North China was used in the assumptions for the cash flow projection for the next five years. When assessing its expected future long-term selling price, the Group considers external and internal analysis of the short-term and longer- term supply and demand dynamics on the international market for iron ore pellets and concentrate as well as more specific local supply and demand balances affecting its major customers. The Group\u2019s production level is currently constrained by the suspended VAT refunds in Ukraine and remains highly dependent on a constant power supply and the logistics network available to the Group as well as other potential adverse effects on the Group\u2019s operation due to the ongoing war. As a result of the current restrictions, the production capacity used for the cash flow projection under the base case is expected to be approximately 40% of the pre-war level for the financial year 2026, before an increase to approximately 64% in 2027 and an expected recovery to pre-war levels in the second half of 2028. Because of an increased demand for high-grade concentrate and the expected realisable margins based on forecast market conditions, the share of concentrate production increased significantly and averaged around 28% for the years covered by the long-term model, compared to 11% in the long-term model used for the 2024 year-end impairment test. There is no perpetual growth rate applied for the cash flow projections beyond the last year covered by the Group\u2019s long-term model.
The Group\u2019s expected major cost components, such as production and shipping costs, are determined taking into account local inflationary
pressure, major exchange rate developments between the Ukrainian hryvnia and the US dollar, the short-term and longer-term trends in
energy supply and demand and the expected movements in steel-related commodity prices, which could have a material effect on the cost of
certain production input materials. In terms of the currently unavailable logistics route via the Black Sea ports in Ukraine, given the importance
of this route for both parties involved in this war and for the global grain supply, it is management\u2019s judgement the situation will ease later in
2026 and it is therefore expected that the Black Sea ports should once again be available to the Group for its sales to certain markets.
Due to the expected increase of the share of concentrate production during the years covered by the Group\u2019s long-term model, management
has assessed whether the increase in concentrate production could indicate that the assets used for the production of pellets and
concentrate represent two separate cash-generating units. Following a thorough assessment, management concluded that it is still
appropriate to test the Group\u2019s non-current operating assets based on one CGU because of the high level of vertical integration of the
Group\u2019s production at the Group\u2019s major subsidiary Ferrexpo Poltava Mining and absence of largely independent cash flows. Further to
that, it is management\u2019s view that an impairment test based on two CGUs would not reflect appropriately the Group\u2019s current challenging
circumstances as the total impairment loss would be limited by the total value of the assets used for the production of pellets.
The key assumptions used for the preparation of the Group\u2019s long-term model are:
Key assumptions
Basis
Future production and sales volume
Proved and probable reserves and available logistics capacity and power supply
Commodity prices
Contract prices and longer-term price estimates
Capital expenditures
Estimated future sustaining capital expenditures
Cost of raw materials and other production/distribution
Expected future cost of production
Exchange rates
Longer-term predictions of market exchange rates
Nominal pre-tax discount rate
Cost of capital risk adjusted for the resource concerned
The outcome of the Group\u2019s impairment test is predominantly dependent on the forecast cash flow generation and the nominal pre-tax
discount rate to be applied. For the impairment test as at 31 December 2025, it was decided to apply a dual WACC approach, whereby
a higher WACC is used for the years during which the war is expected to be ongoing and a post-war WACC is applied for the years following
the war. As a result, the Group\u2019s forecast cash flows for the financial years 2026 and 2027 were discounted with a WACC of 25.8% and those
for the following years with a WACC of 19.2% (2024: single WACC of 23.1%), both of them still significantly higher than the pre-war WACC of
13.8% as at 31 December 2021. It is management\u2019s position that the change to a dual WACC approach is a better basis for the computation
of the value in use of the Group\u2019s non-current operating assets as at 31 December 2025 as this more accurately reflects the impact of the
terminal value on the value in use.
According to the base case of the Group\u2019s impairment test prepared for the 2025 year end accounts, the value in use of the Group\u2019s single
cash-generating unit\u2019s operating non-current assets, including property, plant and equipment as well as other intangible assets and other
non-current assets, supported the carrying value of these assets as at 31 December 2025, as a result, no further impairment losses needed
to be recognised in addition to the impairment loss of US$154,107 thousand recognised as at 30 June 2025. As in the past, the recorded
impairment loss is allocated to various asset categories within property, plant and equipment. The key assumptions in respect of production
and sales volumes are largely dependent on the point of time when VAT refunds in Ukraine will resume again, whereas the production costs
are dependent on end of the war in Ukraine, and therefore a wide range of alternative outcomes are possible, reflecting a high level of
uncertainty. The Group\u2019s financial long-term model assumes an inflow of US$100,000 thousand from a fundraise expected to be completed
in late September 2026, which is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are
not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have
a significant impact on the Group\u2019s ability to continue as a going concern and, as a consequence, on the valuation of its non-current
operating assets.
A delay of the recovery of the production and sales volumes to a pre-war level by another year, which is possible, if VAT refunds are not
resumed as expected by management, with all other assumptions remaining unchanged, would reduce the value in use of the Group\u2019s
non-current operating assets by approximately US$79,000 thousand. A reduction of the realised price by 10% in 2026 and 5% for each year
until 2048 would reduce the value in use by approximately US$240,000 thousand and a decrease of the production and sales volume by
10%, combined with an increase of the production costs by 5%, again for the entire period of the assessment, would reduce the value in use
by approximately US$292,000 thousand whilst every 1.0% increase of the nominal pre-tax discount rate would reduce the value in use by
approximately US$50,000 thousand, with all other assumptions remaining unchanged. There is a potential risk that the logistics route via the
ocean-going Black Sea ports in Ukraine may not be available to the Group as currently expected by management and as reflected in the
Group\u2019s current long-term model.
The total impairment loss of US$154,107 thousand recorded during the financial year 2025 is in addition to the impairment losses of
US$71,170 thousand and US$254,477 thousand recorded during the financial years ended 31 December 2024 and 31 December 2022. The
recorded impairment losses will be re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s
future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods.
Conversely, an adverse change in the above key assumptions might further reduce the value in use of these assets.
As disclosed in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes, the Group announced on
29 January 2024 that a Ukrainian court of appeal has confirmed a claim against Ferrexpo Poltava Mining (\u201cFPM\u201d) in the amount of UAH4,727
million (US$111,517 thousand as at 31 December 2025), in respect of contested sureties. FPM appealed this decision to the Supreme Court of
Ukraine and the court proceedings continued during the year ended 31 December 2025 and no decision has been made as at the date of the
approval of these consolidated financial statements. In relation to the contested sureties\u2019 claim, which is still under review by the Supreme
Court of Ukraine, a local court of first instance in Poltava ruled in favour of the claimant in the dispute over the contested sureties and
ordered the opening of bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d).
Despite the fact that it was management\u2019s view that FPM has compelling arguments to defend its position in the Supreme Court of Ukraine,
given the magnitude of this specific claim and the underdeveloped and fragile judicial system in Ukraine, the Group recorded a full provision
for this claim as at the end of the financial year ended 31 December 2023 in accordance with IAS 37 Provisions, contingent liabilities and
contingent assets and has not been released as at 31 December 2025. If the ruling of the Supreme Court is not in favour of FPM or if any
enforcement procedures are commenced by the appointed insolvency manager before the final ruling of the Supreme Court, there is a risk
that some of the Group\u2019s property, plant and equipment will be seized or subject to a forced sales process as part of the enforcement
proceedings. Although the Group has recognised a provision for the full amount of the contested sureties claim, there is a risk that any assets
subject to seizure or a forced sales process are valued at an amount which is different than their current carrying values as at 31 December
2025. Note 2 Basis of preparation provides further information in terms of the possible implications on the Group\u2019s ability to continue as
a going concern.
In addition to the case above and as disclosed in Note 2 Basis of preparation, there is still a risk of nationalisation of 49.5% of shares in
FPM and certain of its assets, which could potentially affect the availability of FPM\u2019s property, plant and equipment and, as a consequence,
the carrying value of these assets included in the Group\u2019s consolidated financial statements. Due to the lack of information available at the
date of the approval of these consolidated financial statements, it is impossible to estimate the possible financial impact in future periods.
See Note 30 Commitments, contingencies and legal disputes for further information.
As at 31 December 2025, property, plant and equipment comprised:
Exploration Buildings Assets
and Mining and tailings Plant and Fixtures and under
US$000
evaluation
Land
assets
dam
Vessels
equipment
Vehicles
fittings
construction
Total
Cost:
At 1 January 2024
1,443
8,006
313,891
255,623
137,891
403,037
224,867
8,763
302,115
1,655,636
Additions
\u2212
86
(157)
29
636
617
1,173
44
119,348
121,776
Transfers
\u2212
99
\u2212
17,1 31
4,358
22,548
3,624
162
(47,922)
\u2212
Disposals
\u2212
\u2212
\u2212
(261)
(620)
(107)
(33)
(44)
(802)
(1,867)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(11,148)
(11,148)
Translation differences
(139)
(776)
(30,289)
(24,811)
(5,918)
(35,287)
(16,370)
(669)
(33,290)
(147, 5 49)
At 31 December 2024
1,304
7,41 5
283,445
247,711
136,860
213,261
390,295
8,256
328,301
1,616,848
Additions
\u2212
40
762
65
1,693
56
2
2
61,135
63,755
Transfers
\u2212
(17)
248
2,867
1,015
21,333
891
185
(26,522)
\u2212
Disposals
\u2212
\u2212
\u2212
(257)
\u2212
(636)
(1,380)
(16)
\u2212
(2,289)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(12,783)
(12,783)
Translation differences
(11)
(55)
(2,337)
(2,051)
12,515
(3,034)
(1,234)
34
(2,776)
1,051
At 31 December 2025
1,293
7,3 83
282,118
248,335
152,083
408,014
211,540
8,461
347,355
1,666,582
Accumulated depreciation and impairment:
At 1 January 2024
\u2212
23
108,818
130,593
95,177
178,601
271,447
6,265
38,678
829,602
Depreciation charge
\u2212
\u2212
8,802
14,112
4,577
23,922
7,162
679
\u2212
59,254
Disposals
\u2212
\u2212
\u2212
(172)
(71)
(573)
(21)
(42)
\u2212
(879)
Write-offs and
impairments
\u2212
191
15,383
9,847
3,471
3,110
10,008
\u2212
30,074
72,084
Transfers of impairments
\u2212
\u2212
\u2212
3,063
\u2212
4,131
855
28
(8,077)
\u2212
Translation differences
\u2212
\u2212
(11,127)
(13,320)
(3,457)
(12,190)
(23,009)
(462)
(3,566)
(67, 1 31 )
At 31 December 2024
\u2212
214
121,876
144,123
99,697
285,926
177,517
6,468
57, 10 9
892,930
Depreciation charge
\u2212
\u2212
28,567
13,198
4,002
16,073
3,556
606
(200)
65,802
Disposals
\u2212
\u2212
\u2212
(163)
(3)
(550)
(1,375)
(17)
\u2212
(2,108)
Write-offs and
impairments
\u2212
464
31,021
19,739
8,408
21,762
6,954
(3)
71,342
159,687
Transfers of impairments
\u2212
\u2212
128
1,005
\u2212
6,820
384
76
(8,413)
\u2212
Translation differences
\u2212
(7)
(2,128)
(1,769)
7,529
(2,625)
(1,142)
29
(1,544)
(1,657)
At 31 December 2025
\u2212
671
179,464
176,133
119,633
327,4 0 6
185,894
7, 159
118,294
1,114,654
Net book value:
At 31 December 2024
1,304
7, 2 01
161,569
103,588
37, 1 6 3
104,369
35,744
1,788
723,918
271,192
At 31 December 2025
1,293
6,712
102,654
72,202
32,450
80,608
25,646
1,302
229,061
551,928
Amortisation profile (in
years)
n/a
n/a
UOP
20 to 50
8 to 40
3 to 15
7 to 15
2.5 to 10
n/a
Assets under construction consist of ongoing capital projects amounting to US$197,838 thousand (2024: US$232,773 thousand) and
capitalised pre-production stripping costs of US$31,223 thousand (2024: US$38,420 thousand) for components of ore bodies expected to
be put into operation in future periods only. Once the extraction of ore commences in relation to these ore bodies, the capitalised stripping
costs are transferred to mining assets and the depreciation commences.
Deferred pre-production stripping costs in the amount of US$182,640 thousand relate to components of the ore bodies put into operation
and are included in mining assets (2024: US$214,682 thousand). No production stripping costs are capitalised as of this point in time.
Property, plant and equipment include a total of capitalised borrowing costs on qualifying assets of US$21,400 thousand (2024: US$25,073
thousand). With the exception of lease liabilities, the Group does not have any outstanding interest-bearing loans and borrowings, and
borrowing costs are therefore no longer capitalised.
The gross value of fully depreciated property, plant and equipment that is still in use is US$192,964 thousand (2024: US$165,746 thousand).
See Note 2 Basis of preparation in respect of the impact of climate change on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "ACCOUNTING POLICY Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for qualifying assets (see below) if the recognition criteria are met. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Major spare parts, stand-by and servicing equipment qualify as property, plant and equipment when they are expected to be used during more than one period. Expenditure incurred after the assets have been put into operation, such as repairs and maintenance and overhaul costs, are charged to the consolidated income statement in the period the costs are incurred unless it can be demonstrated that the expenditure results in future economic benefits, when the expenditure is capitalised as an additional cost. Upon recognition, items of property, plant and equipment are divided into components, which represent items with a significant value that have different useful lives. Assets included in property, plant and equipment are depreciated over their estimated useful life taking into account their own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which the assets are located. The remaining useful lives for major assets are reassessed on a regular basis, but at least annually. Mining assets are depreciated using the unit of production method. Changes in expected resources, which affect the unit of production calculations, are accounted for prospectively. Except for mining assets, which are depreciated using the unit of production method, depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Buildings: 20\u201350 years \u2022 Vessels: 8\u201340 years \u2022 Plant and equipment: 3\u201315 years \u2022 Vehicles: 7\u201315 years \u2022 Fixtures and fittings: 2.5\u201310 years An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated income statement in the period the item is derecognised. Assets in the course of construction are initially recognised in assets under construction. Assets under construction are not depreciated. On completion of the asset and when available for use, the cost of construction is transferred to the appropriate asset category in property, plant and equipment and depreciation commences. Freehold land is not depreciated. Deferred and capitalised stripping costs Rock, soil and other waste materials are typically to be removed to access an ore body, which is known as stripping activity. Stripping work comprises overburden removal at pre-production, mine extension and production stages. Stripping costs are deferred and capitalised if related to gaining improved access to an identified component of an ore body to be mined in future periods. The capitalised amount is determined based on the volume of waste extracted, compared with expected ore volume in the identified component of the ore body. Pre-production stripping costs incurred in the development of a component of a mine before commercial production commences are capitalised as part of assets under construction. After the commencement of commercial production, the respective capitalised pre-production stripping costs are transferred to mining assets and depreciated over the life of the respective component of the ore body on a unit of production (\u201cUOP\u201d) basis. Production stripping costs are generally charged to the consolidated income statement as variable production costs unless these costs are related to gaining improved access to an identified component of the ore body to be mined in future periods. Such production stripping costs are capitalised within mining assets provided all the following conditions are met: \u2022 it is probable that the future economic benefit associated with the stripping activity will be realised; \u2022 the component of the ore body for which access has been improved can be identified; and \u2022 the costs relating to the stripping activity associated with the improved access can be reliably measured. Once the commercial production of the specific component of the ore body commences, the capitalised production stripping costs are depreciated on a UOP basis over the life of the respective identified component. Mining assets Any capitalised stripping activities, either of a pre-production or production nature, are reclassified to mining assets at the point of time when the extraction of the ore body of the specific component starts. Mining assets are depreciated using the UOP method based on the estimated economically recoverable reserves to which they relate. Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. Capitalised exploration and evaluation expenditures are carried forward as an asset as long as these costs are expected to be recouped in full through successful development and exploration in a future period. Exploration and evaluation assets are measured at cost and are neither amortised nor depreciated but monitored for indications of impairment. To the extent that the capitalised expenditures are not expected to be recouped, the excess is fully provided for in the financial year in which this is determined. Upon reaching the development stage, exploration and evaluation assets are either transferred to assets under construction or other intangible assets, if those costs were associated with the acquisition of licences. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (\u201cqualifying asset\u201d) are capitalised as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of the funds. In the case of general borrowings used to fund the acquisition or construction of a qualifying asset, the borrowing costs to be capitalised are calculated based on a weighted average interest rate applicable to the relevant general borrowings of the Group during a specific period. Impairment testing Property, plant and equipment is considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash-generating unit (\u201cCGU\u201d). The Group assesses at each reporting date whether the carrying value of its non-current operating assets is exceeding its recoverable amount or previously recognised impairment losses may no longer exist or may need to be partially reversed. The Group determines the recoverable amount of its non-current operating assets in accordance with IAS 36 Impairment of Assets, which is the higher of value in use (\u201cViU\u201d) and the fair value less cost of disposal (\u201cFVLCD\u201d). Historically, the Group determined the recoverable amount of its non-current operating assets as the ViU. Furthermore, under the current circumstances, due to the ongoing war in Ukraine, the observable market data required for a reliable determination of the FVLCD is limited. The ViU is predominantly dependent on forecast cash flow generation based on management\u2019s best estimates of future key assumptions, including the nominal pre-tax discount rate, which require management to make significant estimates and judgements. A previously recognised impairment loss is reversed only if the recoverable amount exceeds the carrying value of the Group\u2019s non-current operating assets, potentially resulting from a positive change in significant estimates and judgements. In this case, the carrying value of the asset is increased to its recoverable amount but not exceeding the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated income statement and the basis for future depreciation is adjusted accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
Upon recognition, items of property, plant and equipment are divided into components, which represent items with a significant value that
have different useful lives. Assets included in property, plant and equipment are depreciated over their estimated useful life taking into
account their own physical life limitations and the present assessment of economically recoverable reserves of the mine property at which
the assets are located. The remaining useful lives for major assets are reassessed on a regular basis, but at least annually. Mining assets are
depreciated using the unit of production method. Changes in expected resources, which affect the unit of production calculations, are
accounted for prospectively.
Except for mining assets, which are depreciated using the unit of production method, depreciation is calculated on a straight-line basis over
the estimated useful life of the asset, as follows:
\u2022 Buildings: 20\u201350 years
\u2022 Vessels: 8\u201340 years
\u2022 Plant and equipment: 3\u201315 years
\u2022 Vehicles: 7\u201315 years
\u2022 Fixtures and fittings: 2.5\u201310 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
Assets in the course of construction are initially recognised in assets under construction. Assets under construction are not depreciated.
On completion of the asset and when available for use, the cost of construction is transferred to the appropriate asset category in property,
plant and equipment and depreciation commences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
Deferred and capitalised stripping costs
Rock, soil and other waste materials are typically to be removed to access an ore body, which is known as stripping activity. Stripping work
comprises overburden removal at pre-production, mine extension and production stages. Stripping costs are deferred and capitalised if
related to gaining improved access to an identified component of an ore body to be mined in future periods. The capitalised amount is
determined based on the volume of waste extracted, compared with expected ore volume in the identified component of the ore body.
Pre-production stripping costs incurred in the development of a component of a mine before commercial production commences are
capitalised as part of assets under construction. After the commencement of commercial production, the respective capitalised
pre-production stripping costs are transferred to mining assets and depreciated over the life of the respective component of the ore
body on a unit of production (\u201cUOP\u201d) basis.
Production stripping costs are generally charged to the consolidated income statement as variable production costs unless these costs are
related to gaining improved access to an identified component of the ore body to be mined in future periods. Such production stripping
costs are capitalised within mining assets provided all the following conditions are met:
\u2022 it is probable that the future economic benefit associated with the stripping activity will be realised;
\u2022 the component of the ore body for which access has been improved can be identified; and
\u2022 the costs relating to the stripping activity associated with the improved access can be reliably measured.
Once the commercial production of the specific component of the ore body commences, the capitalised production stripping costs are
depreciated on a UOP basis over the life of the respective identified component.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
Mining assets
Any capitalised stripping activities, either of a pre-production or production nature, are reclassified to mining assets at the point of time
when the extraction of the ore body of the specific component starts. Mining assets are depreciated using the UOP method based on the
estimated economically recoverable reserves to which they relate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "
Exploration and evaluation assets
Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or
intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of
exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences
are included in intangible assets.
Capitalised exploration and evaluation expenditures are carried forward as an asset as long as these costs are expected to be recouped in full
through successful development and exploration in a future period.
Exploration and evaluation assets are measured at cost and are neither amortised nor depreciated but monitored for indications of impairment. To the extent that the capitalised expenditures are not expected to be recouped, the excess is fully provided for in the financial year in which this is determined. Upon reaching the development stage, exploration and evaluation assets are either transferred to assets under construction or other intangible assets, if those costs were associated with the acquisition of licences. Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "
Impairment testing
Property, plant and equipment is considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as
a single cash-generating unit (\u201cCGU\u201d). The Group assesses at each reporting date whether the carrying value of its non-current operating
assets is exceeding its recoverable amount or previously recognised impairment losses may no longer exist or may need to be partially
reversed. The Group determines the recoverable amount of its non-current operating assets in accordance with IAS 36 Impairment of
Assets, which is the higher of value in use (\u201cViU\u201d) and the fair value less cost of disposal (\u201cFVLCD\u201d).
Historically, the Group determined the recoverable amount of its non-current operating assets as the ViU. Furthermore, under the current
circumstances, due to the ongoing war in Ukraine, the observable market data required for a reliable determination of the FVLCD is limited.
The ViU is predominantly dependent on forecast cash flow generation based on management\u2019s best estimates of future key assumptions,
including the nominal pre-tax discount rate, which require management to make significant estimates and judgements.
A previously recognised impairment loss is reversed only if the recoverable amount exceeds the carrying value of the Group\u2019s non-current
operating assets, potentially resulting from a positive change in significant estimates and judgements. In this case, the carrying value of the
asset is increased to its recoverable amount but not exceeding the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated income statement and
the basis for future depreciation is adjusted accordingly.
Impairment testing
Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash-
generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment.
IMPAIRMENT TESTING
The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods.
If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or
a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in
use of the Group\u2019s operating non-current assets and result in further impairment losses.
The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and
equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related
to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine.
There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at
31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period.
Sensitivity to changes in assumptions
See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in
future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "Impairment testing Property, plant and equipment is considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash-generating unit (\u201cCGU\u201d). The Group assesses at each reporting date whether the carrying value of its non-current operating assets is exceeding its recoverable amount or previously recognised impairment losses may no longer exist or may need to be partially reversed. The Group determines the recoverable amount of its non-current operating assets in accordance with IAS 36 Impairment of Assets, which is the higher of value in use (\u201cViU\u201d) and the fair value less cost of disposal (\u201cFVLCD\u201d). Historically, the Group determined the recoverable amount of its non-current operating assets as the ViU. Furthermore, under the current circumstances, due to the ongoing war in Ukraine, the observable market data required for a reliable determination of the FVLCD is limited. The ViU is predominantly dependent on forecast cash flow generation based on management\u2019s best estimates of future key assumptions, including the nominal pre-tax discount rate, which require management to make significant estimates and judgements. A previously recognised impairment loss is reversed only if the recoverable amount exceeds the carrying value of the Group\u2019s non-current operating assets, potentially resulting from a positive change in significant estimates and judgements. In this case, the carrying value of the asset is increased to its recoverable amount but not exceeding the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated income statement and the basis for future depreciation is adjusted accordingly. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. IMPAIRMENT OF FINANCIAL ASSETS In addition to the individual assessment at each reporting date as to whether a financial asset or group of financial assets is impaired, the Group also assesses the expected credit losses on financial assets carried at amortised cost in accordance with the general approach. As all of the Group\u2019s financial assets carried at amortised cost are classified as current based on the agreed terms and conditions, the loss allowance is measured at an amount equal to the lifetime expected credit losses based on publicly available credit default ratings adjusted for current observable circumstances, forecast information and past history of credit losses. This assessment is performed individually for all financial assets that are individually significant and collectively for those that are not individually significant and have similar credit risk characteristics. The carrying amount of the financial assets is reduced by an allowance account with the change of the allowance being recognised in the consolidated income statement. Individual balances are written off when management deems that there is no possibility of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "As at 31 December 2025, property, plant and equipment comprised:
Exploration Buildings Assets
and Mining and tailings Plant and Fixtures and under
US$000
evaluation
Land
assets
dam
Vessels
equipment
Vehicles
fittings
construction
Total
Cost:
At 1 January 2024
1,443
8,006
313,891
255,623
137,891
403,037
224,867
8,763
302,115
1,655,636
Additions
\u2212
86
(157)
29
636
617
1,173
44
119,348
121,776
Transfers
\u2212
99
\u2212
17,1 31
4,358
22,548
3,624
162
(47,922)
\u2212
Disposals
\u2212
\u2212
\u2212
(261)
(620)
(107)
(33)
(44)
(802)
(1,867)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(11,148)
(11,148)
Translation differences
(139)
(776)
(30,289)
(24,811)
(5,918)
(35,287)
(16,370)
(669)
(33,290)
(147, 5 49)
At 31 December 2024
1,304
7,41 5
283,445
247,711
136,860
213,261
390,295
8,256
328,301
1,616,848
Additions
\u2212
40
762
65
1,693
56
2
2
61,135
63,755
Transfers
\u2212
(17)
248
2,867
1,015
21,333
891
185
(26,522)
\u2212
Disposals
\u2212
\u2212
\u2212
(257)
\u2212
(636)
(1,380)
(16)
\u2212
(2,289)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(12,783)
(12,783)
Translation differences
(11)
(55)
(2,337)
(2,051)
12,515
(3,034)
(1,234)
34
(2,776)
1,051
At 31 December 2025
1,293
7,3 83
282,118
248,335
152,083
408,014
211,540
8,461
347,355
1,666,582
Accumulated depreciation and impairment:
At 1 January 2024
\u2212
23
108,818
130,593
95,177
178,601
271,447
6,265
38,678
829,602
Depreciation charge
\u2212
\u2212
8,802
14,112
4,577
23,922
7,162
679
\u2212
59,254
Disposals
\u2212
\u2212
\u2212
(172)
(71)
(573)
(21)
(42)
\u2212
(879)
Write-offs and
impairments
\u2212
191
15,383
9,847
3,471
3,110
10,008
\u2212
30,074
72,084
Transfers of impairments
\u2212
\u2212
\u2212
3,063
\u2212
4,131
855
28
(8,077)
\u2212
Translation differences
\u2212
\u2212
(11,127)
(13,320)
(3,457)
(12,190)
(23,009)
(462)
(3,566)
(67, 1 31 )
At 31 December 2024
\u2212
214
121,876
144,123
99,697
285,926
177,517
6,468
57, 10 9
892,930
Depreciation charge
\u2212
\u2212
28,567
13,198
4,002
16,073
3,556
606
(200)
65,802
Disposals
\u2212
\u2212
\u2212
(163)
(3)
(550)
(1,375)
(17)
\u2212
(2,108)
Write-offs and
impairments
\u2212
464
31,021
19,739
8,408
21,762
6,954
(3)
71,342
159,687
Transfers of impairments
\u2212
\u2212
128
1,005
\u2212
6,820
384
76
(8,413)
\u2212
Translation differences
\u2212
(7)
(2,128)
(1,769)
7,529
(2,625)
(1,142)
29
(1,544)
(1,657)
At 31 December 2025
\u2212
671
179,464
176,133
119,633
327,4 0 6
185,894
7, 159
118,294
1,114,654
Net book value:
At 31 December 2024
1,304
7, 2 01
161,569
103,588
37, 1 6 3
104,369
35,744
1,788
723,918
271,192
At 31 December 2025
1,293
6,712
102,654
72,202
32,450
80,608
25,646
1,302
229,061
551,928
Amortisation profile (in
years)
n/a
n/a
UOP
20 to 50
8 to 40
3 to 15
7 to 15
2.5 to 10
n/a
NOTE 15: INTANGIBLE ASSETS ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "As at 31 December 2025, property, plant and equipment comprised:
Exploration Buildings Assets
and Mining and tailings Plant and Fixtures and under
US$000
evaluation
Land
assets
dam
Vessels
equipment
Vehicles
fittings
construction
Total
Cost:
At 1 January 2024
1,443
8,006
313,891
255,623
137,891
403,037
224,867
8,763
302,115
1,655,636
Additions
\u2212
86
(157)
29
636
617
1,173
44
119,348
121,776
Transfers
\u2212
99
\u2212
17,1 31
4,358
22,548
3,624
162
(47,922)
\u2212
Disposals
\u2212
\u2212
\u2212
(261)
(620)
(107)
(33)
(44)
(802)
(1,867)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(11,148)
(11,148)
Translation differences
(139)
(776)
(30,289)
(24,811)
(5,918)
(35,287)
(16,370)
(669)
(33,290)
(147, 5 49)
At 31 December 2024
1,304
7,41 5
283,445
247,711
136,860
213,261
390,295
8,256
328,301
1,616,848
Additions
\u2212
40
762
65
1,693
56
2
2
61,135
63,755
Transfers
\u2212
(17)
248
2,867
1,015
21,333
891
185
(26,522)
\u2212
Disposals
\u2212
\u2212
\u2212
(257)
\u2212
(636)
(1,380)
(16)
\u2212
(2,289)
Reclassifications
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
(12,783)
(12,783)
Translation differences
(11)
(55)
(2,337)
(2,051)
12,515
(3,034)
(1,234)
34
(2,776)
1,051
At 31 December 2025
1,293
7,3 83
282,118
248,335
152,083
408,014
211,540
8,461
347,355
1,666,582
Accumulated depreciation and impairment:
At 1 January 2024
\u2212
23
108,818
130,593
95,177
178,601
271,447
6,265
38,678
829,602
Depreciation charge
\u2212
\u2212
8,802
14,112
4,577
23,922
7,162
679
\u2212
59,254
Disposals
\u2212
\u2212
\u2212
(172)
(71)
(573)
(21)
(42)
\u2212
(879)
Write-offs and
impairments
\u2212
191
15,383
9,847
3,471
3,110
10,008
\u2212
30,074
72,084
Transfers of impairments
\u2212
\u2212
\u2212
3,063
\u2212
4,131
855
28
(8,077)
\u2212
Translation differences
\u2212
\u2212
(11,127)
(13,320)
(3,457)
(12,190)
(23,009)
(462)
(3,566)
(67, 1 31 )
At 31 December 2024
\u2212
214
121,876
144,123
99,697
285,926
177,517
6,468
57, 10 9
892,930
Depreciation charge
\u2212
\u2212
28,567
13,198
4,002
16,073
3,556
606
(200)
65,802
Disposals
\u2212
\u2212
\u2212
(163)
(3)
(550)
(1,375)
(17)
\u2212
(2,108)
Write-offs and
impairments
\u2212
464
31,021
19,739
8,408
21,762
6,954
(3)
71,342
159,687
Transfers of impairments
\u2212
\u2212
128
1,005
\u2212
6,820
384
76
(8,413)
\u2212
Translation differences
\u2212
(7)
(2,128)
(1,769)
7,529
(2,625)
(1,142)
29
(1,544)
(1,657)
At 31 December 2025
\u2212
671
179,464
176,133
119,633
327,4 0 6
185,894
7, 159
118,294
1,114,654
Net book value:
At 31 December 2024
1,304
7, 2 01
161,569
103,588
37, 1 6 3
104,369
35,744
1,788
723,918
271,192
At 31 December 2025
1,293
6,712
102,654
72,202
32,450
80,608
25,646
1,302
229,061
551,928
Amortisation profile (in
years)
n/a
n/a
UOP
20 to 50
8 to 40
3 to 15
7 to 15
2.5 to 10
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "NOTE 14: RIGHT-OF-USE ASSETS ACCOUNTING POLICY The Group recognises right-of-use assets for leases of buildings, equipment and land not used for the direct extraction of iron ore, as these fall within the scope of IFRS 16 Leases. The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land in Note 30 Commitments, contingencies and legal disputes. The right-of-use asset is recognised at the commencement date of the lease (when the asset is ready for use) and initially measured at cost. The cost includes the balance of the lease liability recognised, initial direct costs and lease payments made at or before the commencement date. In subsequent periods, the value of the right-of-use assets is adjusted for accumulated depreciation, impairment losses and remeasurement of the lease liability, if any. The depreciation is on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. In terms of land not used for the direct extraction of iron ore, the Group holds long-term land lease agreements with the Ukrainian government, typically with durations of up to 49 years. Payments under these lease agreements are made in the form of rental taxes determined annually by the government based on the normative value of the land. As these payments are not substantially fixed and are subject to non-market-driven annual changes, they do not meet the definition of in-substance fixed lease payments under IFRS 16 Leases. Consequently, the Group recognises right-of-use assets and related lease liabilities only over a 12-month period, representing the portion of the lease term for which payments are considered substantially fixed. Future payments beyond this period are disclosed as lease- related commitments. Payments for short-term leases or leases for assets of a low value are recognised as an expense on a systematic basis over the lease term. As at 31 December 2025, the right-of-use assets comprised:
Buildings and
US$000
Land
tailings dam
Total
Net book value:
At 1 January 2024
4,975
1,877
6,852
Additions
3,878
296
4,174
Depreciation
(4,473)
(1,100)
(5,573)
Translation differences
(424)
\u2212
(424)
At 31 December 2024
3,956
1,073
5,029
Additions
3,754
6,899
10,653
Depreciation
(4,132)
(953)
(5,085)
Translation differences
\u2212
(2)
(2)
At 31 December 2025
3,578
7,017
10,595
The right-of-use assets recognised by the Group primarily relate to the 12-month period of lease agreements for land not used for the direct extraction of iron ore in Ukraine and to long-term rental contracts for several of the Group\u2019s office premises with rental periods of five to ten years, leased equipment. Leased assets and assets under hire purchase contracts are pledged as security for the related finance leases and hire purchase liabilities. Lease-related commitments for future contingent rental payments were US$100,794 thousand as at 31 December 2025 (2024: US$112,780 thousand). These commitments include future cash flows dependent on non-fixed rates related to the long-term portion of leases of land not used for the direct extraction of iron ore and accounted for under IFRS 16 Leases whereas the short-term portion is recognised as lease liability in the consolidated statement of financial position. For further information on lease related balances see Note 26 Lease liabilities and Note 30 Commitments, contingencies and legal disputes regarding the commitments for the use of mining land. NOTE 26: LEASE LIABILITIES ACCOUNTING POLICY Lease liabilities are initially measured at the present value of future lease payments, discounted using the interest rate implicit in the lease or, if unavailable, the lessee\u2019s incremental borrowing rate for similar leases. The change of the lease liabilities is the net effect of interest accrued over time, lease payments made, and additions to lease liabilities resulting from new leases entered into during the period. The principal elements of lease payments are presented in the consolidated statement of cash flows within financing activities and interest elements within operating activities. The carrying amount is subject to remeasurement in subsequent periods to reflect any lease modifications. More detailed accounting policies regarding the specific treatment of lease agreements for land used for the direct extraction of iron ore and land not used for this purpose are set out in Note 14 Right-of-use assets. As at 31 December 2025, the lease liabilities comprised:
As at As at
US$000
Notes
31.12.25 31.12.24
Current
Lease liabilities 14
4,228
4,665
Total current lease liabilities
4,228
4,665
Non-current
Lease liabilities 14
6,792
419
Total non-current lease liabilities
6,792
419
Total lease liabilities 27
11,020
5,084
The lease liabilities recognised by the Group primarily relate to the 12-month period of lease agreements for land not used for the direct extraction of iron ore in Ukraine and to long-term rental contracts for several of the Group\u2019s office premises with rental periods of five to ten years. With the exception of the lease liabilities shown below, the Group does not have any outstanding interest-bearing loans and borrowings as at 31 December 2025 and as at the end of the comparative year ended 31 December 2024. The table below shows the movements in the lease liabilities:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance of lease liabilities
5,084
6,948
Cash movements:
Principal and interest elements of lease payments
(4,669)
(5,755)
Total cash movements
(4,669)
(5,755)
Non-cash movements:
Additions to lease liabilities
10,653
4,174
Others (including translation differences)
(48)
(283)
Total non-cash movements
10,605
3,891
Closing balance of lease liabilities
11,020
5,084
The total cash outflow for leases during the financial year ended 31 December 2025 amounted to US$5,333 thousand (2024: US$6,477 thousand), of which US$4,669 thousand relates to leases falling under the scope of IFRS 16 Leases (2024: US$5,755 thousand). During the financial year ended 31 December 2025, an expense in respect of short-term leases of US$664 thousand (2024: US$722 thousand) and interest expense on lease liabilities of US$230 thousand (2024: US$191 thousand) was recognised in the consolidated income statement during the financial year ended 31 December 2025, with the total effect included in the cash flow from operating activities. Further information on lease-related commitments see Note 14 Right-of-use assets and Note 30 Commitments, contingencies and legal disputes.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
ACCOUNTING POLICY
The Group recognises right-of-use assets for leases of buildings, equipment and land not used for the direct extraction of iron ore, as these
fall within the scope of IFRS 16 Leases. The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases
according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land in Note 30
Commitments, contingencies and legal disputes.
The right-of-use asset is recognised at the commencement date of the lease (when the asset is ready for use) and initially measured at
cost. The cost includes the balance of the lease liability recognised, initial direct costs and lease payments made at or before the
commencement date.
In subsequent periods, the value of the right-of-use assets is adjusted for accumulated depreciation, impairment losses and remeasurement
of the lease liability, if any. The depreciation is on a straight-line basis over the shorter of the estimated useful life of the underlying asset and
the lease term.
In terms of land not used for the direct extraction of iron ore, the Group holds long-term land lease agreements with the Ukrainian
government, typically with durations of up to 49 years. Payments under these lease agreements are made in the form of rental taxes
determined annually by the government based on the normative value of the land. As these payments are not substantially fixed and are
subject to non-market-driven annual changes, they do not meet the definition of in-substance fixed lease payments under IFRS 16 Leases.
Consequently, the Group recognises right-of-use assets and related lease liabilities only over a 12-month period, representing the portion
of the lease term for which payments are considered substantially fixed. Future payments beyond this period are disclosed as lease-
related commitments.
Payments for short-term leases or leases for assets of a low value are recognised as an expense on a systematic basis over the lease term.
ACCOUNTING POLICY Lease liabilities are initially measured at the present value of future lease payments, discounted using the interest rate implicit in the lease or, if unavailable, the lessee\u2019s incremental borrowing rate for similar leases. The change of the lease liabilities is the net effect of interest accrued over time, lease payments made, and additions to lease liabilities resulting from new leases entered into during the period. The principal elements of lease payments are presented in the consolidated statement of cash flows within financing activities and interest elements within operating activities. The carrying amount is subject to remeasurement in subsequent periods to reflect any lease modifications. More detailed accounting policies regarding the specific treatment of lease agreements for land used for the direct extraction of iron ore and land not used for this purpose are set out in Note 14 Right-of-use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "ACCOUNTING POLICY The Group recognises right-of-use assets for leases of buildings, equipment and land not used for the direct extraction of iron ore, as these fall within the scope of IFRS 16 Leases. The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land in Note 30 Commitments, contingencies and legal disputes. The right-of-use asset is recognised at the commencement date of the lease (when the asset is ready for use) and initially measured at cost. The cost includes the balance of the lease liability recognised, initial direct costs and lease payments made at or before the commencement date. In subsequent periods, the value of the right-of-use assets is adjusted for accumulated depreciation, impairment losses and remeasurement of the lease liability, if any. The depreciation is on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. In terms of land not used for the direct extraction of iron ore, the Group holds long-term land lease agreements with the Ukrainian government, typically with durations of up to 49 years. Payments under these lease agreements are made in the form of rental taxes determined annually by the government based on the normative value of the land. As these payments are not substantially fixed and are subject to non-market-driven annual changes, they do not meet the definition of in-substance fixed lease payments under IFRS 16 Leases. Consequently, the Group recognises right-of-use assets and related lease liabilities only over a 12-month period, representing the portion of the lease term for which payments are considered substantially fixed. Future payments beyond this period are disclosed as lease- related commitments. Payments for short-term leases or leases for assets of a low value are recognised as an expense on a systematic basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "NOTE 15: INTANGIBLE ASSETS ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsWithIndefiniteUsefulLifeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "NOTE 15: INTANGIBLE ASSETS ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "NOTE 15: INTANGIBLE ASSETS ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "NOTE 15: INTANGIBLE ASSETS ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
IMPAIRMENT TESTING The impairment losses recorded in previous years as a result of the war in Ukraine are re-assessed at the end of any future reporting periods. If there are positive developments in the Group\u2019s future cash flow generation and the relevant macroeconomic data, the impairment loss or a portion of it might reverse in future periods. Conversely, an adverse change in the above key assumptions might further reduce the value in use of the Group\u2019s operating non-current assets and result in further impairment losses. The total impairment loss of US$154,107 thousand recorded during the financial year 2025 was fully allocated to property, plant and equipment. An impairment loss of US$29,103 thousand was recorded during the financial year 2022, of which US$27,340 thousand related to a goodwill existing from the acquisition of one of the Group\u2019s subsidiaries in Ukraine. There is no partial or full reversal of the impairment losses allocated in the past to any of the intangible assets to be recorded as at 31 December 2025. The impairment loss recognised for goodwill is not subject to a reversal in a subsequent period. Sensitivity to changes in assumptions See Note 13 Property, plant and equipment on pages 223 to 225 in terms of the impact of changes in key assumptions on the impairment in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "ACCOUNTING POLICY Exploration and evaluation assets Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property, plant and equipment. Patents and licences, computer software and other intangible assets Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis. The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition. Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
Exploration and evaluation assets
Costs incurred in relation to the exploration and evaluation of potential iron ore deposits are capitalised and classified as tangible or
intangible assets depending on the nature of the expenditures. Costs associated with exploratory drilling, researching and analysing
of exploration data and costs of pre-feasibility studies are included in tangible assets whereas those associated with the acquisition of
licences are included in intangible assets. For the detailed accounting policy on exploration and evaluation assets see Note 13 Property,
plant and equipment.
Patents and licences, computer software and other intangible assets
Patents and licences, computer software and other intangible assets acquired separately are measured on initial recognition at cost and
the useful lives are assessed as either finite or indefinite. Following the initial recognition, the intangible assets are carried at cost less
accumulated amortisation and accumulated impairment losses. If amortised, the intangible assets are amortised on a straight-line basis
over the estimated useful life of the asset. Capitalised mineral licences are amortised on a unit of production basis.
The cost of other intangible assets acquired in a business combination is its fair value as at the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Impairment testing Intangible assets are considered to be part of the Group\u2019s non-current operating assets, which are tested for impairment as a single cash- generating unit. For the detailed accounting policy on impairment testing see Note 13 Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "As at 31 December 2025, intangible assets comprised:
Exploration and Patents and Computer Assets
US$000 evaluation licences software
in progress
Total
Cost:
At 1 January 2024
3,496
3,807
9,446
162
16,911
Additions
\u2212
\u2212
5
687
692
Disposals
\u2212
(3)
(131)
(36)
(170)
Transfers
\u2212
\u2212
584
(583)
1
Translation differences
(345)
(355)
(887)
(26)
(1,613)
At 31 December 2024
3,151
3,449
9,017
204
15,821
Additions
\u2212
\u2212
1
152
153
Disposals
\u2212
(12)
(70)
\u2212
(82)
Transfers
\u2212
\u2212
227
(227)
\u2212
Translation differences
(28)
14
212
(85)
113
At 31 December 2025
3,123
3,451
9,387
44
16,005
Accumulated amortisation and impairment:
At 1 January 2024
1,192
1,936
7, 41 5
\u2212
10,543
Amortisation charge
\u2212
224
665
\u2212
889
Disposals
\u2212
(1)
(164)
\u2212
(165)
Translation differences
(123)
(186)
(705)
\u2212
(1,014)
At 31 December 2024
1,069
1,973
7,21 1
\u2212
10,253
Amortisation charge
\u2212
158
612
\u2212
770
Disposals
\u2212
(12)
(66)
\u2212
(78)
Translation differences
(9)
25
126
\u2212
142
At 31 December 2025
1,060
2,144
7, 8 83
\u2212
11,087
Net book value:
At 31 December 2024
2,082
1,476
1,806
204
5,568
At 31 December 2025
2,063
1,307
1,504
44
4,918
Amortisation profile (in years)
n/a
2 to 10
2 to 5
n/a
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
NOTE 16: OTHER NON-CURRENT ASSETS
As at 31 December 2025, other non-current assets comprised:
As at As at
US$000 31.12.25 31.12.24
Prepayments for property, plant and equipment
26,662
27,221
Other non-current assets
5,712
5,235
Total other non-current assets
32,374
32,456
Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of
a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by
the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test
performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant
and equipment.
Other non-current assets include a prepayment of US$5,223 thousand in relation to an investment in a joint venture. The closing of this
transaction is only possible once martial law in Ukraine is lifted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "NOTE 16: OTHER NON-CURRENT ASSETS As at 31 December 2025, other non-current assets comprised:
As at As at
US$000 31.12.25 31.12.24
Prepayments for property, plant and equipment
26,662
27,221
Other non-current assets
5,712
5,235
Total other non-current assets
32,374
32,456
Prepayments for property, plant and equipment are stated net of a total impairment loss of US$5,443 thousand, which is the result of a proportional allocation of the total impairment loss to this asset category during the financial year 2022. This impairment was caused by the Russian invasion of Ukraine in February 2022, resulting in a significant lower cash flow generation of the Group. The impairment test performed as at 30 June 2025 resulted in an additional impairment loss of US$154,107 thousand, which was fully allocated to property, plant and equipment. Other non-current assets include a prepayment of US$5,223 thousand in relation to an investment in a joint venture. The closing of this transaction is only possible once martial law in Ukraine is lifted. NOTE 20: OTHER TAXES RECOVERABLE AND PAYABLE ACCOUNTING POLICY Value added tax Revenues, expenses and assets are recognised net of the amount of value added tax (\u201cVAT\u201d), except: \u2022 where VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2022 receivables and payables are stated with the amount of VAT included. VAT receivable balances are not discounted unless the overdue balances are expected to be received after more than 12 months following the year end, subject to a contractual agreement regarding the exact timing of the expected refunds. As at 31 December 2025, taxes recoverable and prepaid comprised:
As at As at
US$000 31.12.25 31.12.24
VAT receivable
2,852
35,270
Other taxes prepaid
764
1,026
Total other taxes recoverable and prepaid \u2013 current
3,616
36,296
VAT receivable
71,195
\u2212
Total other taxes recoverable and prepaid \u2013 non-current
71,195
\u2212
Total other taxes recoverable and prepaid
74,811
36,296
Following the suspension of VAT refunds in Ukraine, it is expected that the outstanding VAT balance in Ukraine will be recovered only 12 months after the year end. The total non-current VAT receivable balance as at 31 December 2025 in the table above is net of allowances of US$15,113 thousand (31 December 2024: US$2,146 thousand), of which US$2,033 thousand (31 December 2024: US$2,146 thousand) are not related to the adjusting post balance sheets event described under critical estimates below. The allowances recorded in respect of the negative court decisions are considered as adjusting items and therefore excluded from the Group\u2019s underlying EBITDA as of an exceptional nature. The table below provides a reconciliation of the VAT receivable balance in Ukraine:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance, gross
33,984
27, 10 4
Net VAT incurred
70,030
111,020
VAT refunds received
(16,494)
(100,224)
Translation differences
(1,212)
(3,916)
Closing balance, gross
86,308
33,984
Allowance
(15,113)
(2,146)
Closing balance, net
71,195
31,838
The VAT balance outstanding and claimed at the end of the comparative year ended 31 December 2024 in the amount of US$16,494 thousand was refunded in January and February 2025 in full. Since then, the Group\u2019s subsidiaries in Ukraine have not received any VAT refunds, due to the personal sanctions imposed on Mr Zhevago. The remaining balance outstanding as at 31 December 2024 was claimed in January and February 2025 only and is included in the total balance of suspended VAT refunds as at 31 December 2025. Further details are provided under critical estimates below. CRITICAL ESTIMATES As disclosed in Note 30 Commitments, contingencies and legal disputes, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d) received in 2025 and 2026 notifications from the Ukrainian tax authorities of a decision to suspend the claims made for various monthly VAT refunds. As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599,043 thousand (US$61,315 thousand at this date) were suspended by the State Tax Service (\u201cSTS\u201d). FPM and FYM have been filing and will continue to file lawsuits to the court for each month in relation to the suspended VAT refunds. It is expected that VAT refunds will resume only once the personal sanctions imposed on Mr Zhevago have been lifted or if local tax authorities complied with the favourable court rulings obtained by the Group\u2019s subsidiaries. Despite certain positive court decisions in respect of the claims made by the Group\u2019s subsidiaries for not refunded VAT balances, the balances claimed neither have been refunded by the local tax authorities nor is there a contractual agreement regarding the exact timing of the expected refunds in place. At the same time, as disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in May, June and July 2026 five negative decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds of individual monthly claims made in the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal proceedings that commenced in 2025 and are therefore treated as adjusting events after the reporting period when preparing these consolidated financial statements for the year ended 31 December 2025. Consequently, additional allowances totalling US$13,080 thousand were recognised as at 31 December 2025. The Group\u2019s subsidiaries have resubmitted the claims refused by the court of appeal to the tax authorities for refund in cash. No allowance or discount effect was recorded as at 31 December 2025 for the outstanding balances expected to be refunded after more than 12 months, for which no negative decisions from the court of appeal were received. Further information on the ongoing court proceedings is provided in Note 30 Commitments, contingencies and legal disputes. Further to that, management is continuing to monitor the situation closely and examining possible measures to ensure that VAT refunds are received again in the near future. The situation is continuously reassessed by management based on the developments in the courts, and it is currently unclear when VAT refunds can be expected again. However, the absence of VAT refunds does have an impact on the Group\u2019s cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis of preparation for further details. As at 31 December 2025, other taxes payable comprised:
As at As at
US$000 31.12.25 31.12.24
Environmental tax
376
819
Royalties
5,242
8,174
VAT payable
120
201
Other taxes
4,081
4,294
Total other taxes payable
9,819
13,488
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
NOTE 17: INVENTORIES
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 Raw materials \u2013 at cost on a first-in, first-out basis.
\u2022 Finished goods and work in progress \u2013 at cost of direct materials and labour and a proportion of manufacturing overheads based on
normal operating capacity but excluding borrowing costs.
\u2022 Low-grade and weathered ore \u2013 at cost, if lower than net realisable value.
The net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion (conversion into
pellets or concentrate) and the estimated costs necessary to sell the product or goods.
Major spare parts and servicing equipment that meet the definition of property, plant and equipment are, in accordance with IAS 16,
included in property, plant and equipment and not in inventory.
At 31 December 2025, inventories comprised:
As at As at
US$000 31.12.25 31.12.24
Raw materials and consumables
36,291
43,540
Spare parts
74,595
85,076
Finished ore pellets
8,739
49,740
Work in progress
7,941
12,115
Other
1,462
2,037
Total inventories \u2013 current
129,028
192,508
Weathered ore
12,329
5,185
Total inventories \u2013 non-current
12,329
5,185
Total inventories
141,357
197,693
Following attacks on Ukrainian energy infrastructure on 8 November 2025, the supply of power to the Group\u2019s operations has been affected
and as a result its production of iron ore pellets and concentrate was interrupted and affected later in November and December 2025,
resulting in low inventories of finished iron ore pellets and concentrate as at 31 December 2025.
Historically, inventories classified as non-current comprised low-grade and weathered ore that were, based on the Group\u2019s processing plans,
not planned to be processed within the next 12 months. The balance of US$12,329 thousand as at 31 December 2025 is net of impairment
losses of US$231,111 thousand recorded as at 31 December 2021, as it was not possible to reliably predict at this point of time when required
additional processing capabilities will be available to specifically process the stockpiled low-grade and weathered ore. The stockpiled
low-grade ore is still considered as an asset for the Group and a portion of or all of the impairment losses might reverse in the future, once
changed facts and circumstances can be considered in the net realisable value test of this asset. Due to the ongoing war in Ukraine resulting
in a lower cash flow generation, it is currently impossible to accelerate the commenced engineering studies for the exploration of possible
options for new processing capabilities required to specifically process low-grade ore, so that there are still no changes in facts and
circumstances to be considered as at 31 December 2025.
During the financial year ended 31 December 2025, a volume of 1,998 thousand (2024: 3,684 thousand) tonnes of low-grade ore in the
amount of US$15,194 thousand (2024: US$36,317 thousand) was extracted and stockpiled, and directly recognised in the consolidated
financial statements, included in cost of sales, due to the uncertainties in respect of the expected time of processing of the extracted and
stockpiled volumes.
As disclosed in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes, there is a risk that some of
the Group\u2019s inventories are seized or subject to a forced sales process, if enforcement procedures in respect of an ongoing legal dispute
commence. Although the Group has recognised a provision for the full amount of the contested sureties claim, there is a risk that the future
net realisable value of potentially seized finished goods subject to any potential seizure or forced sales process is different than the value
recognised at cost in the consolidated financial statements as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "ACCOUNTING POLICY Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: \u2022 Raw materials \u2013 at cost on a first-in, first-out basis. \u2022 Finished goods and work in progress \u2013 at cost of direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs. \u2022 Low-grade and weathered ore \u2013 at cost, if lower than net realisable value. The net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion (conversion into pellets or concentrate) and the estimated costs necessary to sell the product or goods. Major spare parts and servicing equipment that meet the definition of property, plant and equipment are, in accordance with IAS 16, included in property, plant and equipment and not in inventory. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "NOTE 18: TRADE AND OTHER RECEIVABLES ACCOUNTING POLICY Trade receivables are non-derivative financial assets initially measured at fair value. Due to their short maturity, the fair value of trade receivables approximates their carrying amount, which is stated at original invoice amount less an allowance for expected credit losses. The Group applies the simplified approach to measure the loss allowance at an amount equal to the lifetime expected credit losses of its customers based on publicly available default risk ratings adjusted for current observable circumstances, forecast information and past history of credit losses. All of the Group\u2019s receivable balances are classified as current based on the agreed terms and conditions and the Group has no history of credit losses. Therefore, the Group measures the lifetime expected credit losses of its customers using the 12-month probability of default. Individual balances are written off when management deems that there is no possibility of recovery. Fully written off trade and other receivable balances could still be subject to enforcement activities. Trade receivables include provisionally priced sales which are open at the end of the reporting period. Certain contracts have embedded provisional pricing mechanisms, which have the character of commodity derivatives that are carried at fair value through profit and loss. For further information on the Group\u2019s contracts with customers see Note 6 Revenue. Revenues on these contracts are initially recognised at the estimated fair value of consideration receivable, based on the contractual or forward prices, depending on the specific terms and conditions with the customers, and adjusted at the end of each subsequent reporting period on the basis of changes in iron ore index prices and the specific underlying contract terms. Final prices based on the relevant index are normally known within 60 days after the reporting period. Further information on the fair value of the embedded provisional pricing mechanism at 31 December 2025 is disclosed in Note 27 Financial instruments. At 31 December 2025, trade and other receivables comprised:
As at As at
US$000 31.12.25 31.12.24
Trade receivables
30,792
32,274
Other receivables
18,926
17,8 41
Expected credit loss allowance
(15,995)
(10,323)
Total trade and other receivables
33,723
39,792
Following attacks on Ukrainian energy infrastructure on 8 November 2025, the supply of power to the Group\u2019s operations has been affected and as a result its production of iron ore pellets and concentrate was interrupted and affected later in November and December 2025. The lower level of production during this period had a substantial impact on the Group\u2019s sales during these months and, as result, the balance of outstanding trade receivables as at 31 December 2025. The lower level of activity during this period led to a significant decline in the Group\u2019s revenue and, consequently, in the balance of outstanding trade receivables as at 31 December 2025. As trade receivables are non-interest bearing and final invoices are generally settled within 90 days after delivery at the latest, contracts with customers are not deemed to contain a significant financing component. Trade receivables at 31 December 2025 include US$1,147 thousand (2024: US$2,571 thousand) owed by related parties. The detailed related party disclosures are made in Note 34 Related party disclosures. The movement in the expected credit loss allowance for trade and other receivables during the year under review was:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
10,323
13,030
Increase
7, 237
4,506
Release
(1,743)
(6,237)
Translation differences
178
(976)
Closing balance
15,995
10,323
During the financial years 2025 and 2024, there was no movement in the expected credit loss allowance for trade and other receivables
relating to lifetime expected credit losses and credit impaired assets.
The following table shows the Group\u2019s receivables at the reporting date that are subject to credit risk using a provision matrix:
As at 31.12.25 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
4.1%
20.7%
84.6%
42.9%
32.2%
Trade receivables \u2013 gross carrying amount
14,445
2,948
3,345
10,054
30,792
Other receivables \u2013 gross carrying amount
953
473
2
17,498
18,926
Expected credit loss allowance
628
707
2,832
11,828
15,995
The expected credit loss allowance increased primarily due to a higher proportion of outstanding receivable balances in Ukraine, resulting in
increased exposure to Ukrainian country risk. Overall outstanding receivable balances remained stable, while the default risk ratings of the
Group\u2019s customers were also consistent with the prior year.
The expected loss rate in for 45\u201390 days reflects the impact of a material receivable that has been individually assessed and fully provided
for, resulting in a higher weighted average loss rate for this aging category.
As at 31.12.24 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
2.0%
22.8%
25.2%
33.4%
20.6%
Trade receivables \u2013 gross carrying amount
18,838
2,770
693
9,973
32,274
Other receivables \u2013 gross carrying amount
428
1
29
17, 382
17,8 4 0
Expected credit loss allowance
382
631
182
9,128
10,323
The change of the balance of impairment losses on trade receivables recognised in the consolidated income statement as at 31 December
2025 and 2024 was not material and therefore not disclosed separately in the consolidated income statement. For further information see
the table above.
The Group\u2019s exposures to credit, currency and commodity risks are disclosed in Note 27 Financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "ACCOUNTING POLICY Trade receivables are non-derivative financial assets initially measured at fair value. Due to their short maturity, the fair value of trade receivables approximates their carrying amount, which is stated at original invoice amount less an allowance for expected credit losses. The Group applies the simplified approach to measure the loss allowance at an amount equal to the lifetime expected credit losses of its customers based on publicly available default risk ratings adjusted for current observable circumstances, forecast information and past history of credit losses. All of the Group\u2019s receivable balances are classified as current based on the agreed terms and conditions and the Group has no history of credit losses. Therefore, the Group measures the lifetime expected credit losses of its customers using the 12-month probability of default. Individual balances are written off when management deems that there is no possibility of recovery. Fully written off trade and other receivable balances could still be subject to enforcement activities. Trade receivables include provisionally priced sales which are open at the end of the reporting period. Certain contracts have embedded provisional pricing mechanisms, which have the character of commodity derivatives that are carried at fair value through profit and loss. For further information on the Group\u2019s contracts with customers see Note 6 Revenue. Revenues on these contracts are initially recognised at the estimated fair value of consideration receivable, based on the contractual or forward prices, depending on the specific terms and conditions with the customers, and adjusted at the end of each subsequent reporting period on the basis of changes in iron ore index prices and the specific underlying contract terms. Final prices based on the relevant index are normally known within 60 days after the reporting period. Further information on the fair value of the embedded provisional pricing mechanism at 31 December 2025 is disclosed in Note 27 Financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "The Group applies the simplified approach to measure the loss allowance at an amount equal to the lifetime expected credit losses of its customers based on publicly available default risk ratings adjusted for current observable circumstances, forecast information and past history of credit losses. All of the Group\u2019s receivable balances are classified as current based on the agreed terms and conditions and the Group has no history of credit losses.", "dimensions": { "concept": "ifrs-full:ExplanationOfInputsAssumptionsAndEstimationTechniquesUsedToApplyImpairmentRequirementsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Trade receivables include provisionally priced sales which are open at the end of the reporting period. Certain contracts have embedded provisional pricing mechanisms, which have the character of commodity derivatives that are carried at fair value through profit and loss. For further information on the Group\u2019s contracts with customers see Note 6 Revenue. Revenues on these contracts are initially recognised at the estimated fair value of consideration receivable, based on the contractual or forward prices, depending on the specific terms and conditions with the customers, and adjusted at the end of each subsequent reporting period on the basis of changes in iron ore index prices and the specific underlying contract terms. Final prices based on the relevant index are normally known within 60 days after the reporting period. Further information on the fair value of the embedded provisional pricing mechanism at 31 December 2025 is disclosed in Note 27 Financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "At 31 December 2025, trade and other receivables comprised:
As at As at
US$000 31.12.25 31.12.24
Trade receivables
30,792
32,274
Other receivables
18,926
17,8 41
Expected credit loss allowance
(15,995)
(10,323)
Total trade and other receivables
33,723
39,792
Following attacks on Ukrainian energy infrastructure on 8 November 2025, the supply of power to the Group\u2019s operations has been affected and as a result its production of iron ore pellets and concentrate was interrupted and affected later in November and December 2025. The lower level of production during this period had a substantial impact on the Group\u2019s sales during these months and, as result, the balance of outstanding trade receivables as at 31 December 2025. The lower level of activity during this period led to a significant decline in the Group\u2019s revenue and, consequently, in the balance of outstanding trade receivables as at 31 December 2025. As trade receivables are non-interest bearing and final invoices are generally settled within 90 days after delivery at the latest, contracts with customers are not deemed to contain a significant financing component. Trade receivables at 31 December 2025 include US$1,147 thousand (2024: US$2,571 thousand) owed by related parties. The detailed related party disclosures are made in Note 34 Related party disclosures. The movement in the expected credit loss allowance for trade and other receivables during the year under review was:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
10,323
13,030
Increase
7, 237
4,506
Release
(1,743)
(6,237)
Translation differences
178
(976)
Closing balance
15,995
10,323
During the financial years 2025 and 2024, there was no movement in the expected credit loss allowance for trade and other receivables relating to lifetime expected credit losses and credit impaired assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
The movement in the expected credit loss allowance for trade and other receivables during the year under review was:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
10,323
13,030
Increase
7, 237
4,506
Release
(1,743)
(6,237)
Translation differences
178
(976)
Closing balance
15,995
10,323
During the financial years 2025 and 2024, there was no movement in the expected credit loss allowance for trade and other receivables relating to lifetime expected credit losses and credit impaired assets. The following table shows the Group\u2019s receivables at the reporting date that are subject to credit risk using a provision matrix:
As at 31.12.25 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
4.1%
20.7%
84.6%
42.9%
32.2%
Trade receivables \u2013 gross carrying amount
14,445
2,948
3,345
10,054
30,792
Other receivables \u2013 gross carrying amount
953
473
2
17,498
18,926
Expected credit loss allowance
628
707
2,832
11,828
15,995
The expected credit loss allowance increased primarily due to a higher proportion of outstanding receivable balances in Ukraine, resulting in increased exposure to Ukrainian country risk. Overall outstanding receivable balances remained stable, while the default risk ratings of the Group\u2019s customers were also consistent with the prior year. The expected loss rate in for 45\u201390 days reflects the impact of a material receivable that has been individually assessed and fully provided for, resulting in a higher weighted average loss rate for this aging category.
As at 31.12.24 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
2.0%
22.8%
25.2%
33.4%
20.6%
Trade receivables \u2013 gross carrying amount
18,838
2,770
693
9,973
32,274
Other receivables \u2013 gross carrying amount
428
1
29
17, 382
17,8 4 0
Expected credit loss allowance
382
631
182
9,128
10,323
The change of the balance of impairment losses on trade receivables recognised in the consolidated income statement as at 31 December 2025 and 2024 was not material and therefore not disclosed separately in the consolidated income statement. For further information see the table above. The Group\u2019s exposures to credit, currency and commodity risks are disclosed in Note 27 Financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "The following table shows the Group\u2019s receivables at the reporting date that are subject to credit risk using a provision matrix:
As at 31.12.25 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
4.1%
20.7%
84.6%
42.9%
32.2%
Trade receivables \u2013 gross carrying amount
14,445
2,948
3,345
10,054
30,792
Other receivables \u2013 gross carrying amount
953
473
2
17,498
18,926
Expected credit loss allowance
628
707
2,832
11,828
15,995
The expected credit loss allowance increased primarily due to a higher proportion of outstanding receivable balances in Ukraine, resulting in increased exposure to Ukrainian country risk. Overall outstanding receivable balances remained stable, while the default risk ratings of the Group\u2019s customers were also consistent with the prior year. The expected loss rate in for 45\u201390 days reflects the impact of a material receivable that has been individually assessed and fully provided for, resulting in a higher weighted average loss rate for this aging category.
As at 31.12.24 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
2.0%
22.8%
25.2%
33.4%
20.6%
Trade receivables \u2013 gross carrying amount
18,838
2,770
693
9,973
32,274
Other receivables \u2013 gross carrying amount
428
1
29
17, 382
17,8 4 0
Expected credit loss allowance
382
631
182
9,128
10,323
The change of the balance of impairment losses on trade receivables recognised in the consolidated income statement as at 31 December 2025 and 2024 was not material and therefore not disclosed separately in the consolidated income statement. For further information see the table above. The Group\u2019s exposures to credit, currency and commodity risks are disclosed in Note 27 Financial instruments.", "dimensions": { "concept": "ifrs-full:AnalysisOfAgeOfFinancialAssetsThatArePastDueButNotImpaired", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "The following table shows the Group\u2019s receivables at the reporting date that are subject to credit risk using a provision matrix:
As at 31.12.25 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
4.1%
20.7%
84.6%
42.9%
32.2%
Trade receivables \u2013 gross carrying amount
14,445
2,948
3,345
10,054
30,792
Other receivables \u2013 gross carrying amount
953
473
2
17,498
18,926
Expected credit loss allowance
628
707
2,832
11,828
15,995
The expected credit loss allowance increased primarily due to a higher proportion of outstanding receivable balances in Ukraine, resulting in increased exposure to Ukrainian country risk. Overall outstanding receivable balances remained stable, while the default risk ratings of the Group\u2019s customers were also consistent with the prior year. The expected loss rate in for 45\u201390 days reflects the impact of a material receivable that has been individually assessed and fully provided for, resulting in a higher weighted average loss rate for this aging category.
As at 31.12.24 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
2.0%
22.8%
25.2%
33.4%
20.6%
Trade receivables \u2013 gross carrying amount
18,838
2,770
693
9,973
32,274
Other receivables \u2013 gross carrying amount
428
1
29
17, 382
17,8 4 0
Expected credit loss allowance
382
631
182
9,128
10,323
The change of the balance of impairment losses on trade receivables recognised in the consolidated income statement as at 31 December 2025 and 2024 was not material and therefore not disclosed separately in the consolidated income statement. For further information see the table above. The Group\u2019s exposures to credit, currency and commodity risks are disclosed in Note 27 Financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "The following table shows the Group\u2019s receivables at the reporting date that are subject to credit risk using a provision matrix:
As at 31.12.25 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
4.1%
20.7%
84.6%
42.9%
32.2%
Trade receivables \u2013 gross carrying amount
14,445
2,948
3,345
10,054
30,792
Other receivables \u2013 gross carrying amount
953
473
2
17,498
18,926
Expected credit loss allowance
628
707
2,832
11,828
15,995
The expected credit loss allowance increased primarily due to a higher proportion of outstanding receivable balances in Ukraine, resulting in increased exposure to Ukrainian country risk. Overall outstanding receivable balances remained stable, while the default risk ratings of the Group\u2019s customers were also consistent with the prior year. The expected loss rate in for 45\u201390 days reflects the impact of a material receivable that has been individually assessed and fully provided for, resulting in a higher weighted average loss rate for this aging category.
As at 31.12.24 Days past due
US$000
Current
Less than 45 days
45 to 90 days
Over 90 days
Total
Expected loss rate
2.0%
22.8%
25.2%
33.4%
20.6%
Trade receivables \u2013 gross carrying amount
18,838
2,770
693
9,973
32,274
Other receivables \u2013 gross carrying amount
428
1
29
17, 382
17,8 4 0
Expected credit loss allowance
382
631
182
9,128
10,323
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionMatrixExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
NOTE 19: PREPAYMENTS AND OTHER CURRENT ASSETS
As at 31 December 2025, prepayments and other current assets comprised:
As at As at
US$000 31.12.25 31.12.24
Prepayments to suppliers:
Electricity and gas
2,429
3,482
Materials and spare parts
944
3,556
Services
3,085
5,390
Other prepayments
21
220
Freight-related prepayments
1,752
9,276
Prepaid expenses
2,166
2,693
Other
38
31
Total prepayments and other current assets
10,435
24,648
Prepayments at 31 December 2025 include US$23 thousand (2024: US$93 thousand) made to related parties. The detailed related party
disclosures are made in Note 34 Related party disclosures.
Freight costs in the amount of US$9,276 thousand were included in the balance of freight-related prepayments at the beginning of the year
and recognised in the consolidated income statement during the year ended 31 December 2025 (2024: US$1,456 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "NOTE 19: PREPAYMENTS AND OTHER CURRENT ASSETS As at 31 December 2025, prepayments and other current assets comprised:
As at As at
US$000 31.12.25 31.12.24
Prepayments to suppliers:
Electricity and gas
2,429
3,482
Materials and spare parts
944
3,556
Services
3,085
5,390
Other prepayments
21
220
Freight-related prepayments
1,752
9,276
Prepaid expenses
2,166
2,693
Other
38
31
Total prepayments and other current assets
10,435
24,648
Prepayments at 31 December 2025 include US$23 thousand (2024: US$93 thousand) made to related parties. The detailed related party disclosures are made in Note 34 Related party disclosures. Freight costs in the amount of US$9,276 thousand were included in the balance of freight-related prepayments at the beginning of the year and recognised in the consolidated income statement during the year ended 31 December 2025 (2024: US$1,456 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
NOTE 20: OTHER TAXES RECOVERABLE AND PAYABLE
ACCOUNTING POLICY
Value added tax
Revenues, expenses and assets are recognised net of the amount of value added tax (\u201cVAT\u201d), except:
\u2022 where VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case VAT is recognised
as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
\u2022 receivables and payables are stated with the amount of VAT included.
VAT receivable balances are not discounted unless the overdue balances are expected to be received after more than 12 months following the
year end, subject to a contractual agreement regarding the exact timing of the expected refunds.
As at 31 December 2025, taxes recoverable and prepaid comprised:
As at As at
US$000 31.12.25 31.12.24
VAT receivable
2,852
35,270
Other taxes prepaid
764
1,026
Total other taxes recoverable and prepaid \u2013 current
3,616
36,296
VAT receivable
71,195
\u2212
Total other taxes recoverable and prepaid \u2013 non-current
71,195
\u2212
Total other taxes recoverable and prepaid
74,811
36,296
Following the suspension of VAT refunds in Ukraine, it is expected that the outstanding VAT balance in Ukraine will be recovered only
12 months after the year end. The total non-current VAT receivable balance as at 31 December 2025 in the table above is net of allowances
of US$15,113 thousand (31 December 2024: US$2,146 thousand), of which US$2,033 thousand (31 December 2024: US$2,146 thousand)
are not related to the adjusting post balance sheets event described under critical estimates below. The allowances recorded in respect
of the negative court decisions are considered as adjusting items and therefore excluded from the Group\u2019s underlying EBITDA as of an
exceptional nature.
The table below provides a reconciliation of the VAT receivable balance in Ukraine:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance, gross
33,984
27, 10 4
Net VAT incurred
70,030
111,020
VAT refunds received
(16,494)
(100,224)
Translation differences
(1,212)
(3,916)
Closing balance, gross
86,308
33,984
Allowance
(15,113)
(2,146)
Closing balance, net
71,195
31,838
The VAT balance outstanding and claimed at the end of the comparative year ended 31 December 2024 in the amount of US$16,494
thousand was refunded in January and February 2025 in full. Since then, the Group\u2019s subsidiaries in Ukraine have not received any VAT
refunds, due to the personal sanctions imposed on Mr Zhevago. The remaining balance outstanding as at 31 December 2024 was claimed in
January and February 2025 only and is included in the total balance of suspended VAT refunds as at 31 December 2025. Further details are
provided under critical estimates below.
CRITICAL ESTIMATES
As disclosed in Note 30 Commitments, contingencies and legal disputes, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining
(\u201cFYM\u201d) received in 2025 and 2026 notifications from the Ukrainian tax authorities of a decision to suspend the claims made for various
monthly VAT refunds.
As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599,043 thousand (US$61,315 thousand at this date) were
suspended by the State Tax Service (\u201cSTS\u201d). FPM and FYM have been filing and will continue to file lawsuits to the court for each month in
relation to the suspended VAT refunds. It is expected that VAT refunds will resume only once the personal sanctions imposed on Mr Zhevago
have been lifted or if local tax authorities complied with the favourable court rulings obtained by the Group\u2019s subsidiaries.
Despite certain positive court decisions in respect of the claims made by the Group\u2019s subsidiaries for not refunded VAT balances, the balances
claimed neither have been refunded by the local tax authorities nor is there a contractual agreement regarding the exact timing of the
expected refunds in place. At the same time, as disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in
May, June and July 2026 five negative decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds
of individual monthly claims made in the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal
proceedings that commenced in 2025 and are therefore treated as adjusting events after the reporting period when preparing these
consolidated financial statements for the year ended 31 December 2025. Consequently, additional allowances totalling US$13,080 thousand
were recognised as at 31 December 2025. The Group\u2019s subsidiaries have resubmitted the claims refused by the court of appeal to the tax
authorities for refund in cash. No allowance or discount effect was recorded as at 31 December 2025 for the outstanding balances expected
to be refunded after more than 12 months, for which no negative decisions from the court of appeal were received. Further information on
the ongoing court proceedings is provided in Note 30 Commitments, contingencies and legal disputes.
Further to that, management is continuing to monitor the situation closely and examining possible measures to ensure that VAT refunds are
received again in the near future. The situation is continuously reassessed by management based on the developments in the courts, and it is
currently unclear when VAT refunds can be expected again. However, the absence of VAT refunds does have an impact on the Group\u2019s cash
flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis
of preparation for further details.
As at 31 December 2025, other taxes payable comprised:
As at As at
US$000 31.12.25 31.12.24
Environmental tax
376
819
Royalties
5,242
8,174
VAT payable
120
201
Other taxes
4,081
4,294
Total other taxes payable
9,819
13,488
", "dimensions": { "concept": "ferrexpoplc:DisclosureOfTaxesOtherThanIncomeTax", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "NOTE 20: OTHER TAXES RECOVERABLE AND PAYABLE ACCOUNTING POLICY Value added tax Revenues, expenses and assets are recognised net of the amount of value added tax (\u201cVAT\u201d), except: \u2022 where VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2022 receivables and payables are stated with the amount of VAT included. VAT receivable balances are not discounted unless the overdue balances are expected to be received after more than 12 months following the year end, subject to a contractual agreement regarding the exact timing of the expected refunds. As at 31 December 2025, taxes recoverable and prepaid comprised:
As at As at
US$000 31.12.25 31.12.24
VAT receivable
2,852
35,270
Other taxes prepaid
764
1,026
Total other taxes recoverable and prepaid \u2013 current
3,616
36,296
VAT receivable
71,195
\u2212
Total other taxes recoverable and prepaid \u2013 non-current
71,195
\u2212
Total other taxes recoverable and prepaid
74,811
36,296
Following the suspension of VAT refunds in Ukraine, it is expected that the outstanding VAT balance in Ukraine will be recovered only 12 months after the year end. The total non-current VAT receivable balance as at 31 December 2025 in the table above is net of allowances of US$15,113 thousand (31 December 2024: US$2,146 thousand), of which US$2,033 thousand (31 December 2024: US$2,146 thousand) are not related to the adjusting post balance sheets event described under critical estimates below. The allowances recorded in respect of the negative court decisions are considered as adjusting items and therefore excluded from the Group\u2019s underlying EBITDA as of an exceptional nature. The table below provides a reconciliation of the VAT receivable balance in Ukraine:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance, gross
33,984
27, 10 4
Net VAT incurred
70,030
111,020
VAT refunds received
(16,494)
(100,224)
Translation differences
(1,212)
(3,916)
Closing balance, gross
86,308
33,984
Allowance
(15,113)
(2,146)
Closing balance, net
71,195
31,838
The VAT balance outstanding and claimed at the end of the comparative year ended 31 December 2024 in the amount of US$16,494 thousand was refunded in January and February 2025 in full. Since then, the Group\u2019s subsidiaries in Ukraine have not received any VAT refunds, due to the personal sanctions imposed on Mr Zhevago. The remaining balance outstanding as at 31 December 2024 was claimed in January and February 2025 only and is included in the total balance of suspended VAT refunds as at 31 December 2025. Further details are provided under critical estimates below. CRITICAL ESTIMATES As disclosed in Note 30 Commitments, contingencies and legal disputes, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d) received in 2025 and 2026 notifications from the Ukrainian tax authorities of a decision to suspend the claims made for various monthly VAT refunds. As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599,043 thousand (US$61,315 thousand at this date) were suspended by the State Tax Service (\u201cSTS\u201d). FPM and FYM have been filing and will continue to file lawsuits to the court for each month in relation to the suspended VAT refunds. It is expected that VAT refunds will resume only once the personal sanctions imposed on Mr Zhevago have been lifted or if local tax authorities complied with the favourable court rulings obtained by the Group\u2019s subsidiaries. Despite certain positive court decisions in respect of the claims made by the Group\u2019s subsidiaries for not refunded VAT balances, the balances claimed neither have been refunded by the local tax authorities nor is there a contractual agreement regarding the exact timing of the expected refunds in place. At the same time, as disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in May, June and July 2026 five negative decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds of individual monthly claims made in the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal proceedings that commenced in 2025 and are therefore treated as adjusting events after the reporting period when preparing these consolidated financial statements for the year ended 31 December 2025. Consequently, additional allowances totalling US$13,080 thousand were recognised as at 31 December 2025. The Group\u2019s subsidiaries have resubmitted the claims refused by the court of appeal to the tax authorities for refund in cash. No allowance or discount effect was recorded as at 31 December 2025 for the outstanding balances expected to be refunded after more than 12 months, for which no negative decisions from the court of appeal were received. Further information on the ongoing court proceedings is provided in Note 30 Commitments, contingencies and legal disputes. Further to that, management is continuing to monitor the situation closely and examining possible measures to ensure that VAT refunds are received again in the near future. The situation is continuously reassessed by management based on the developments in the courts, and it is currently unclear when VAT refunds can be expected again. However, the absence of VAT refunds does have an impact on the Group\u2019s cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis of preparation for further details. As at 31 December 2025, other taxes payable comprised:
As at As at
US$000 31.12.25 31.12.24
Environmental tax
376
819
Royalties
5,242
8,174
VAT payable
120
201
Other taxes
4,081
4,294
Total other taxes payable
9,819
13,488
NOTE 24: ACCRUED AND CONTRACT LIABILITIES ACCOUNTING POLICY Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. Contract liabilities are normally derecognised within 60 days after the reporting period. As at 31 December 2025, accrued and contract liabilities comprised:
As at As at
US$000 31.12.25 31.12.24
Accrued expenses
1,599
3,642
Accrued employee costs
14,046
14,897
Contract liabilities
2,172
4,436
Customer prepayments
1,811
6,440
Total accrued and contract liabilities
19,628
29,415
The contract liabilities are related to deferred freight-related revenue, for which the performance obligations had not been fulfilled as at the end of the years ended 31 December 2025 and 2024. For further information on the change in contract liabilities during the year ended 31 December 2025, see Note 6 Revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "ACCOUNTING POLICY Value added tax Revenues, expenses and assets are recognised net of the amount of value added tax (\u201cVAT\u201d), except: \u2022 where VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and \u2022 receivables and payables are stated with the amount of VAT included. VAT receivable balances are not discounted unless the overdue balances are expected to be received after more than 12 months following the year end, subject to a contractual agreement regarding the exact timing of the expected refunds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "NOTE 21: TRADE AND OTHER PAYABLES ACCOUNTING POLICY Trade and other payables are not interest-bearing, being generally short-term, and are stated at their original invoice amount. As at 31 December 2025, trade and other payables comprised:
As at As at
US$000 31.12.25 31.12.24
Materials and services
22,477
47,039
Payables for equipment
4,254
8,354
Other
503
388
Total current trade and other payables
27,234
55,781
Trade and other payables at 31 December 2025 include US$1,288 thousand (2024: US$1,085 thousand) due to related parties. See Note 34 Related party disclosures for further information. The Group\u2019s exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 27 Financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "ACCOUNTING POLICY Trade and other payables are not interest-bearing, being generally short-term, and are stated at their original invoice amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "NOTE 22: PENSION AND POST-EMPLOYMENT OBLIGATIONS ACCOUNTING POLICY The defined benefit costs relating to the plans operated by the Group in the different countries are determined and accrued in the consolidated financial statements using the projected unit credit method for those employees entitled to such payments. The underlying assumptions are defined by management and the defined benefit pension liability is calculated by independent actuaries at the end of each annual reporting period. Remeasurements, comprising actuarial gains and losses, are immediately reflected in the statement of financial position. The corresponding charge or credit is recognised in the other comprehensive income of the period in which it occurred and immediately reflected in retained earnings as not reclassified to the consolidated income statement in subsequent periods. The costs of managing plan assets are deducted from the return on plan assets reflected in other comprehensive income. All other scheme administration costs are charged to the consolidated income statement. The net interest is calculated by applying the discount rate to the net defined benefit pension liability or plan assets. Any past service costs are recognised in the consolidated income statement at the earlier of when the plan amendment occurs or when related restructuring costs are recognised. The service costs (including current and past) are included in cost of sales, selling and distribution expenses and general and administrative expenses in the consolidated income statement whereas the net finance expenses are included in finance expenses. The defined benefit pension liability is the aggregate of the defined benefit obligation less fair value of plan assets of funded schemes. The Group operates funded and unfunded schemes. The Group\u2019s expenses in relation to defined contribution plans are charged directly to the consolidated income statement. The Group mainly operates defined benefit plans for qualifying employees of its subsidiaries in Ukraine and Switzerland. All local defined benefit pension liabilities are calculated by independent actuaries applying accepted actuarial techniques. In addition to the aforementioned schemes, the Group operates a defined benefit scheme in Austria and contribution plans for qualifying employees in the UK and in Singapore. Details of the major defined benefit schemes in Ukraine and Switzerland are provided below: Ukraine The Group\u2019s subsidiaries in Ukraine make defined contributions to the Ukrainian State Pension Scheme at statutory rates based on the gross salary payments made to the employees. PJSC Ferrexpo Poltava Mining (\u201cFPM\u201d) and LLC Ferrexpo Yeristovo Mining (\u201cFYM\u201d) also have a legal obligation to compensate the Pension Fund of Ukraine for additional (early) pensions paid to certain categories of its current and former employees. All pension schemes in Ukraine are unfunded. At 31 December 2025, the pension schemes in Ukraine covered 2,412 current employees (2024: 2,610 people) and 3,944 former employees (2024: 3,844 people) and there are currently 661 people in receipt of pensions (2024: 664 people). Switzerland The employees of the Group\u2019s Swiss operation are covered by a pension plan within a collective foundation (multiple-employer plan), which is governed in accordance with the requirements of Swiss law. The funding, of which at least 50% is contributed by the employer and at most 50% by the employees, is based on the regulations of the pension scheme and Swiss law. The pension scheme in Switzerland is funded and the assets of the pension scheme are held separately from those of the Group within the legal separate entity of the collective foundation and are invested in bonds, equities, real estate and others. The accumulated capital is converted into a lifelong pension or withdrawn as a lump sum at the time of retirement. On retirement, employees are entitled to receive either a lump sum or an annual proportion of their accumulated capital as a pension underpinned by certain guarantees. The Group and the employees make contributions to the pension scheme as a percentage of the insured salaries depending on the age of the employees. At 31 December 2025, the Swiss pension scheme covered 21 people (2024: 22 people). The principal assumptions used in determining the defined benefit obligation are shown below:
Year ended 31.12.25
Year ended 31.12.24
Ukrainian
schemes
Swiss scheme
Ukrainian schemes
Swiss scheme
Discount rate
16.6%
1.2%
15.7%
1.0%
Retail price inflation
5.5%
0.8%
5.2%
0.8%
Expected future salary increase
8.4%
1.3%
9.0%
1.3%
Expected future benefit increase
8.4%
\u2212
9.0%
\u2212
Female life expectancy (years)
79.8
89.8
79.8
89.7
Male life expectancy (years)
75.6
88.1
75.6
88.0
Duration of defined benefit pension plans (years)
6.4
18.4
8.8
19.9
Reconciliation of post-employment defined benefit plans to the statement of financial position:
As at As at
US$000 31.12.25 31.12.24
Present value of funded defined benefit obligation
6,607
5,659
Fair value of plan assets
(5,503)
(4,231)
Funded status
1,104
1,428
Present value of unfunded defined benefit obligation
16,291
21,378
Defined benefit pension liability
17,395
22,806
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
1,104
1,427
Thereof for schemes in other jurisdictions
141
143
Amounts recognised in the consolidated income statement or in other comprehensive income are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Defined benefit cost charged in the consolidated income statement:
Current service cost
1,116
981
Past service cost
(63)
(45)
Interest cost on defined benefit obligation
3,430
2,488
Interest income on plan assets
(46)
(56)
Administration cost
17
13
Total defined benefit costs charged in the consolidated income statement
4,454
3,381
Remeasurement (gains)/losses in consolidated statement of other comprehensive income:
Remeasurement effect from demographic assumptions
(4,546)
(122)
Remeasurement effect from financial assumptions
(3,221)
4,742
Experience adjustment
442
2,611
Return on plan assets
(195)
(191)
Total remeasurement (gains)/losses in other comprehensive income
(7, 520)
7,04 0
Total defined benefit (gains)/losses
(3,066)
10,421
Thereof for Ukrainian schemes
(2,987)
9,812
Thereof for Swiss scheme
(79)
599
Thereof for schemes in other jurisdictions
\u2212
10
The remeasurement gains for the year ended 31 December 2025 are primarily the effect from the remeasurement of demographic assumptions and financial assumptions, with a higher effect related to the demographic assumptions while in the comparative year ended 31 December 2024, the effects related to the remeasurement of financial assumptions and experience adjustments, with a higher effect related to the financial assumptions, resulting a net remeasurement loss. The remeasurement gains from demographic assumptions as at 31 December 2025 are primarily due to a higher turnover expectation in the future whereas the gains related to the remeasurement effect from financial assumptions is attributable to the increase in the discount rate, both in Ukraine. The remeasurement losses as at the end of the comparative year ended 31 December 2024 were primarily attributable to the decrease in the discount rate and the future salary increase assumption, both in Ukraine, partially offset by the decrease in the inflation rate in Ukraine. The experience adjustment loss as at 31 December 2025 result from a higher effective salary increase in Ukraine than expected as at the end of the comparative year ended 31 December 2023. Changes in the present value of the defined benefit obligation are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening defined benefit obligation
27,037
20,199
Current service cost
1,116
979
Interest cost on defined benefit obligation
3,430
2,488
Remeasurement (gains)/losses
(7,325)
7,230
Contributions paid by employer
(2,007)
(1,829)
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Plan amendments
(63)
(45)
Translation differences
715
(2,183)
Closing defined benefit obligation
22,898
27,037
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
6,607
5,659
Thereof for schemes in other jurisdictions
141
142
Thereof for active employees
12,457
12,886
Thereof for vested terminations
4,482
8,583
Thereof for pensioners
5,959
5,568
Contributions to the defined benefit plans, including benefits paid by employer and employee contributions, are expected to be US$2,024 thousand for the schemes in Ukraine and US$246 thousand in Switzerland in the next financial year. The expenses in relation to the defined contribution plan in the UK totalled US$56 thousand (2024: US$54 thousand). Changes in the fair values of the plan assets are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening fair value of plan assets
4,231
3,697
Interest income
46
56
Contributions paid by employer
424
388
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Return on plan assets
195
191
Administration cost
(18)
(16)
Translation differences
630
(283)
Closing fair value of plan assets
5,503
4,231
Thereof for Swiss scheme
5,503
4,231
The asset allocation of the plan assets of the Swiss scheme is as follows:
As at As at As at As at
%/US$000 31.12.25 31.12.25 31.12.24 31.12.24
Scheme assets at fair value
Equities
36.4
2,001
32.8
1,386
Bonds
25.3
1,390
29.6
1,254
Properties
17.3
950
16.7
705
Other
21.0
1,162
20.9
886
Fair value of scheme assets
100.0
5,503
100.0
4,231
The pension assets are included in a multiple-employer plan and no information in respect of the split of the investments into quoted and non-quoted assets are available. Taking into account the requirements of Swiss law, it is assumed that equities and bonds reflect investments into quoted assets with a portion of the other assets in the portfolio assumed to be investments into non-quoted assets. Changes to interest rates and future salary increases in Ukraine are considered to be the main pension-related risks for the Group, as such changes are likely to affect the balance of the Group\u2019s defined benefit obligation. The percentage used to calculate the sensitivities was set under consideration of the volatility for these assumptions for the Ukrainian schemes and has also been applied for the Group\u2019s less material schemes in other jurisdictions. Changes to the significant assumptions would have the following effects on the defined benefit obligation in the different jurisdictions:
Year ended 31.12.25
Ukrainian Other Ukrainian Other
US$000
schemes
Swiss scheme
jurisdictions
schemes
Swiss scheme
jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(932)
(940)
(7)
1,035
1,286
7
Future salary increases (%)
410
153
6
(403)
(140)
(7)
Local inflation (%)
61
\u2212
n/a
(106)
(1)
n/a
Indexation of pension (%)
n/a
526
n/a
n/a
n/a
n/a
Life expectancy (years)
254
81
n/a
(306)
(82)
n/a
Year ended 31.12.24
US$000
Ukrainian schemes
Swiss scheme
Other jurisdictions
Ukrainian schemes
Swiss scheme
Other jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(1,550)
(874)
(5)
1,757
1,217
6
Future salary increases (%)
611
165
5
(664)
(147)
(4)
Local inflation (%)
343
\u2212
n/a
(487)
\u2212
n/a
Indexation of pension (%)
n/a
476
n/a
n/a
n/a
n/a
Life expectancy (years)
403
73
n/a
(484)
(73)
n/a
Based on the Ukrainian pension legislation, the pension indexation is defined by the future salary increases and the local inflation rate. As a result of this, no sensitivity for the indexation of pension is calculated for the Ukrainian schemes, but the sensitivity for local inflation is used instead. For the presentation of the effects of the changes of the significant assumptions shown in the table above, the present value of the defined benefit obligation has been calculated based on the projected unit credit method at the end of the reporting period, which is the same as the one applied for the calculation of the defined benefit obligation recognised in the statement of financial position as at the end of the respective reporting period. The methods and assumptions used for the sensitivity analysis for the prior year are unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "NOTE 22: PENSION AND POST-EMPLOYMENT OBLIGATIONS ACCOUNTING POLICY The defined benefit costs relating to the plans operated by the Group in the different countries are determined and accrued in the consolidated financial statements using the projected unit credit method for those employees entitled to such payments. The underlying assumptions are defined by management and the defined benefit pension liability is calculated by independent actuaries at the end of each annual reporting period. Remeasurements, comprising actuarial gains and losses, are immediately reflected in the statement of financial position. The corresponding charge or credit is recognised in the other comprehensive income of the period in which it occurred and immediately reflected in retained earnings as not reclassified to the consolidated income statement in subsequent periods. The costs of managing plan assets are deducted from the return on plan assets reflected in other comprehensive income. All other scheme administration costs are charged to the consolidated income statement. The net interest is calculated by applying the discount rate to the net defined benefit pension liability or plan assets. Any past service costs are recognised in the consolidated income statement at the earlier of when the plan amendment occurs or when related restructuring costs are recognised. The service costs (including current and past) are included in cost of sales, selling and distribution expenses and general and administrative expenses in the consolidated income statement whereas the net finance expenses are included in finance expenses. The defined benefit pension liability is the aggregate of the defined benefit obligation less fair value of plan assets of funded schemes. The Group operates funded and unfunded schemes. The Group\u2019s expenses in relation to defined contribution plans are charged directly to the consolidated income statement. The Group mainly operates defined benefit plans for qualifying employees of its subsidiaries in Ukraine and Switzerland. All local defined benefit pension liabilities are calculated by independent actuaries applying accepted actuarial techniques. In addition to the aforementioned schemes, the Group operates a defined benefit scheme in Austria and contribution plans for qualifying employees in the UK and in Singapore. Details of the major defined benefit schemes in Ukraine and Switzerland are provided below: Ukraine The Group\u2019s subsidiaries in Ukraine make defined contributions to the Ukrainian State Pension Scheme at statutory rates based on the gross salary payments made to the employees. PJSC Ferrexpo Poltava Mining (\u201cFPM\u201d) and LLC Ferrexpo Yeristovo Mining (\u201cFYM\u201d) also have a legal obligation to compensate the Pension Fund of Ukraine for additional (early) pensions paid to certain categories of its current and former employees. All pension schemes in Ukraine are unfunded. At 31 December 2025, the pension schemes in Ukraine covered 2,412 current employees (2024: 2,610 people) and 3,944 former employees (2024: 3,844 people) and there are currently 661 people in receipt of pensions (2024: 664 people). Switzerland The employees of the Group\u2019s Swiss operation are covered by a pension plan within a collective foundation (multiple-employer plan), which is governed in accordance with the requirements of Swiss law. The funding, of which at least 50% is contributed by the employer and at most 50% by the employees, is based on the regulations of the pension scheme and Swiss law. The pension scheme in Switzerland is funded and the assets of the pension scheme are held separately from those of the Group within the legal separate entity of the collective foundation and are invested in bonds, equities, real estate and others. The accumulated capital is converted into a lifelong pension or withdrawn as a lump sum at the time of retirement.
On retirement, employees are entitled to receive either a lump sum or an annual proportion of their accumulated capital as a pension
underpinned by certain guarantees. The Group and the employees make contributions to the pension scheme as a percentage of the
insured salaries depending on the age of the employees.
At 31 December 2025, the Swiss pension scheme covered 21 people (2024: 22 people).
The principal assumptions used in determining the defined benefit obligation are shown below:
Year ended 31.12.25
Year ended 31.12.24
Ukrainian
schemes
Swiss scheme
Ukrainian schemes
Swiss scheme
Discount rate
16.6%
1.2%
15.7%
1.0%
Retail price inflation
5.5%
0.8%
5.2%
0.8%
Expected future salary increase
8.4%
1.3%
9.0%
1.3%
Expected future benefit increase
8.4%
\u2212
9.0%
\u2212
Female life expectancy (years)
79.8
89.8
79.8
89.7
Male life expectancy (years)
75.6
88.1
75.6
88.0
Duration of defined benefit pension plans (years)
6.4
18.4
8.8
19.9
Reconciliation of post-employment defined benefit plans to the statement of financial position:
As at As at
US$000 31.12.25 31.12.24
Present value of funded defined benefit obligation
6,607
5,659
Fair value of plan assets
(5,503)
(4,231)
Funded status
1,104
1,428
Present value of unfunded defined benefit obligation
16,291
21,378
Defined benefit pension liability
17,395
22,806
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
1,104
1,427
Thereof for schemes in other jurisdictions
141
143
Amounts recognised in the consolidated income statement or in other comprehensive income are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Defined benefit cost charged in the consolidated income statement:
Current service cost
1,116
981
Past service cost
(63)
(45)
Interest cost on defined benefit obligation
3,430
2,488
Interest income on plan assets
(46)
(56)
Administration cost
17
13
Total defined benefit costs charged in the consolidated income statement
4,454
3,381
Remeasurement (gains)/losses in consolidated statement of other comprehensive income:
Remeasurement effect from demographic assumptions
(4,546)
(122)
Remeasurement effect from financial assumptions
(3,221)
4,742
Experience adjustment
442
2,611
Return on plan assets
(195)
(191)
Total remeasurement (gains)/losses in other comprehensive income
(7, 520)
7,04 0
Total defined benefit (gains)/losses
(3,066)
10,421
Thereof for Ukrainian schemes
(2,987)
9,812
Thereof for Swiss scheme
(79)
599
Thereof for schemes in other jurisdictions
\u2212
10
The remeasurement gains for the year ended 31 December 2025 are primarily the effect from the remeasurement of demographic
assumptions and financial assumptions, with a higher effect related to the demographic assumptions while in the comparative year ended
31 December 2024, the effects related to the remeasurement of financial assumptions and experience adjustments, with a higher effect
related to the financial assumptions, resulting a net remeasurement loss.
The remeasurement gains from demographic assumptions as at 31 December 2025 are primarily due to a higher turnover expectation in the
future whereas the gains related to the remeasurement effect from financial assumptions is attributable to the increase in the discount rate,
both in Ukraine. The remeasurement losses as at the end of the comparative year ended 31 December 2024 were primarily attributable to
the decrease in the discount rate and the future salary increase assumption, both in Ukraine, partially offset by the decrease in the inflation
rate in Ukraine. The experience adjustment loss as at 31 December 2025 result from a higher effective salary increase in Ukraine than
expected as at the end of the comparative year ended 31 December 2023.
Changes in the present value of the defined benefit obligation are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening defined benefit obligation
27,037
20,199
Current service cost
1,116
979
Interest cost on defined benefit obligation
3,430
2,488
Remeasurement (gains)/losses
(7,325)
7,230
Contributions paid by employer
(2,007)
(1,829)
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Plan amendments
(63)
(45)
Translation differences
715
(2,183)
Closing defined benefit obligation
22,898
27,037
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
6,607
5,659
Thereof for schemes in other jurisdictions
141
142
Thereof for active employees
12,457
12,886
Thereof for vested terminations
4,482
8,583
Thereof for pensioners
5,959
5,568
Contributions to the defined benefit plans, including benefits paid by employer and employee contributions, are expected to be US$2,024
thousand for the schemes in Ukraine and US$246 thousand in Switzerland in the next financial year.
The expenses in relation to the defined contribution plan in the UK totalled US$56 thousand (2024: US$54 thousand).
Changes in the fair values of the plan assets are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening fair value of plan assets
4,231
3,697
Interest income
46
56
Contributions paid by employer
424
388
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Return on plan assets
195
191
Administration cost
(18)
(16)
Translation differences
630
(283)
Closing fair value of plan assets
5,503
4,231
Thereof for Swiss scheme
5,503
4,231
The asset allocation of the plan assets of the Swiss scheme is as follows:
As at As at As at As at
%/US$000 31.12.25 31.12.25 31.12.24 31.12.24
Scheme assets at fair value
Equities
36.4
2,001
32.8
1,386
Bonds
25.3
1,390
29.6
1,254
Properties
17.3
950
16.7
705
Other
21.0
1,162
20.9
886
Fair value of scheme assets
100.0
5,503
100.0
4,231
The pension assets are included in a multiple-employer plan and no information in respect of the split of the investments into quoted
and non-quoted assets are available. Taking into account the requirements of Swiss law, it is assumed that equities and bonds reflect
investments into quoted assets with a portion of the other assets in the portfolio assumed to be investments into non-quoted assets.
Changes to interest rates and future salary increases in Ukraine are considered to be the main pension-related risks for the Group, as such
changes are likely to affect the balance of the Group\u2019s defined benefit obligation. The percentage used to calculate the sensitivities was set
under consideration of the volatility for these assumptions for the Ukrainian schemes and has also been applied for the Group\u2019s less material
schemes in other jurisdictions.
Changes to the significant assumptions would have the following effects on the defined benefit obligation in the different jurisdictions:
Year ended 31.12.25
Ukrainian Other Ukrainian Other
US$000
schemes
Swiss scheme
jurisdictions
schemes
Swiss scheme
jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(932)
(940)
(7)
1,035
1,286
7
Future salary increases (%)
410
153
6
(403)
(140)
(7)
Local inflation (%)
61
\u2212
n/a
(106)
(1)
n/a
Indexation of pension (%)
n/a
526
n/a
n/a
n/a
n/a
Life expectancy (years)
254
81
n/a
(306)
(82)
n/a
Year ended 31.12.24
US$000
Ukrainian schemes
Swiss scheme
Other jurisdictions
Ukrainian schemes
Swiss scheme
Other jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(1,550)
(874)
(5)
1,757
1,217
6
Future salary increases (%)
611
165
5
(664)
(147)
(4)
Local inflation (%)
343
\u2212
n/a
(487)
\u2212
n/a
Indexation of pension (%)
n/a
476
n/a
n/a
n/a
n/a
Life expectancy (years)
403
73
n/a
(484)
(73)
n/a
Based on the Ukrainian pension legislation, the pension indexation is defined by the future salary increases and the local inflation rate.
As a result of this, no sensitivity for the indexation of pension is calculated for the Ukrainian schemes, but the sensitivity for local inflation is
used instead.
For the presentation of the effects of the changes of the significant assumptions shown in the table above, the present value of the defined
benefit obligation has been calculated based on the projected unit credit method at the end of the reporting period, which is the same as
the one applied for the calculation of the defined benefit obligation recognised in the statement of financial position as at the end of the
respective reporting period. The methods and assumptions used for the sensitivity analysis for the prior year are unchanged.
NOTE 29: EMPLOYEES
Employee benefits expenses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Wages and salaries
66,421
73,438
Social security costs
12,020
13,337
Post-employment benefits 22
1,126
998
Other employee costs
2,505
4,048
Share-based payments 28
431
320
Total employee benefits expenses
82,503
92,141
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "ACCOUNTING POLICY The defined benefit costs relating to the plans operated by the Group in the different countries are determined and accrued in the consolidated financial statements using the projected unit credit method for those employees entitled to such payments. The underlying assumptions are defined by management and the defined benefit pension liability is calculated by independent actuaries at the end of each annual reporting period. Remeasurements, comprising actuarial gains and losses, are immediately reflected in the statement of financial position. The corresponding charge or credit is recognised in the other comprehensive income of the period in which it occurred and immediately reflected in retained earnings as not reclassified to the consolidated income statement in subsequent periods. The costs of managing plan assets are deducted from the return on plan assets reflected in other comprehensive income. All other scheme administration costs are charged to the consolidated income statement. The net interest is calculated by applying the discount rate to the net defined benefit pension liability or plan assets. Any past service costs are recognised in the consolidated income statement at the earlier of when the plan amendment occurs or when related restructuring costs are recognised. The service costs (including current and past) are included in cost of sales, selling and distribution expenses and general and administrative expenses in the consolidated income statement whereas the net finance expenses are included in finance expenses. The defined benefit pension liability is the aggregate of the defined benefit obligation less fair value of plan assets of funded schemes. The Group operates funded and unfunded schemes. The Group\u2019s expenses in relation to defined contribution plans are charged directly to the consolidated income statement. The Group mainly operates defined benefit plans for qualifying employees of its subsidiaries in Ukraine and Switzerland. All local defined benefit pension liabilities are calculated by independent actuaries applying accepted actuarial techniques. In addition to the aforementioned schemes, the Group operates a defined benefit scheme in Austria and contribution plans for qualifying employees in the UK and in Singapore. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
Ukraine
The Group\u2019s subsidiaries in Ukraine make defined contributions to the Ukrainian State Pension Scheme at statutory rates based on the gross
salary payments made to the employees. PJSC Ferrexpo Poltava Mining (\u201cFPM\u201d) and LLC Ferrexpo Yeristovo Mining (\u201cFYM\u201d) also have a legal
obligation to compensate the Pension Fund of Ukraine for additional (early) pensions paid to certain categories of its current and former
employees. All pension schemes in Ukraine are unfunded.
At 31 December 2025, the pension schemes in Ukraine covered 2,412 current employees (2024: 2,610 people) and 3,944 former employees
(2024: 3,844 people) and there are currently 661 people in receipt of pensions (2024: 664 people).
Switzerland
The employees of the Group\u2019s Swiss operation are covered by a pension plan within a collective foundation (multiple-employer plan), which is
governed in accordance with the requirements of Swiss law. The funding, of which at least 50% is contributed by the employer and at most
50% by the employees, is based on the regulations of the pension scheme and Swiss law. The pension scheme in Switzerland is funded and
the assets of the pension scheme are held separately from those of the Group within the legal separate entity of the collective foundation
and are invested in bonds, equities, real estate and others. The accumulated capital is converted into a lifelong pension or withdrawn as
a lump sum at the time of retirement.
On retirement, employees are entitled to receive either a lump sum or an annual proportion of their accumulated capital as a pension underpinned by certain guarantees. The Group and the employees make contributions to the pension scheme as a percentage of the insured salaries depending on the age of the employees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
Year ended 31.12.25
Year ended 31.12.24
Ukrainian
schemes
Swiss scheme
Ukrainian schemes
Swiss scheme
Discount rate
16.6%
1.2%
15.7%
1.0%
Retail price inflation
5.5%
0.8%
5.2%
0.8%
Expected future salary increase
8.4%
1.3%
9.0%
1.3%
Expected future benefit increase
8.4%
\u2212
9.0%
\u2212
Female life expectancy (years)
79.8
89.8
79.8
89.7
Male life expectancy (years)
75.6
88.1
75.6
88.0
Duration of defined benefit pension plans (years)
6.4
18.4
8.8
19.9
Reconciliation of post-employment defined benefit plans to the statement of financial position:
As at As at
US$000 31.12.25 31.12.24
Present value of funded defined benefit obligation
6,607
5,659
Fair value of plan assets
(5,503)
(4,231)
Funded status
1,104
1,428
Present value of unfunded defined benefit obligation
16,291
21,378
Defined benefit pension liability
17,395
22,806
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
1,104
1,427
Thereof for schemes in other jurisdictions
141
143
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "Changes in the present value of the defined benefit obligation are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening defined benefit obligation
27,037
20,199
Current service cost
1,116
979
Interest cost on defined benefit obligation
3,430
2,488
Remeasurement (gains)/losses
(7,325)
7,230
Contributions paid by employer
(2,007)
(1,829)
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Plan amendments
(63)
(45)
Translation differences
715
(2,183)
Closing defined benefit obligation
22,898
27,037
Thereof for Ukrainian schemes
16,150
21,236
Thereof for Swiss scheme
6,607
5,659
Thereof for schemes in other jurisdictions
141
142
Thereof for active employees
12,457
12,886
Thereof for vested terminations
4,482
8,583
Thereof for pensioners
5,959
5,568
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "Changes in the fair values of the plan assets are as follows:
Year ended Year ended
US$000 31.12.25 31.12.24
Opening fair value of plan assets
4,231
3,697
Interest income
46
56
Contributions paid by employer
424
388
Contributions paid by employees
172
158
Benefits paid and net transfers through pension assets
(177)
40
Return on plan assets
195
191
Administration cost
(18)
(16)
Translation differences
630
(283)
Closing fair value of plan assets
5,503
4,231
Thereof for Swiss scheme
5,503
4,231
The asset allocation of the plan assets of the Swiss scheme is as follows:
As at As at As at As at
%/US$000 31.12.25 31.12.25 31.12.24 31.12.24
Scheme assets at fair value
Equities
36.4
2,001
32.8
1,386
Bonds
25.3
1,390
29.6
1,254
Properties
17.3
950
16.7
705
Other
21.0
1,162
20.9
886
Fair value of scheme assets
100.0
5,503
100.0
4,231
Changes to interest rates and future salary increases in Ukraine are considered to be the main pension-related risks for the Group, as such changes are likely to affect the balance of the Group\u2019s defined benefit obligation. The percentage used to calculate the sensitivities was set under consideration of the volatility for these assumptions for the Ukrainian schemes and has also been applied for the Group\u2019s less material schemes in other jurisdictions. Changes to the significant assumptions would have the following effects on the defined benefit obligation in the different jurisdictions:
Year ended 31.12.25
Ukrainian Other Ukrainian Other
US$000
schemes
Swiss scheme
jurisdictions
schemes
Swiss scheme
jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(932)
(940)
(7)
1,035
1,286
7
Future salary increases (%)
410
153
6
(403)
(140)
(7)
Local inflation (%)
61
\u2212
n/a
(106)
(1)
n/a
Indexation of pension (%)
n/a
526
n/a
n/a
n/a
n/a
Life expectancy (years)
254
81
n/a
(306)
(82)
n/a
Year ended 31.12.24
US$000
Ukrainian schemes
Swiss scheme
Other jurisdictions
Ukrainian schemes
Swiss scheme
Other jurisdictions
Increase by
Decrease by
Change
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
1.0% or 1 year
Discount rate (%)
(1,550)
(874)
(5)
1,757
1,217
6
Future salary increases (%)
611
165
5
(664)
(147)
(4)
Local inflation (%)
343
\u2212
n/a
(487)
\u2212
n/a
Indexation of pension (%)
n/a
476
n/a
n/a
n/a
n/a
Life expectancy (years)
403
73
n/a
(484)
(73)
n/a
Based on the Ukrainian pension legislation, the pension indexation is defined by the future salary increases and the local inflation rate. As a result of this, no sensitivity for the indexation of pension is calculated for the Ukrainian schemes, but the sensitivity for local inflation is used instead. For the presentation of the effects of the changes of the significant assumptions shown in the table above, the present value of the defined benefit obligation has been calculated based on the projected unit credit method at the end of the reporting period, which is the same as the one applied for the calculation of the defined benefit obligation recognised in the statement of financial position as at the end of the respective reporting period. The methods and assumptions used for the sensitivity analysis for the prior year are unchanged. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "NOTE 23: PROVISIONS ACCOUNTING POLICY General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provisions are classified in the Group\u2019s consolidated financial statements either as non-current or current, depending on the expected timing of the outflow of resources. Site restoration Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations. As at 31 December 2025, the provisions are classified as either non-current or current and comprised:
As at 31.12.25
As at 31.12.24
US$000
Legal
Site restoration
Other
Total
Legal
Site restoration
Total
Opening balance
115,694
3,118
\u2212
118,812
128,050
2,780
130,830
Unwind of the discount
\u2212
449
\u2212
449
\u2212
436
436
Additions
\u2212
822
285
1,107
\u2212
311
311
Releases
\u2212
(3)
\u2212
(3)
\u2212
(136)
(136)
Translation differences
(952)
(33)
\u2212
(985)
(12,356)
(273)
(12,629)
Closing balance
114,742
4,353
285
119,380
115,694
3,118
118,812
Current
114,742
\u2212
46
114,788
115,694
\u2212
115,694
Non-Current
\u2212
4,353
239
4,592
\u2212
3,118
3,118
Site restoration The costs of restoration of the different deposits in the Group\u2019s open pit mines are based on amounts determined by an independent and credited institute, taking into account the codes of practice and laws applicable in Ukraine. The useful lives of the different pits and mines are determined by the same institute based on expected annual stripping and production volumes, having taken into account the expected timing and effect of future mine-life extension programmes. It is expected that the restoration works of the GPL mine will start after the years 2050, 2055 and 2065 for the different areas within the mine. The first minor restoration work of the Yerystivske mine is expected to start for some dump areas after 2026, whereas the removal of equipment and the flooding of the pit will only begin at the end of the mine\u2019s life in 2048. The provision represents the discounted value of the estimated costs of decommissioning and restoring the mines at the dates when the deposits are expected to be depleted in the relevant areas within the mine. The present value of the provision has been calculated in Ukrainian hryvnia using nominal pre-tax discount rates taking into account the beginning of the restoration work in the different areas of the mines, averaging at 14.0% (2024: 14.4%). Uncertainties in estimating the provision include potential changes in regulatory requirements, decommissioning and reclamation alternatives, and the discount and inflation rates to be used in the calculations. See Note 2 Basis of preparation in respect of the impact of climate change on the Group\u2019s financial statements. Legal In respect of ongoing court proceedings in Ukraine in respect of contested sureties, the Group recorded a full provision in the amount of UAH4,727 million (US$111,518 thousand as at 31 December 2025) as at 31 December 2023. Although the management is of the opinion that this claim is without merit, a full provision was recorded, considering the magnitude of this specific claim and the risks associated with the judicial system in Ukraine, and was not released as at 31 December 2025. Given the uncertainties involved, it is not possible to determine the timing of the utilisation of this provision. As at the date of the approval of these consolidated financial statements, the court proceedings are ongoing. The next hearing is scheduled for 12 October 2026. The Group is subject to various ongoing legal proceedings and disputes, which require management to make significant estimates and judgements. Further details are provided in Note 30 Commitments, contingencies and legal disputes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "NOTE 23: PROVISIONS ACCOUNTING POLICY General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provisions are classified in the Group\u2019s consolidated financial statements either as non-current or current, depending on the expected timing of the outflow of resources. Site restoration Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations. As at 31 December 2025, the provisions are classified as either non-current or current and comprised:
As at 31.12.25
As at 31.12.24
US$000
Legal
Site restoration
Other
Total
Legal
Site restoration
Total
Opening balance
115,694
3,118
\u2212
118,812
128,050
2,780
130,830
Unwind of the discount
\u2212
449
\u2212
449
\u2212
436
436
Additions
\u2212
822
285
1,107
\u2212
311
311
Releases
\u2212
(3)
\u2212
(3)
\u2212
(136)
(136)
Translation differences
(952)
(33)
\u2212
(985)
(12,356)
(273)
(12,629)
Closing balance
114,742
4,353
285
119,380
115,694
3,118
118,812
Current
114,742
\u2212
46
114,788
115,694
\u2212
115,694
Non-Current
\u2212
4,353
239
4,592
\u2212
3,118
3,118
Site restoration The costs of restoration of the different deposits in the Group\u2019s open pit mines are based on amounts determined by an independent and credited institute, taking into account the codes of practice and laws applicable in Ukraine. The useful lives of the different pits and mines are determined by the same institute based on expected annual stripping and production volumes, having taken into account the expected timing and effect of future mine-life extension programmes. It is expected that the restoration works of the GPL mine will start after the years 2050, 2055 and 2065 for the different areas within the mine. The first minor restoration work of the Yerystivske mine is expected to start for some dump areas after 2026, whereas the removal of equipment and the flooding of the pit will only begin at the end of the mine\u2019s life in 2048. The provision represents the discounted value of the estimated costs of decommissioning and restoring the mines at the dates when the deposits are expected to be depleted in the relevant areas within the mine. The present value of the provision has been calculated in Ukrainian hryvnia using nominal pre-tax discount rates taking into account the beginning of the restoration work in the different areas of the mines, averaging at 14.0% (2024: 14.4%). Uncertainties in estimating the provision include potential changes in regulatory requirements, decommissioning and reclamation alternatives, and the discount and inflation rates to be used in the calculations. See Note 2 Basis of preparation in respect of the impact of climate change on the Group\u2019s financial statements. Legal In respect of ongoing court proceedings in Ukraine in respect of contested sureties, the Group recorded a full provision in the amount of UAH4,727 million (US$111,518 thousand as at 31 December 2025) as at 31 December 2023. Although the management is of the opinion that this claim is without merit, a full provision was recorded, considering the magnitude of this specific claim and the risks associated with the judicial system in Ukraine, and was not released as at 31 December 2025. Given the uncertainties involved, it is not possible to determine the timing of the utilisation of this provision. As at the date of the approval of these consolidated financial statements, the court proceedings are ongoing. The next hearing is scheduled for 12 October 2026. The Group is subject to various ongoing legal proceedings and disputes, which require management to make significant estimates and judgements. Further details are provided in Note 30 Commitments, contingencies and legal disputes.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "ACCOUNTING POLICY General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provisions are classified in the Group\u2019s consolidated financial statements either as non-current or current, depending on the expected timing of the outflow of resources. Site restoration Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "ACCOUNTING POLICY General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provisions are classified in the Group\u2019s consolidated financial statements either as non-current or current, depending on the expected timing of the outflow of resources. Site restoration Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "Site restoration Site restoration provisions are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (determined by an independent expert) in the accounting period when the related environmental disturbance occurs. The provision is discounted, if material, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalised where it gives rise to a future benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or the life of operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "NOTE 24: ACCRUED AND CONTRACT LIABILITIES ACCOUNTING POLICY Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. Contract liabilities are normally derecognised within 60 days after the reporting period. As at 31 December 2025, accrued and contract liabilities comprised:
As at As at
US$000 31.12.25 31.12.24
Accrued expenses
1,599
3,642
Accrued employee costs
14,046
14,897
Contract liabilities
2,172
4,436
Customer prepayments
1,811
6,440
Total accrued and contract liabilities
19,628
29,415
The contract liabilities are related to deferred freight-related revenue, for which the performance obligations had not been fulfilled as at the end of the years ended 31 December 2025 and 2024. For further information on the change in contract liabilities during the year ended 31 December 2025, see Note 6 Revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "NOTE 24: ACCRUED AND CONTRACT LIABILITIES ACCOUNTING POLICY Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. Contract liabilities are normally derecognised within 60 days after the reporting period.
As at 31 December 2025, accrued and contract liabilities comprised:
As at As at
US$000 31.12.25 31.12.24
Accrued expenses
1,599
3,642
Accrued employee costs
14,046
14,897
Contract liabilities
2,172
4,436
Customer prepayments
1,811
6,440
Total accrued and contract liabilities
19,628
29,415
The contract liabilities are related to deferred freight-related revenue, for which the performance obligations had not been fulfilled as at the
end of the years ended 31 December 2025 and 2024. For further information on the change in contract liabilities during the year ended
31 December 2025, see Note 6 Revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "ACCOUNTING POLICY Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. Contract liabilities are normally derecognised within 60 days after the reporting period. ", "dimensions": { "concept": "ferrexpoplc:DescriptionOfAccountingPolicyForAccruedExpensesAndOtherLiabilities", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "NOTE 25: CASH AND CASH EQUIVALENTS ACCOUNTING POLICY Cash and cash equivalents include cash at bank and on hand and short-term deposits with original maturity of 90 days or less from inception. Cash at bank and on hand and short-term deposits are recorded at their nominal amount as these present an insignificant risk of changes in value. As at 31 December 2025, cash and cash equivalents comprised:
As at As at
US$000 31.12.25 31.12.24
Cash at bank and on hand
58,447
105,919
Total cash and cash equivalents
58,447
105,919
The balance of cash and cash equivalents throughout the financial year 2025 and as at 31 December 2025 was affected by suspended VAT refunds in Ukraine as the Group had to reduce its forecast production plan for 2025, affecting its profitability and cash flow generation. As disclosed in Note 35 Events after the reporting period, the banking license of the Group\u2019s transactional bank in Switzerland was revoked on 27 February 2026 and the bank has been ordered to liquidate by the Swiss Financial Market Supervisory Authority (\u201cFINMA\u201d). As a result, the balance held at this bank, totalling US$2,971 thousand as at this date, was temporarily unavailable to the Group. This bank was used by the Group to make commercial payments outside of Ukraine and management has introduced alternative banking solutions to ensure the continuance of the Group\u2019s commercial payments outside of Ukraine. On 11 August 2026, the Group was informed by the bank that its liquidators have approved the payout of the withheld funds to another bank of the Group. Based on the information received, the Group expects to recover its deposit with this bank in full in the weeks following the approval of these consolidated financial statements. The Group was in a net cash position as at 31 December 2025 and 2024. See Note 5 Segment information for further information. The balance of cash and cash equivalents held in Ukraine amounted to US$646 thousand as at 31 December 2025 (31 December 2024: US$4,041 thousand). Despite the foreign exchange control measures imposed under martial law in Ukraine (see Note 30 Commitments, contingencies and legal disputes), this balance is fully available to the Group for its operations in Ukraine and is therefore not considered restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "ACCOUNTING POLICY Cash and cash equivalents include cash at bank and on hand and short-term deposits with original maturity of 90 days or less from inception. Cash at bank and on hand and short-term deposits are recorded at their nominal amount as these present an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "NOTE 27: FINANCIAL INSTRUMENTS ACCOUNTING POLICY Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. NON-DERIVATIVE FINANCIAL INSTRUMENTS Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings (including lease liabilities) and trade and other payables. DERIVATIVE FINANCIAL INSTRUMENTS Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative financial instruments. For more information about the provisionally priced receivables see Commodity risk within this Note. INITIAL MEASUREMENT Non-derivative financial instruments Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities, the transaction costs are recognised immediately in the consolidated income statement. All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation or convention in the marketplace. The subsequent measurement is based on the classification of the financial instruments. SUBSEQUENT MEASUREMENT Financial assets Financial assets measured at amortised cost Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non- derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised or impaired along with the amortisation process. Financial liabilities Trade and other payables Trade and other payables are subsequently measured at amortised cost using the effective interest method. Interest-bearing loans and borrowings Interest-bearing loans and borrowings (excluding lease liabilities) are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the liabilities are derecognised as well as through the amortisation process. For the accounting policy of lease liabilities see Note 26 Lease liabilities. IMPAIRMENT OF FINANCIAL ASSETS In addition to the individual assessment at each reporting date as to whether a financial asset or group of financial assets is impaired, the Group also assesses the expected credit losses on financial assets carried at amortised cost in accordance with the general approach. As all of the Group\u2019s financial assets carried at amortised cost are classified as current based on the agreed terms and conditions, the loss allowance is measured at an amount equal to the lifetime expected credit losses based on publicly available credit default ratings adjusted for current observable circumstances, forecast information and past history of credit losses. This assessment is performed individually for all financial assets that are individually significant and collectively for those that are not individually significant and have similar credit risk characteristics. The carrying amount of the financial assets is reduced by an allowance account with the change of the allowance being recognised in the consolidated income statement. Individual balances are written off when management deems that there is no possibility of recovery. The accounting classification of each category of financial instruments and their carrying amounts are set out below:
As at 31.12.25
Financial
Financial assets Financial assets liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
58,447
\u2212
\u2212
\u2212
58,447
Trade and other receivables 18
32,287
1,436
\u2212
\u2212
33,723
Other financial assets
5,736
\u2212
\u2212
\u2212
5,736
Total financial assets
96,470
1,436
\u2212
\u2212
97,906
Financial liabilities
Trade and other payables 21
\u2212
\u2212
27,234
\u2212
27, 234
Accrued liabilities 24
\u2212
\u2212
15,645
\u2212
15,645
Lease liabilities 26
\u2212
\u2212
\u2212
11,020
11,020
Total financial liabilities
\u2212
\u2212
42,879
11,020
53,899
As at 31.12.24
Financial assets Financial assets Financial liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
105,919
\u2212
\u2212
\u2212
105,919
Trade and other receivables 18
33,500
6,292
\u2212
\u2212
39,792
Other financial assets
5,215
\u2212
\u2212
\u2212
5,215
Total financial assets
144,634
6,292
\u2212
\u2212
150,926
Financial liabilities
Trade and other payables 21
\u2212
\u2212
55,781
\u2212
55,781
Accrued liabilities 24
\u2212
\u2212
18,539
\u2212
18,539
Lease liabilities 26
\u2212
\u2212
\u2212
5,084
5,084
Total financial liabilities
\u2212
\u2212
74,320
5,084
79,404
FAIR VALUES AND IMPAIRMENT TESTING Financial assets and other financial liabilities The fair values of cash and cash equivalents, trade and other receivables and payables are approximately equal to their carrying amounts due to their short maturity. FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION Except for the provisionally priced trade receivables (Level 2) disclosed in Note 18 Trade and other receivables, the Group does not have any financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3 based on the degree to which the fair value is observable. There were no transfers between Level 1 and Level 2 during the financial year 2025 and the comparative year ended 31 December 2024. FINANCIAL RISK MANAGEMENT Overview The Group has exposure to the following risks from its use of financial instruments: \u2022 credit risk; \u2022 liquidity risk; and \u2022 market risk \u2013 including currency and commodity risk. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements. The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in
market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop
a disciplined and constructive control environment in which all employees understand their roles and obligations.
The Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and
reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its
oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the
results of which are reported to the Audit Committee and the CFO.
The Group operates a centralised financial risk management structure under the management of the Executive Committee, accountable to
the Board.
The Executive Committee delegates certain responsibilities to the CFO. The CFO\u2019s responsibilities include authority for approving all new
physical, commercial or financial transactions that create a financial risk for the Group. Additionally, the CFO controls the management of
treasury risks within each of the business units in accordance with a Board-approved treasury policy.
FINANCIAL INSTRUMENT RISK EXPOSURE AND MANAGEMENT
Natural hedges that can be identified and their effectiveness quantified are used in preference to financial risk management instruments.
Derivative transactions may be executed for risk mitigation purposes only \u2013 speculation is not permitted under the approved treasury policy
\u2013 and are designed to have the effect of reducing risk on underlying market or credit exposures. Appropriate operational controls ensure
operational risks are not increased disproportionately to the reduction in market or credit risk.
The Group has not used any financial risk management instruments that are derivative in nature, or other hedging instruments, in this or the
comparative year.
CREDIT RISK
Trade and other receivables
The Group, through its trading operations, enters into binding contracts, which contain obligations that create exposure to credit,
counterparty and country risks. It is the primary objective of the Group to manage such risks to reduce uncertainty of collection from buyers.
A secondary objective is to minimise the cost of reducing risks within acceptable parameters.
Credit risk is the risk associated with the possibility that a buyer will default, by failing to make required payments in a timely manner or
to comply with other conditions of an obligation or agreement. Where appropriate, the Group uses letters of credit to assist in mitigating
such risks.
Counterparty risk crystallises when a party to an agreement defaults. Where letters of credit are used to minimise this risk, the Group uses
a confirming bank with a similar or higher credit rating to mitigate country and/or credit risk of the issuing bank.
Country risk is the potential volatility of foreign assets, whether receivables or investments, which is due to political and/or financial events
in a given country.
Group Treasury monitors the concentration of all outstanding risks associated with any entity or country, and reports to the Group CFO
on a timely basis.
Investment securities
Outside Ukraine, the Group limits its cash exposure to credit, counterparty and country risk by only investing in liquid securities and with
counterparties that are incorporated in an A+ or better \u201cS&P\u201d rated OECD country. A ratings approach is used to determine maximum
exposure to each counterparty. Cash not required for production, distribution or capital expenditures is invested with counterparties rated
by S&P or Moody\u2019s at a level of long-term B \u201cS&P\u201d or short-term A3 \u201cS&P\u201d or better with any exceptions subject to approval by the Board.
Recognising that the principal activities of the Group are predominantly in Ukraine, special consideration is given to Ukrainian transactional
banking counterparties where the sector is small and constrained by the sovereign credit rating. Exceptions may be made under the
following conditions:
\u2022 the counterparty is resident in Ukraine; and
\u2022 the counterparty is included in the top 15 financial institutions in Ukraine based on the Group\u2019s assessment of the financial institution.
Irrespective of the counterparty risk assessment above, the Group only uses subsidiaries of Western banks for transactional purposes unless
required differently by law.
The Group is currently working with three banks in Ukraine, two of which are subsidiaries of Western banks, and is therefore exposed to
Ukraine country and banking sector risk in this respect.
Guarantees
The Group\u2019s policy is to provide financial guarantees under limited circumstances only for the benefit of wholly owned or substantially wholly
owned subsidiaries.
Exposure to credit risk
The carrying amount of financial assets at 31 December 2025 was US$100,238 thousand (2024: US$150,926 thousand) and represents the
maximum credit exposure. See page 239 for further information.
Of the total maximum exposure to credit risk, US$23,822 thousand (2024: US$25,887 thousand) related to Ukraine.
The total outstanding receivables balance relating to the Group\u2019s top customers was US$9,332 thousand as at 31 December 2025 (2024:
US$13,870 thousand), accounting for 28% (2024: 35%) of the total amounts receivable outstanding. The top customers are customers
whose sales accounted for more than 10% of total sales in the current or the previous year. For more information on the Group\u2019s sales to top
customers see Note 6 Revenue.
The Group\u2019s credit risk related to its customers depends primarily on the state of the global steel industry. In times of lower prices for steel
products, the margins and cash flows of steel producers also fall, which could have an adverse impact on the Group\u2019s credit risk. The Group
has not had any significant bad debts in the past and outstanding amounts are thoroughly reviewed and evaluated to mitigate the risk for
such losses. The credit risk related to suppliers of equipment and services in Ukraine is still impacted by the heightened Ukrainian country
risk due to the ongoing war. See the Principal Risks section on page 105 for additional information on the counterparty risks.
Impairment profile
The Group writes off individual balances when evidence indicates that the debtor is experiencing significant financial distress and there is
no possibility of recovery. The Group\u2019s exposure to credit risk relating to trade and other receivables is disclosed in Note 18 Trade and
other receivables.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not have sufficient funds to meet its financial obligations as they fall due. The Group\u2019s objective
is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both expected and stress-tested conditions,
without incurring losses for the different counter parties or risking damage to the Group\u2019s reputation. As at the date of the approval of these
consolidated financial statements, the Group does not have credit facilities, mainly due to the current situation in Ukraine. Since the start of
the war, the conflict in Ukraine has had a significant impact on the Group\u2019s cash flow generation, which has been further exacerbated in 2025
due to the current circumstances facing Mr Zhevago. The war and legal actions against Mr Zhevago and, as a consequence, also against the
Group are expected to continue during the financial year 2026 and to adversely affect the Group\u2019s cash flow generation. For further
information see also the Group\u2019s going concern statement in Note 2 Basis of preparation and Note 30 Commitments, contingencies and
legal disputes.
The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and planning the allocation of
cash. Typically, the Group intends to ensure that it has sufficient cash to meet expected operational expenses. Before the start of the war in
Ukraine, the Group used uncommitted trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers
to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank
stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance
transactions are approved by the Group CFO and Group Treasurer. As at 31 December 2025, no trade finance facilities are available to the
Group as a result of the ongoing war in Ukraine and the current circumstances facing Mr Zhevago.
Over the last 12 months, the Group\u2019s liquidity position has fluctuated significantly and declined, having been negatively impacted by rising
input costs, lower iron ore prices and the absence of the once regular monthly VAT refunds in Ukraine. As at 31 December 2025, the Group\u2019s
cash and cash equivalents amounted to US$58,447 thousand (2024: US$105,919 thousand), representing 30% of total current liabilities
(2024: 50%).
In this context, with the objective of operating at a realistic and feasible level that supports the maintenance of key commercial relationships
with customers, the Group must adjust its expenditures and therefore also its production level, affecting the level of sales and the timing of
its cash collections, to continue to operate within the liquidity limits and capacities determined by the current constraints and to meet its
financial obligations also during the financial year 2026 and beyond. This is an evolving situation that requires continuous monitoring and
ongoing scenario analysis by Group management.
The Group actively monitors the sustaining and development capital expenditure, by allocating resources only to essential major projects.
For further information see the Financial Review section on pages 59 and 60.
For further information see Note 26 Lease liabilities and the Group\u2019s Viability Statement on pages 116 to 118.
The following are the contractual maturities of financial liabilities:
As at 31.12.25
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,663
1,060
980
980
978
4,645
13,306
Total financial assets
4,663
1,060
980
980
978
4,645
13,306
Non-interest-bearing
Trade and other payables
27,234
\u2212
\u2212
\u2212
\u2212
\u2212
27, 234
Accrued liabilities
15,645
\u2212
\u2212
\u2212
\u2212
\u2212
15,645
Total non-interest-bearing
42,879
\u2212
\u2212
\u2212
\u2212
\u2212
42,879
Total financial liabilities
47, 542
1,060
980
980
978
4,645
56,185
As at 31.12.24
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,764
352
88
2
2
1
5,209
Total financial assets
4,764
352
88
2
2
1
5,209
Non-interest-bearing
Trade and other payables
55,781
\u2212
\u2212
\u2212
\u2212
\u2212
55,781
Accrued liabilities
18,539
\u2212
\u2212
\u2212
\u2212
\u2212
18,539
Total non-interest-bearing
74,320
\u2212
\u2212
\u2212
\u2212
\u2212
74,320
Total financial liabilities
79,084
352
88
2
2
1
79,529
CURRENCY RISK
The Group is exposed to currency risk on financial assets and liabilities resulting from sales, purchases and borrowings that are denominated
in a currency other than the respective functional currencies of the Group\u2019s subsidiaries, including the effects from outstanding
intercompany balances. While the reporting currency of the Group is the US dollar, the functional currencies of the Group\u2019s subsidiaries are
the Ukrainian hryvnia, US dollars, euro and Swiss francs, with the largest exposure in respect of the Ukrainian hryvnia.
The National Bank of Ukraine (\u201cNBU\u201d) manages and determines the official exchange rates. An interbank market for the exchange of
currencies exists in Ukraine and is monitored by the NBU. The Group, through financial institutions, exchanges currencies at bank offered
market rates. Since the start of the conflict in Ukraine, the foreign exchange market in Ukraine is tightly managed by the NBU and there is
currently a currency-control framework in place that limits the size and type of allowed foreign currency transactions.
The Group\u2019s currency risk can be split into three distinct categories: structural, transactional and translational risks.
Structural risk
The Group\u2019s revenues are structurally denominated in US dollars as the iron ore market is priced in US dollars based on daily indices, while
the Group\u2019s production is located in Ukraine, with the Ukrainian hryvnia as the local currency.
Transactional risk
As mentioned above, the iron ore market is priced in US dollars. As a result, the Group\u2019s subsidiaries that sell to third party customers have
the US dollar as reporting currency, so that the currency risk on these transactions are not relevant.
However, as the iron ore market is priced in US dollars, the Group\u2019s producing subsidiaries in Ukraine sell their products also in US dollars to
the Group\u2019s sales subsidiary. Due to the different local functional currency in Ukraine, the US dollar denominated receivable balances from
these sales are subject to exchange rate fluctuations of foreign currencies, which can be material. See Note 9 Foreign exchange gains and
losses for further information.
With regards to purchase transactions, the legal entities within the Group face transactional currency risk, although in smaller value per
transaction. The Group manages the risk through regular spot conversions rather than with derivatives that would cover in advance longer-
periods. The rationale for the chosen approach is based on market studies and concrete experience, which show that hedging does not result
in a significant economic advantage over non-hedging in the long term.
A depreciation of the Ukrainian hryvnia decreases the Group\u2019s operating costs in US dollar terms.
As at 31 December 2025, the Group does not have any outstanding interest-bearing loans and borrowings. In the past, the Group\u2019s external
debt facilities were denominated in US dollars, which corresponded to the reporting currency of the Group\u2019s financial subsidiary and was
therefore not exposed to any exchange rate fluctuations of foreign currencies. However, the Group\u2019s intercompany loans are generally
denominated in US dollars and are subject to foreign currency exchange rate fluctuations. See Note 9 Foreign exchange gains and losses
for further information.
Translational risk
The Group has foreign operations which do not have the US dollar as their functional currency. When the results and the statement of
financial position of these operations are consolidated into the Group\u2019s accounts, the translated balances are exposed to changes of the local
currencies to the US dollar.
The Group does not enter into any hedging transactions, which is in line with market practice for international companies.
The Group\u2019s exposure to foreign currency risk was as follows as at 31 December 2025:
As at As at
US$000 31.12.25 31.12.24
Total financial assets
97,906
150,926
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
\u2212
127
Thereof exposed to euro
567
504
Thereof exposed to Swiss franc
1,959
1,093
Thereof exposed to other currencies
207
800
Total exposures to currencies other than local functional currencies
2,733
2,524
Total financial liabilities
(53,899)
(79,404)
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
(199)
(5,395)
Thereof exposed to euro
3,427
(449)
Thereof exposed to Swiss franc
(276)
(369)
Thereof exposed to other currencies
(151)
(900)
Total exposures to currencies other than local functional currencies
2,801
(7, 113)
No other subsidiaries of the Group, apart from the Ukrainian subsidiaries, have financial assets and liabilities denominated in the Ukrainian
hryvnia. The functional currency of the Ukrainian subsidiaries is the Ukrainian hryvnia and the translation of financial assets and financial
liabilities denominated in the Ukrainian hryvnia does therefore not pose a foreign currency risk exposure in the consolidated income
statement of the Group as translation differences are reflected in the translation reserve (see Note 31 Share capital and reserves).
INTEREST RATE RISK
Historically, the Group has borrowed bank funds that were predominantly at floating interest rates and was therefore exposed to interest
rate movements. As at 31 December 2025, the Group does not have any significant balances of interest-bearing loans and borrowings.
No interest rate swaps have been entered into in the current and prior years.
COMMODITY RISK
Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the
forward price at each reporting date for the relevant period outlined in the different contracts. Consequently, the receivable balance may
change in a future period when final invoices can be issued based on final iron ore prices to be applied according to the specific underlying
contract terms. The provisionally priced iron ore exposure as at 31 December 2025 was 467,685 tonnes (2024: 573,291 tonnes) and gave rise
to a fair value gain relating to the embedded provisional pricing mechanism of US$509 thousand as at 31 December 2025 (2024: fair value
loss of US$1,065 thousand). Final iron ore prices based on the relevant index are normally known within 60 days after the reporting period.
The difference between the provisionally priced receivable balance recognised as at 31 December 2025 and the receivable balance taking
into account known final and latest forward prices is US$442 thousand and would have decreased the consolidated result and the
shareholders\u2019 equity by this amount (2024: decreased both by US$760 thousand).
Where pricing terms deviate from the index-based pricing model, derivative commodity contracts may be used to swap the pricing terms
to the iron ore index price.
Finished goods are held at cost without revaluation to a spot price for iron ore pellets at the end of the reporting period, as long as the
recoverable amount exceeds the cost basis.
SENSITIVITY ANALYSIS
Foreign currency sensitivity analysis
A 20% weakening of the US dollar against the following currencies at 31 December would have increased/(decreased) the consolidated
result and equity by the amounts shown below. The percentage applied to the sensitivity analysis of the Group\u2019s foreign currency exposure is
based on the average change of the Ukrainian hryvnia, the Group\u2019s most relevant foreign currency, compared to the US dollar in past years,
which might repeat again in the near future. This percentage was also applied for the Group\u2019s less relevant foreign currencies and does not
have a significant effect on the total effect of this sensitivity analysis. This assumes that all other variables, in particular interest rates,
remain constant.
Year ended Year ended
31.12.25 31.12.24
Income Income
statement/ statement/
US$000 equity equity
Ukrainian hryvnia
(33)
(878)
Euro
666
9
Swiss franc
281
121
Other
9
(17)
Total
923
(765)
A 20% strengthening of the US dollar against the above currencies would have an opposite effect totalling US$1,383 thousand on the
consolidated result and equity, on the basis that all the other variables remain constant.
US dollar denominated intercompany receivable and payable balances are not considered in the Group\u2019s sensitivity analysis as eliminated
in the Group\u2019s consolidated financial statements. However, the possible exposure on these US dollar denominated balances held by the
Ukrainian subsidiaries can be material, depending on the change of the Ukrainian hryvnia to the US dollar. Based on these net intercompany
balances outstanding as at 31 December 2025, a 20% weakening of the Ukrainian hryvnia against the US dollar would have a positive
impact of approximately US$41,000 thousand (2024: approximately US$69,000 thousand) on the consolidated result and equity. A 20%
strengthening would have a negative impact of approximately US$27,000 thousand (2024: approximately US$46,000 thousand) on the
consolidated result and equity. Further information on the actual foreign exchange gains and losses during the financial years 2024 and 2025,
including those on US dollar denominated intercompany balances, are provided in Note 9 Foreign exchange gains and losses.
Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss and the Group does not
hold any derivatives (e.g. interest rate swaps). Therefore, a change in interest rates at the reporting date would not affect the consolidated
income statement.
Cash flow sensitivity for variable rate instruments
The Group\u2019s syndicated revolving pre-export facility was repaid in full during the financial year 2021, meaning the Group no longer has any
borrowings at floating interest rates. As the Group is no longer exposed to interest rate fluctuations, the cash flow sensitivity for variable rate
instruments is no longer prepared and disclosed.
CAPITAL MANAGEMENT
The Board\u2019s policy is to maintain a strong capital base. The Board of Directors monitors both the demographic spread of shareholders,
as well as the return on capital, which the Group defines as the level of dividends to ordinary shareholders over the total shareholders\u2019 equity,
excluding non-controlling interests. Please refer to the statement of changes in equity for details of the capital position of the Group.
A key measure in respect of the Group\u2019s capital management is the level of net cash/(debt). The net cash position has decreased from
US$100,835 thousand at the beginning of the year to US$47,427 thousand as at 31 December 2025. During the financial year 2025, the
balance of the Group\u2019s available cash and cash equivalents was affected by suspended VAT refunds in Ukraine, as well as by the restrictions
on the Group\u2019s production following the attacks on Ukraine\u2019s electricity infrastructure. The restrictions on the production did also have an
indirect effect on inventories of finished iron ore pellets and concentrate and the outstanding trade receivables as at 31 December 2025.
See Note 17 Inventories, Note 18 Trade and other receivables and Note 20 Other taxes recoverable and payable for further information.
Despite the lower net cash position as at 31 December 2025, the Group continued to demonstrate its resilience through these
unprecedented and challenging times, demonstrating the management\u2019s ability to focus on adequately balancing the available liquidity,
working capital requirements and overall business operation.
The capital base of the Group can be adversely affected by falls in the price of iron ore reducing reported revenues and profitability. The price
that the industry earns for iron ore products is cyclical in nature and the Board of Directors continues to review its capital base in line with
industry trends. The Board seeks to maintain a balance between the higher net returns that might be achievable through leverage and
advantages and security provided by a low gearing and strong capital position.
Growth projects are approved under consideration of potential future market constraints, liabilities management across the Group\u2019s balance
sheet and expected returns to shareholders.
The Board maintains a dividend policy consistent with the Group\u2019s profile, reflecting the investment activities the Group has made
supporting current and future production growth and the cash generated by existing operations, while maintaining a prudent level of
dividend distributions after an appropriate level of liquidity is ensured on an ongoing basis.
The Group has been subject to the currency control measures implemented by the National Bank of Ukraine (\u201cNBU\u201d) under Martial Law
since 24 February 2022, which limits the ability of the local Group companies to convert local currency into US dollars and settle cash flows
between onshore and offshore accounts of the Group. The Group has implemented various measures to reduce the risk of fines that may
arise from the currency control measures, but there exists legal uncertainty in the application of the currency control regulations during
martial law in Ukraine. See Note 30 Commitments, contingencies and legal disputes for further information.
The Company is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders
is dependent on its ability to access profits held in the subsidiaries and on the available liquidity above the minimum ongoing buffer
requirements determined by management and the Board. The Group\u2019s consolidated retained earnings shown in the consolidated statement
of changes in equity do not reflect the profits immediately available for distribution in the Group as at 31 December 2025. See Note 12
Earnings per share and dividends paid and proposed for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "ACCOUNTING POLICY Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. NON-DERIVATIVE FINANCIAL INSTRUMENTS Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings (including lease liabilities) and trade and other payables. DERIVATIVE FINANCIAL INSTRUMENTS Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative financial instruments. For more information about the provisionally priced receivables see Commodity risk within this Note. INITIAL MEASUREMENT Non-derivative financial instruments Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities, the transaction costs are recognised immediately in the consolidated income statement. All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation or convention in the marketplace. The subsequent measurement is based on the classification of the financial instruments. SUBSEQUENT MEASUREMENT Financial assets Financial assets measured at amortised cost Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non- derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised or impaired along with the amortisation process. Financial liabilities Trade and other payables Trade and other payables are subsequently measured at amortised cost using the effective interest method. Interest-bearing loans and borrowings Interest-bearing loans and borrowings (excluding lease liabilities) are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the liabilities are derecognised as well as through the amortisation process. For the accounting policy of lease liabilities see Note 26 Lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "ACCOUNTING POLICY Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. NON-DERIVATIVE FINANCIAL INSTRUMENTS Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings (including lease liabilities) and trade and other payables. DERIVATIVE FINANCIAL INSTRUMENTS Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative financial instruments. For more information about the provisionally priced receivables see Commodity risk within this Note. INITIAL MEASUREMENT Non-derivative financial instruments Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities, the transaction costs are recognised immediately in the consolidated income statement. All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation or convention in the marketplace. The subsequent measurement is based on the classification of the financial instruments. SUBSEQUENT MEASUREMENT Financial assets Financial assets measured at amortised cost Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non- derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised or impaired along with the amortisation process. Financial liabilities Trade and other payables Trade and other payables are subsequently measured at amortised cost using the effective interest method. Interest-bearing loans and borrowings Interest-bearing loans and borrowings (excluding lease liabilities) are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the liabilities are derecognised as well as through the amortisation process. For the accounting policy of lease liabilities see Note 26 Lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "ACCOUNTING POLICY Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. NON-DERIVATIVE FINANCIAL INSTRUMENTS Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings (including lease liabilities) and trade and other payables. DERIVATIVE FINANCIAL INSTRUMENTS Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative financial instruments. For more information about the provisionally priced receivables see Commodity risk within this Note. INITIAL MEASUREMENT Non-derivative financial instruments Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities, the transaction costs are recognised immediately in the consolidated income statement. All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation or convention in the marketplace. The subsequent measurement is based on the classification of the financial instruments. SUBSEQUENT MEASUREMENT Financial assets Financial assets measured at amortised cost Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non- derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised or impaired along with the amortisation process. Financial liabilities Trade and other payables Trade and other payables are subsequently measured at amortised cost using the effective interest method. Interest-bearing loans and borrowings Interest-bearing loans and borrowings (excluding lease liabilities) are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the liabilities are derecognised as well as through the amortisation process. For the accounting policy of lease liabilities see Note 26 Lease liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group does not hold any derivative financial instruments. For more information about the provisionally priced receivables see Commodity risk within this Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "INITIAL MEASUREMENT Non-derivative financial instruments Financial assets and financial liabilities (excluding lease liabilities) are initially measured at fair value. Any transaction costs that are directly attributable to the acquisition or issue of financial assets or financial liabilities are added or deducted from its fair value except for financial assets and financial liabilities at fair value through the consolidated income statement. For those financial assets and financial liabilities, the transaction costs are recognised immediately in the consolidated income statement. All regular way purchases and sales of financial assets are recognised on the trade date (i.e. the date that the Group commits to purchase or sell the asset). Regular way purchases or sales are those that require delivery of assets within the period generally established by regulation or convention in the marketplace. The subsequent measurement is based on the classification of the financial instruments. SUBSEQUENT MEASUREMENT Financial assets Financial assets measured at amortised cost Except for the provisionally priced receivables disclosed in Note 18 Trade and other receivables, the Group\u2019s financial assets are non- derivative with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated income statement when the financial assets are derecognised or impaired along with the amortisation process. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "IMPAIRMENT OF FINANCIAL ASSETS In addition to the individual assessment at each reporting date as to whether a financial asset or group of financial assets is impaired, the Group also assesses the expected credit losses on financial assets carried at amortised cost in accordance with the general approach. As all of the Group\u2019s financial assets carried at amortised cost are classified as current based on the agreed terms and conditions, the loss allowance is measured at an amount equal to the lifetime expected credit losses based on publicly available credit default ratings adjusted for current observable circumstances, forecast information and past history of credit losses. This assessment is performed individually for all financial assets that are individually significant and collectively for those that are not individually significant and have similar credit risk characteristics. The carrying amount of the financial assets is reduced by an allowance account with the change of the allowance being recognised in the consolidated income statement. Individual balances are written off when management deems that there is no possibility of recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
The accounting classification of each category of financial instruments and their carrying amounts are set out below:
As at 31.12.25
Financial
Financial assets Financial assets liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
58,447
\u2212
\u2212
\u2212
58,447
Trade and other receivables 18
32,287
1,436
\u2212
\u2212
33,723
Other financial assets
5,736
\u2212
\u2212
\u2212
5,736
Total financial assets
96,470
1,436
\u2212
\u2212
97,906
Financial liabilities
Trade and other payables 21
\u2212
\u2212
27,234
\u2212
27, 234
Accrued liabilities 24
\u2212
\u2212
15,645
\u2212
15,645
Lease liabilities 26
\u2212
\u2212
\u2212
11,020
11,020
Total financial liabilities
\u2212
\u2212
42,879
11,020
53,899
As at 31.12.24
Financial assets Financial assets Financial liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
105,919
\u2212
\u2212
\u2212
105,919
Trade and other receivables 18
33,500
6,292
\u2212
\u2212
39,792
Other financial assets
5,215
\u2212
\u2212
\u2212
5,215
Total financial assets
144,634
6,292
\u2212
\u2212
150,926
Financial liabilities
Trade and other payables 21
\u2212
\u2212
55,781
\u2212
55,781
Accrued liabilities 24
\u2212
\u2212
18,539
\u2212
18,539
Lease liabilities 26
\u2212
\u2212
\u2212
5,084
5,084
Total financial liabilities
\u2212
\u2212
74,320
5,084
79,404
", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "The accounting classification of each category of financial instruments and their carrying amounts are set out below:
As at 31.12.25
Financial
Financial assets Financial assets liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
58,447
\u2212
\u2212
\u2212
58,447
Trade and other receivables 18
32,287
1,436
\u2212
\u2212
33,723
Other financial assets
5,736
\u2212
\u2212
\u2212
5,736
Total financial assets
96,470
1,436
\u2212
\u2212
97,906
Financial liabilities
Trade and other payables 21
\u2212
\u2212
27,234
\u2212
27, 234
Accrued liabilities 24
\u2212
\u2212
15,645
\u2212
15,645
Lease liabilities 26
\u2212
\u2212
\u2212
11,020
11,020
Total financial liabilities
\u2212
\u2212
42,879
11,020
53,899
As at 31.12.24
Financial assets Financial assets Financial liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
105,919
\u2212
\u2212
\u2212
105,919
Trade and other receivables 18
33,500
6,292
\u2212
\u2212
39,792
Other financial assets
5,215
\u2212
\u2212
\u2212
5,215
Total financial assets
144,634
6,292
\u2212
\u2212
150,926
Financial liabilities
Trade and other payables 21
\u2212
\u2212
55,781
\u2212
55,781
Accrued liabilities 24
\u2212
\u2212
18,539
\u2212
18,539
Lease liabilities 26
\u2212
\u2212
\u2212
5,084
5,084
Total financial liabilities
\u2212
\u2212
74,320
5,084
79,404
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "The accounting classification of each category of financial instruments and their carrying amounts are set out below:
As at 31.12.25
Financial
Financial assets Financial assets liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
58,447
\u2212
\u2212
\u2212
58,447
Trade and other receivables 18
32,287
1,436
\u2212
\u2212
33,723
Other financial assets
5,736
\u2212
\u2212
\u2212
5,736
Total financial assets
96,470
1,436
\u2212
\u2212
97,906
Financial liabilities
Trade and other payables 21
\u2212
\u2212
27,234
\u2212
27, 234
Accrued liabilities 24
\u2212
\u2212
15,645
\u2212
15,645
Lease liabilities 26
\u2212
\u2212
\u2212
11,020
11,020
Total financial liabilities
\u2212
\u2212
42,879
11,020
53,899
As at 31.12.24
Financial assets Financial assets Financial liabilities
measured at measured at measured at
US$000 amortised cost fair value
amortised cost
Lease liabilities
Total
Financial assets
Cash and cash equivalents 25
105,919
\u2212
\u2212
\u2212
105,919
Trade and other receivables 18
33,500
6,292
\u2212
\u2212
39,792
Other financial assets
5,215
\u2212
\u2212
\u2212
5,215
Total financial assets
144,634
6,292
\u2212
\u2212
150,926
Financial liabilities
Trade and other payables 21
\u2212
\u2212
55,781
\u2212
55,781
Accrued liabilities 24
\u2212
\u2212
18,539
\u2212
18,539
Lease liabilities 26
\u2212
\u2212
\u2212
5,084
5,084
Total financial liabilities
\u2212
\u2212
74,320
5,084
79,404
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "
FAIR VALUES AND IMPAIRMENT TESTING
Financial assets and other financial liabilities
The fair values of cash and cash equivalents, trade and other receivables and payables are approximately equal to their carrying amounts due
to their short maturity.
FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION
Except for the provisionally priced trade receivables (Level 2) disclosed in Note 18 Trade and other receivables, the Group does not have any
financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3 based on the degree to
which the fair value is observable. There were no transfers between Level 1 and Level 2 during the financial year 2025 and the comparative
year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "FAIR VALUES AND IMPAIRMENT TESTING Financial assets and other financial liabilities The fair values of cash and cash equivalents, trade and other receivables and payables are approximately equal to their carrying amounts due to their short maturity. FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION Except for the provisionally priced trade receivables (Level 2) disclosed in Note 18 Trade and other receivables, the Group does not have any financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3 based on the degree to which the fair value is observable. There were no transfers between Level 1 and Level 2 during the financial year 2025 and the comparative year ended 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "
FINANCIAL RISK MANAGEMENT
Overview
The Group has exposure to the following risks from its use of financial instruments:
\u2022 credit risk;
\u2022 liquidity risk; and
\u2022 market risk \u2013 including currency and commodity risk.
This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes
for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout
these consolidated financial statements. The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk
management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee and the CFO. The Group operates a centralised financial risk management structure under the management of the Executive Committee, accountable to the Board. The Executive Committee delegates certain responsibilities to the CFO. The CFO\u2019s responsibilities include authority for approving all new physical, commercial or financial transactions that create a financial risk for the Group. Additionally, the CFO controls the management of treasury risks within each of the business units in accordance with a Board-approved treasury policy. FINANCIAL INSTRUMENT RISK EXPOSURE AND MANAGEMENT Natural hedges that can be identified and their effectiveness quantified are used in preference to financial risk management instruments. Derivative transactions may be executed for risk mitigation purposes only \u2013 speculation is not permitted under the approved treasury policy \u2013 and are designed to have the effect of reducing risk on underlying market or credit exposures. Appropriate operational controls ensure operational risks are not increased disproportionately to the reduction in market or credit risk. The Group has not used any financial risk management instruments that are derivative in nature, or other hedging instruments, in this or the comparative year. CREDIT RISK Trade and other receivables The Group, through its trading operations, enters into binding contracts, which contain obligations that create exposure to credit, counterparty and country risks. It is the primary objective of the Group to manage such risks to reduce uncertainty of collection from buyers. A secondary objective is to minimise the cost of reducing risks within acceptable parameters. Credit risk is the risk associated with the possibility that a buyer will default, by failing to make required payments in a timely manner or to comply with other conditions of an obligation or agreement. Where appropriate, the Group uses letters of credit to assist in mitigating such risks. Counterparty risk crystallises when a party to an agreement defaults. Where letters of credit are used to minimise this risk, the Group uses a confirming bank with a similar or higher credit rating to mitigate country and/or credit risk of the issuing bank. Country risk is the potential volatility of foreign assets, whether receivables or investments, which is due to political and/or financial events in a given country. Group Treasury monitors the concentration of all outstanding risks associated with any entity or country, and reports to the Group CFO on a timely basis. Investment securities Outside Ukraine, the Group limits its cash exposure to credit, counterparty and country risk by only investing in liquid securities and with counterparties that are incorporated in an A+ or better \u201cS&P\u201d rated OECD country. A ratings approach is used to determine maximum exposure to each counterparty. Cash not required for production, distribution or capital expenditures is invested with counterparties rated by S&P or Moody\u2019s at a level of long-term B \u201cS&P\u201d or short-term A3 \u201cS&P\u201d or better with any exceptions subject to approval by the Board. Recognising that the principal activities of the Group are predominantly in Ukraine, special consideration is given to Ukrainian transactional banking counterparties where the sector is small and constrained by the sovereign credit rating. Exceptions may be made under the following conditions: \u2022 the counterparty is resident in Ukraine; and \u2022 the counterparty is included in the top 15 financial institutions in Ukraine based on the Group\u2019s assessment of the financial institution. Irrespective of the counterparty risk assessment above, the Group only uses subsidiaries of Western banks for transactional purposes unless required differently by law. The Group is currently working with three banks in Ukraine, two of which are subsidiaries of Western banks, and is therefore exposed to Ukraine country and banking sector risk in this respect. Guarantees The Group\u2019s policy is to provide financial guarantees under limited circumstances only for the benefit of wholly owned or substantially wholly owned subsidiaries. Exposure to credit risk The carrying amount of financial assets at 31 December 2025 was US$100,238 thousand (2024: US$150,926 thousand) and represents the maximum credit exposure. See page 239 for further information. Of the total maximum exposure to credit risk, US$23,822 thousand (2024: US$25,887 thousand) related to Ukraine. The total outstanding receivables balance relating to the Group\u2019s top customers was US$9,332 thousand as at 31 December 2025 (2024: US$13,870 thousand), accounting for 28% (2024: 35%) of the total amounts receivable outstanding. The top customers are customers whose sales accounted for more than 10% of total sales in the current or the previous year. For more information on the Group\u2019s sales to top customers see Note 6 Revenue. The Group\u2019s credit risk related to its customers depends primarily on the state of the global steel industry. In times of lower prices for steel products, the margins and cash flows of steel producers also fall, which could have an adverse impact on the Group\u2019s credit risk. The Group has not had any significant bad debts in the past and outstanding amounts are thoroughly reviewed and evaluated to mitigate the risk for such losses. The credit risk related to suppliers of equipment and services in Ukraine is still impacted by the heightened Ukrainian country risk due to the ongoing war. See the Principal Risks section on page 105 for additional information on the counterparty risks. Impairment profile The Group writes off individual balances when evidence indicates that the debtor is experiencing significant financial distress and there is no possibility of recovery. The Group\u2019s exposure to credit risk relating to trade and other receivables is disclosed in Note 18 Trade and other receivables. LIQUIDITY RISK Liquidity risk is the risk that the Group will not have sufficient funds to meet its financial obligations as they fall due. The Group\u2019s objective is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both expected and stress-tested conditions, without incurring losses for the different counter parties or risking damage to the Group\u2019s reputation. As at the date of the approval of these consolidated financial statements, the Group does not have credit facilities, mainly due to the current situation in Ukraine. Since the start of the war, the conflict in Ukraine has had a significant impact on the Group\u2019s cash flow generation, which has been further exacerbated in 2025 due to the current circumstances facing Mr Zhevago. The war and legal actions against Mr Zhevago and, as a consequence, also against the Group are expected to continue during the financial year 2026 and to adversely affect the Group\u2019s cash flow generation. For further information see also the Group\u2019s going concern statement in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes. The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and planning the allocation of cash. Typically, the Group intends to ensure that it has sufficient cash to meet expected operational expenses. Before the start of the war in Ukraine, the Group used uncommitted trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance transactions are approved by the Group CFO and Group Treasurer. As at 31 December 2025, no trade finance facilities are available to the Group as a result of the ongoing war in Ukraine and the current circumstances facing Mr Zhevago. Over the last 12 months, the Group\u2019s liquidity position has fluctuated significantly and declined, having been negatively impacted by rising input costs, lower iron ore prices and the absence of the once regular monthly VAT refunds in Ukraine. As at 31 December 2025, the Group\u2019s cash and cash equivalents amounted to US$58,447 thousand (2024: US$105,919 thousand), representing 30% of total current liabilities (2024: 50%). In this context, with the objective of operating at a realistic and feasible level that supports the maintenance of key commercial relationships with customers, the Group must adjust its expenditures and therefore also its production level, affecting the level of sales and the timing of its cash collections, to continue to operate within the liquidity limits and capacities determined by the current constraints and to meet its financial obligations also during the financial year 2026 and beyond. This is an evolving situation that requires continuous monitoring and ongoing scenario analysis by Group management. The Group actively monitors the sustaining and development capital expenditure, by allocating resources only to essential major projects. For further information see the Financial Review section on pages 59 and 60. For further information see Note 26 Lease liabilities and the Group\u2019s Viability Statement on pages 116 to 118. The following are the contractual maturities of financial liabilities:
As at 31.12.25
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,663
1,060
980
980
978
4,645
13,306
Total financial assets
4,663
1,060
980
980
978
4,645
13,306
Non-interest-bearing
Trade and other payables
27,234
\u2212
\u2212
\u2212
\u2212
\u2212
27, 234
Accrued liabilities
15,645
\u2212
\u2212
\u2212
\u2212
\u2212
15,645
Total non-interest-bearing
42,879
\u2212
\u2212
\u2212
\u2212
\u2212
42,879
Total financial liabilities
47, 542
1,060
980
980
978
4,645
56,185
As at 31.12.24
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,764
352
88
2
2
1
5,209
Total financial assets
4,764
352
88
2
2
1
5,209
Non-interest-bearing
Trade and other payables
55,781
\u2212
\u2212
\u2212
\u2212
\u2212
55,781
Accrued liabilities
18,539
\u2212
\u2212
\u2212
\u2212
\u2212
18,539
Total non-interest-bearing
74,320
\u2212
\u2212
\u2212
\u2212
\u2212
74,320
Total financial liabilities
79,084
352
88
2
2
1
79,529
CURRENCY RISK The Group is exposed to currency risk on financial assets and liabilities resulting from sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of the Group\u2019s subsidiaries, including the effects from outstanding intercompany balances. While the reporting currency of the Group is the US dollar, the functional currencies of the Group\u2019s subsidiaries are the Ukrainian hryvnia, US dollars, euro and Swiss francs, with the largest exposure in respect of the Ukrainian hryvnia. The National Bank of Ukraine (\u201cNBU\u201d) manages and determines the official exchange rates. An interbank market for the exchange of currencies exists in Ukraine and is monitored by the NBU. The Group, through financial institutions, exchanges currencies at bank offered market rates. Since the start of the conflict in Ukraine, the foreign exchange market in Ukraine is tightly managed by the NBU and there is currently a currency-control framework in place that limits the size and type of allowed foreign currency transactions. The Group\u2019s currency risk can be split into three distinct categories: structural, transactional and translational risks. Structural risk The Group\u2019s revenues are structurally denominated in US dollars as the iron ore market is priced in US dollars based on daily indices, while the Group\u2019s production is located in Ukraine, with the Ukrainian hryvnia as the local currency. Transactional risk As mentioned above, the iron ore market is priced in US dollars. As a result, the Group\u2019s subsidiaries that sell to third party customers have the US dollar as reporting currency, so that the currency risk on these transactions are not relevant. However, as the iron ore market is priced in US dollars, the Group\u2019s producing subsidiaries in Ukraine sell their products also in US dollars to the Group\u2019s sales subsidiary. Due to the different local functional currency in Ukraine, the US dollar denominated receivable balances from these sales are subject to exchange rate fluctuations of foreign currencies, which can be material. See Note 9 Foreign exchange gains and losses for further information. With regards to purchase transactions, the legal entities within the Group face transactional currency risk, although in smaller value per transaction. The Group manages the risk through regular spot conversions rather than with derivatives that would cover in advance longer- periods. The rationale for the chosen approach is based on market studies and concrete experience, which show that hedging does not result in a significant economic advantage over non-hedging in the long term. A depreciation of the Ukrainian hryvnia decreases the Group\u2019s operating costs in US dollar terms. As at 31 December 2025, the Group does not have any outstanding interest-bearing loans and borrowings. In the past, the Group\u2019s external debt facilities were denominated in US dollars, which corresponded to the reporting currency of the Group\u2019s financial subsidiary and was therefore not exposed to any exchange rate fluctuations of foreign currencies. However, the Group\u2019s intercompany loans are generally denominated in US dollars and are subject to foreign currency exchange rate fluctuations. See Note 9 Foreign exchange gains and losses for further information. Translational risk The Group has foreign operations which do not have the US dollar as their functional currency. When the results and the statement of financial position of these operations are consolidated into the Group\u2019s accounts, the translated balances are exposed to changes of the local currencies to the US dollar. The Group does not enter into any hedging transactions, which is in line with market practice for international companies. The Group\u2019s exposure to foreign currency risk was as follows as at 31 December 2025:
As at As at
US$000 31.12.25 31.12.24
Total financial assets
97,906
150,926
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
\u2212
127
Thereof exposed to euro
567
504
Thereof exposed to Swiss franc
1,959
1,093
Thereof exposed to other currencies
207
800
Total exposures to currencies other than local functional currencies
2,733
2,524
Total financial liabilities
(53,899)
(79,404)
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
(199)
(5,395)
Thereof exposed to euro
3,427
(449)
Thereof exposed to Swiss franc
(276)
(369)
Thereof exposed to other currencies
(151)
(900)
Total exposures to currencies other than local functional currencies
2,801
(7, 113)
No other subsidiaries of the Group, apart from the Ukrainian subsidiaries, have financial assets and liabilities denominated in the Ukrainian hryvnia. The functional currency of the Ukrainian subsidiaries is the Ukrainian hryvnia and the translation of financial assets and financial liabilities denominated in the Ukrainian hryvnia does therefore not pose a foreign currency risk exposure in the consolidated income statement of the Group as translation differences are reflected in the translation reserve (see Note 31 Share capital and reserves). INTEREST RATE RISK Historically, the Group has borrowed bank funds that were predominantly at floating interest rates and was therefore exposed to interest rate movements. As at 31 December 2025, the Group does not have any significant balances of interest-bearing loans and borrowings. No interest rate swaps have been entered into in the current and prior years. COMMODITY RISK Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. Consequently, the receivable balance may change in a future period when final invoices can be issued based on final iron ore prices to be applied according to the specific underlying contract terms. The provisionally priced iron ore exposure as at 31 December 2025 was 467,685 tonnes (2024: 573,291 tonnes) and gave rise to a fair value gain relating to the embedded provisional pricing mechanism of US$509 thousand as at 31 December 2025 (2024: fair value loss of US$1,065 thousand). Final iron ore prices based on the relevant index are normally known within 60 days after the reporting period. The difference between the provisionally priced receivable balance recognised as at 31 December 2025 and the receivable balance taking into account known final and latest forward prices is US$442 thousand and would have decreased the consolidated result and the shareholders\u2019 equity by this amount (2024: decreased both by US$760 thousand). Where pricing terms deviate from the index-based pricing model, derivative commodity contracts may be used to swap the pricing terms to the iron ore index price. Finished goods are held at cost without revaluation to a spot price for iron ore pellets at the end of the reporting period, as long as the recoverable amount exceeds the cost basis. SENSITIVITY ANALYSIS Foreign currency sensitivity analysis A 20% weakening of the US dollar against the following currencies at 31 December would have increased/(decreased) the consolidated result and equity by the amounts shown below. The percentage applied to the sensitivity analysis of the Group\u2019s foreign currency exposure is based on the average change of the Ukrainian hryvnia, the Group\u2019s most relevant foreign currency, compared to the US dollar in past years, which might repeat again in the near future. This percentage was also applied for the Group\u2019s less relevant foreign currencies and does not have a significant effect on the total effect of this sensitivity analysis. This assumes that all other variables, in particular interest rates, remain constant.
Year ended Year ended
31.12.25 31.12.24
Income Income
statement/ statement/
US$000 equity equity
Ukrainian hryvnia
(33)
(878)
Euro
666
9
Swiss franc
281
121
Other
9
(17)
Total
923
(765)
A 20% strengthening of the US dollar against the above currencies would have an opposite effect totalling US$1,383 thousand on the consolidated result and equity, on the basis that all the other variables remain constant. US dollar denominated intercompany receivable and payable balances are not considered in the Group\u2019s sensitivity analysis as eliminated in the Group\u2019s consolidated financial statements. However, the possible exposure on these US dollar denominated balances held by the Ukrainian subsidiaries can be material, depending on the change of the Ukrainian hryvnia to the US dollar. Based on these net intercompany balances outstanding as at 31 December 2025, a 20% weakening of the Ukrainian hryvnia against the US dollar would have a positive impact of approximately US$41,000 thousand (2024: approximately US$69,000 thousand) on the consolidated result and equity. A 20% strengthening would have a negative impact of approximately US$27,000 thousand (2024: approximately US$46,000 thousand) on the consolidated result and equity. Further information on the actual foreign exchange gains and losses during the financial years 2024 and 2025, including those on US dollar denominated intercompany balances, are provided in Note 9 Foreign exchange gains and losses. Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss and the Group does not hold any derivatives (e.g. interest rate swaps). Therefore, a change in interest rates at the reporting date would not affect the consolidated income statement. Cash flow sensitivity for variable rate instruments The Group\u2019s syndicated revolving pre-export facility was repaid in full during the financial year 2021, meaning the Group no longer has any borrowings at floating interest rates. As the Group is no longer exposed to interest rate fluctuations, the cash flow sensitivity for variable rate instruments is no longer prepared and disclosed. CAPITAL MANAGEMENT The Board\u2019s policy is to maintain a strong capital base. The Board of Directors monitors both the demographic spread of shareholders, as well as the return on capital, which the Group defines as the level of dividends to ordinary shareholders over the total shareholders\u2019 equity, excluding non-controlling interests. Please refer to the statement of changes in equity for details of the capital position of the Group. A key measure in respect of the Group\u2019s capital management is the level of net cash/(debt). The net cash position has decreased from US$100,835 thousand at the beginning of the year to US$47,427 thousand as at 31 December 2025. During the financial year 2025, the balance of the Group\u2019s available cash and cash equivalents was affected by suspended VAT refunds in Ukraine, as well as by the restrictions on the Group\u2019s production following the attacks on Ukraine\u2019s electricity infrastructure. The restrictions on the production did also have an indirect effect on inventories of finished iron ore pellets and concentrate and the outstanding trade receivables as at 31 December 2025. See Note 17 Inventories, Note 18 Trade and other receivables and Note 20 Other taxes recoverable and payable for further information. Despite the lower net cash position as at 31 December 2025, the Group continued to demonstrate its resilience through these unprecedented and challenging times, demonstrating the management\u2019s ability to focus on adequately balancing the available liquidity, working capital requirements and overall business operation. The capital base of the Group can be adversely affected by falls in the price of iron ore reducing reported revenues and profitability. The price that the industry earns for iron ore products is cyclical in nature and the Board of Directors continues to review its capital base in line with industry trends. The Board seeks to maintain a balance between the higher net returns that might be achievable through leverage and advantages and security provided by a low gearing and strong capital position. Growth projects are approved under consideration of potential future market constraints, liabilities management across the Group\u2019s balance sheet and expected returns to shareholders. The Board maintains a dividend policy consistent with the Group\u2019s profile, reflecting the investment activities the Group has made supporting current and future production growth and the cash generated by existing operations, while maintaining a prudent level of dividend distributions after an appropriate level of liquidity is ensured on an ongoing basis. The Group has been subject to the currency control measures implemented by the National Bank of Ukraine (\u201cNBU\u201d) under Martial Law since 24 February 2022, which limits the ability of the local Group companies to convert local currency into US dollars and settle cash flows between onshore and offshore accounts of the Group. The Group has implemented various measures to reduce the risk of fines that may arise from the currency control measures, but there exists legal uncertainty in the application of the currency control regulations during martial law in Ukraine. See Note 30 Commitments, contingencies and legal disputes for further information. The Company is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries and on the available liquidity above the minimum ongoing buffer requirements determined by management and the Board. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits immediately available for distribution in the Group as at 31 December 2025. See Note 12 Earnings per share and dividends paid and proposed for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "CREDIT RISK Trade and other receivables The Group, through its trading operations, enters into binding contracts, which contain obligations that create exposure to credit, counterparty and country risks. It is the primary objective of the Group to manage such risks to reduce uncertainty of collection from buyers. A secondary objective is to minimise the cost of reducing risks within acceptable parameters. Credit risk is the risk associated with the possibility that a buyer will default, by failing to make required payments in a timely manner or to comply with other conditions of an obligation or agreement. Where appropriate, the Group uses letters of credit to assist in mitigating such risks. Counterparty risk crystallises when a party to an agreement defaults. Where letters of credit are used to minimise this risk, the Group uses a confirming bank with a similar or higher credit rating to mitigate country and/or credit risk of the issuing bank. Country risk is the potential volatility of foreign assets, whether receivables or investments, which is due to political and/or financial events in a given country. Group Treasury monitors the concentration of all outstanding risks associated with any entity or country, and reports to the Group CFO on a timely basis. Investment securities Outside Ukraine, the Group limits its cash exposure to credit, counterparty and country risk by only investing in liquid securities and with counterparties that are incorporated in an A+ or better \u201cS&P\u201d rated OECD country. A ratings approach is used to determine maximum exposure to each counterparty. Cash not required for production, distribution or capital expenditures is invested with counterparties rated by S&P or Moody\u2019s at a level of long-term B \u201cS&P\u201d or short-term A3 \u201cS&P\u201d or better with any exceptions subject to approval by the Board. Recognising that the principal activities of the Group are predominantly in Ukraine, special consideration is given to Ukrainian transactional banking counterparties where the sector is small and constrained by the sovereign credit rating. Exceptions may be made under the following conditions: \u2022 the counterparty is resident in Ukraine; and \u2022 the counterparty is included in the top 15 financial institutions in Ukraine based on the Group\u2019s assessment of the financial institution. Irrespective of the counterparty risk assessment above, the Group only uses subsidiaries of Western banks for transactional purposes unless required differently by law. The Group is currently working with three banks in Ukraine, two of which are subsidiaries of Western banks, and is therefore exposed to Ukraine country and banking sector risk in this respect. Guarantees The Group\u2019s policy is to provide financial guarantees under limited circumstances only for the benefit of wholly owned or substantially wholly owned subsidiaries. Exposure to credit risk The carrying amount of financial assets at 31 December 2025 was US$100,238 thousand (2024: US$150,926 thousand) and represents the maximum credit exposure. See page 239 for further information. Of the total maximum exposure to credit risk, US$23,822 thousand (2024: US$25,887 thousand) related to Ukraine. The total outstanding receivables balance relating to the Group\u2019s top customers was US$9,332 thousand as at 31 December 2025 (2024: US$13,870 thousand), accounting for 28% (2024: 35%) of the total amounts receivable outstanding. The top customers are customers whose sales accounted for more than 10% of total sales in the current or the previous year. For more information on the Group\u2019s sales to top customers see Note 6 Revenue. The Group\u2019s credit risk related to its customers depends primarily on the state of the global steel industry. In times of lower prices for steel products, the margins and cash flows of steel producers also fall, which could have an adverse impact on the Group\u2019s credit risk. The Group has not had any significant bad debts in the past and outstanding amounts are thoroughly reviewed and evaluated to mitigate the risk for such losses. The credit risk related to suppliers of equipment and services in Ukraine is still impacted by the heightened Ukrainian country risk due to the ongoing war. See the Principal Risks section on page 105 for additional information on the counterparty risks. Impairment profile The Group writes off individual balances when evidence indicates that the debtor is experiencing significant financial distress and there is no possibility of recovery. The Group\u2019s exposure to credit risk relating to trade and other receivables is disclosed in Note 18 Trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "Exposure to credit risk The carrying amount of financial assets at 31 December 2025 was US$100,238 thousand (2024: US$150,926 thousand) and represents the maximum credit exposure. See page 239 for further information. Of the total maximum exposure to credit risk, US$23,822 thousand (2024: US$25,887 thousand) related to Ukraine. The total outstanding receivables balance relating to the Group\u2019s top customers was US$9,332 thousand as at 31 December 2025 (2024: US$13,870 thousand), accounting for 28% (2024: 35%) of the total amounts receivable outstanding. The top customers are customers whose sales accounted for more than 10% of total sales in the current or the previous year. For more information on the Group\u2019s sales to top customers see Note 6 Revenue. The Group\u2019s credit risk related to its customers depends primarily on the state of the global steel industry. In times of lower prices for steel products, the margins and cash flows of steel producers also fall, which could have an adverse impact on the Group\u2019s credit risk. The Group has not had any significant bad debts in the past and outstanding amounts are thoroughly reviewed and evaluated to mitigate the risk for such losses. The credit risk related to suppliers of equipment and services in Ukraine is still impacted by the heightened Ukrainian country risk due to the ongoing war. See the Principal Risks section on page 105 for additional information on the counterparty risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExposureExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "LIQUIDITY RISK Liquidity risk is the risk that the Group will not have sufficient funds to meet its financial obligations as they fall due. The Group\u2019s objective is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both expected and stress-tested conditions, without incurring losses for the different counter parties or risking damage to the Group\u2019s reputation. As at the date of the approval of these consolidated financial statements, the Group does not have credit facilities, mainly due to the current situation in Ukraine. Since the start of the war, the conflict in Ukraine has had a significant impact on the Group\u2019s cash flow generation, which has been further exacerbated in 2025 due to the current circumstances facing Mr Zhevago. The war and legal actions against Mr Zhevago and, as a consequence, also against the Group are expected to continue during the financial year 2026 and to adversely affect the Group\u2019s cash flow generation. For further information see also the Group\u2019s going concern statement in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes. The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and planning the allocation of cash. Typically, the Group intends to ensure that it has sufficient cash to meet expected operational expenses. Before the start of the war in Ukraine, the Group used uncommitted trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance transactions are approved by the Group CFO and Group Treasurer. As at 31 December 2025, no trade finance facilities are available to the Group as a result of the ongoing war in Ukraine and the current circumstances facing Mr Zhevago. Over the last 12 months, the Group\u2019s liquidity position has fluctuated significantly and declined, having been negatively impacted by rising input costs, lower iron ore prices and the absence of the once regular monthly VAT refunds in Ukraine. As at 31 December 2025, the Group\u2019s cash and cash equivalents amounted to US$58,447 thousand (2024: US$105,919 thousand), representing 30% of total current liabilities (2024: 50%). In this context, with the objective of operating at a realistic and feasible level that supports the maintenance of key commercial relationships with customers, the Group must adjust its expenditures and therefore also its production level, affecting the level of sales and the timing of its cash collections, to continue to operate within the liquidity limits and capacities determined by the current constraints and to meet its financial obligations also during the financial year 2026 and beyond. This is an evolving situation that requires continuous monitoring and ongoing scenario analysis by Group management. The Group actively monitors the sustaining and development capital expenditure, by allocating resources only to essential major projects. For further information see the Financial Review section on pages 59 and 60. For further information see Note 26 Lease liabilities and the Group\u2019s Viability Statement on pages 116 to 118. The following are the contractual maturities of financial liabilities:
As at 31.12.25
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,663
1,060
980
980
978
4,645
13,306
Total financial assets
4,663
1,060
980
980
978
4,645
13,306
Non-interest-bearing
Trade and other payables
27,234
\u2212
\u2212
\u2212
\u2212
\u2212
27, 234
Accrued liabilities
15,645
\u2212
\u2212
\u2212
\u2212
\u2212
15,645
Total non-interest-bearing
42,879
\u2212
\u2212
\u2212
\u2212
\u2212
42,879
Total financial liabilities
47, 542
1,060
980
980
978
4,645
56,185
As at 31.12.24
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,764
352
88
2
2
1
5,209
Total financial assets
4,764
352
88
2
2
1
5,209
Non-interest-bearing
Trade and other payables
55,781
\u2212
\u2212
\u2212
\u2212
\u2212
55,781
Accrued liabilities
18,539
\u2212
\u2212
\u2212
\u2212
\u2212
18,539
Total non-interest-bearing
74,320
\u2212
\u2212
\u2212
\u2212
\u2212
74,320
Total financial liabilities
79,084
352
88
2
2
1
79,529
", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "LIQUIDITY RISK Liquidity risk is the risk that the Group will not have sufficient funds to meet its financial obligations as they fall due. The Group\u2019s objective is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both expected and stress-tested conditions, without incurring losses for the different counter parties or risking damage to the Group\u2019s reputation. As at the date of the approval of these consolidated financial statements, the Group does not have credit facilities, mainly due to the current situation in Ukraine. Since the start of the war, the conflict in Ukraine has had a significant impact on the Group\u2019s cash flow generation, which has been further exacerbated in 2025 due to the current circumstances facing Mr Zhevago. The war and legal actions against Mr Zhevago and, as a consequence, also against the Group are expected to continue during the financial year 2026 and to adversely affect the Group\u2019s cash flow generation. For further information see also the Group\u2019s going concern statement in Note 2 Basis of preparation and Note 30 Commitments, contingencies and legal disputes. The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and planning the allocation of cash. Typically, the Group intends to ensure that it has sufficient cash to meet expected operational expenses. Before the start of the war in Ukraine, the Group used uncommitted trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance transactions are approved by the Group CFO and Group Treasurer. As at 31 December 2025, no trade finance facilities are available to the Group as a result of the ongoing war in Ukraine and the current circumstances facing Mr Zhevago. Over the last 12 months, the Group\u2019s liquidity position has fluctuated significantly and declined, having been negatively impacted by rising input costs, lower iron ore prices and the absence of the once regular monthly VAT refunds in Ukraine. As at 31 December 2025, the Group\u2019s cash and cash equivalents amounted to US$58,447 thousand (2024: US$105,919 thousand), representing 30% of total current liabilities (2024: 50%). In this context, with the objective of operating at a realistic and feasible level that supports the maintenance of key commercial relationships with customers, the Group must adjust its expenditures and therefore also its production level, affecting the level of sales and the timing of its cash collections, to continue to operate within the liquidity limits and capacities determined by the current constraints and to meet its financial obligations also during the financial year 2026 and beyond. This is an evolving situation that requires continuous monitoring and ongoing scenario analysis by Group management. The Group actively monitors the sustaining and development capital expenditure, by allocating resources only to essential major projects. For further information see the Financial Review section on pages 59 and 60. For further information see Note 26 Lease liabilities and the Group\u2019s Viability Statement on pages 116 to 118. The following are the contractual maturities of financial liabilities:
As at 31.12.25
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,663
1,060
980
980
978
4,645
13,306
Total financial assets
4,663
1,060
980
980
978
4,645
13,306
Non-interest-bearing
Trade and other payables
27,234
\u2212
\u2212
\u2212
\u2212
\u2212
27, 234
Accrued liabilities
15,645
\u2212
\u2212
\u2212
\u2212
\u2212
15,645
Total non-interest-bearing
42,879
\u2212
\u2212
\u2212
\u2212
\u2212
42,879
Total financial liabilities
47, 542
1,060
980
980
978
4,645
56,185
As at 31.12.24
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,764
352
88
2
2
1
5,209
Total financial assets
4,764
352
88
2
2
1
5,209
Non-interest-bearing
Trade and other payables
55,781
\u2212
\u2212
\u2212
\u2212
\u2212
55,781
Accrued liabilities
18,539
\u2212
\u2212
\u2212
\u2212
\u2212
18,539
Total non-interest-bearing
74,320
\u2212
\u2212
\u2212
\u2212
\u2212
74,320
Total financial liabilities
79,084
352
88
2
2
1
79,529
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "The following are the contractual maturities of financial liabilities:
As at 31.12.25
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,663
1,060
980
980
978
4,645
13,306
Total financial assets
4,663
1,060
980
980
978
4,645
13,306
Non-interest-bearing
Trade and other payables
27,234
\u2212
\u2212
\u2212
\u2212
\u2212
27, 234
Accrued liabilities
15,645
\u2212
\u2212
\u2212
\u2212
\u2212
15,645
Total non-interest-bearing
42,879
\u2212
\u2212
\u2212
\u2212
\u2212
42,879
Total financial liabilities
47, 542
1,060
980
980
978
4,645
56,185
As at 31.12.24
Between 1 to 2 Between 2 to 3 Between 3 to 4 Between 4 to 5
US$000
Less than 1 year
years years years
years
More than 5 years
Total
Interest-bearing
Lease liabilities
4,764
352
88
2
2
1
5,209
Total financial assets
4,764
352
88
2
2
1
5,209
Non-interest-bearing
Trade and other payables
55,781
\u2212
\u2212
\u2212
\u2212
\u2212
55,781
Accrued liabilities
18,539
\u2212
\u2212
\u2212
\u2212
\u2212
18,539
Total non-interest-bearing
74,320
\u2212
\u2212
\u2212
\u2212
\u2212
74,320
Total financial liabilities
79,084
352
88
2
2
1
79,529
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "CURRENCY RISK The Group is exposed to currency risk on financial assets and liabilities resulting from sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of the Group\u2019s subsidiaries, including the effects from outstanding intercompany balances. While the reporting currency of the Group is the US dollar, the functional currencies of the Group\u2019s subsidiaries are the Ukrainian hryvnia, US dollars, euro and Swiss francs, with the largest exposure in respect of the Ukrainian hryvnia. The National Bank of Ukraine (\u201cNBU\u201d) manages and determines the official exchange rates. An interbank market for the exchange of currencies exists in Ukraine and is monitored by the NBU. The Group, through financial institutions, exchanges currencies at bank offered market rates. Since the start of the conflict in Ukraine, the foreign exchange market in Ukraine is tightly managed by the NBU and there is currently a currency-control framework in place that limits the size and type of allowed foreign currency transactions. The Group\u2019s currency risk can be split into three distinct categories: structural, transactional and translational risks. Structural risk The Group\u2019s revenues are structurally denominated in US dollars as the iron ore market is priced in US dollars based on daily indices, while the Group\u2019s production is located in Ukraine, with the Ukrainian hryvnia as the local currency. Transactional risk As mentioned above, the iron ore market is priced in US dollars. As a result, the Group\u2019s subsidiaries that sell to third party customers have the US dollar as reporting currency, so that the currency risk on these transactions are not relevant. However, as the iron ore market is priced in US dollars, the Group\u2019s producing subsidiaries in Ukraine sell their products also in US dollars to the Group\u2019s sales subsidiary. Due to the different local functional currency in Ukraine, the US dollar denominated receivable balances from these sales are subject to exchange rate fluctuations of foreign currencies, which can be material. See Note 9 Foreign exchange gains and losses for further information. With regards to purchase transactions, the legal entities within the Group face transactional currency risk, although in smaller value per transaction. The Group manages the risk through regular spot conversions rather than with derivatives that would cover in advance longer- periods. The rationale for the chosen approach is based on market studies and concrete experience, which show that hedging does not result in a significant economic advantage over non-hedging in the long term. A depreciation of the Ukrainian hryvnia decreases the Group\u2019s operating costs in US dollar terms. As at 31 December 2025, the Group does not have any outstanding interest-bearing loans and borrowings. In the past, the Group\u2019s external debt facilities were denominated in US dollars, which corresponded to the reporting currency of the Group\u2019s financial subsidiary and was therefore not exposed to any exchange rate fluctuations of foreign currencies. However, the Group\u2019s intercompany loans are generally denominated in US dollars and are subject to foreign currency exchange rate fluctuations. See Note 9 Foreign exchange gains and losses for further information. Translational risk The Group has foreign operations which do not have the US dollar as their functional currency. When the results and the statement of financial position of these operations are consolidated into the Group\u2019s accounts, the translated balances are exposed to changes of the local currencies to the US dollar. The Group does not enter into any hedging transactions, which is in line with market practice for international companies. The Group\u2019s exposure to foreign currency risk was as follows as at 31 December 2025:
As at As at
US$000 31.12.25 31.12.24
Total financial assets
97,906
150,926
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
\u2212
127
Thereof exposed to euro
567
504
Thereof exposed to Swiss franc
1,959
1,093
Thereof exposed to other currencies
207
800
Total exposures to currencies other than local functional currencies
2,733
2,524
Total financial liabilities
(53,899)
(79,404)
Thereof exposed to Ukrainian hryvnia
\u2212
\u2212
Thereof exposed to US dollar
(199)
(5,395)
Thereof exposed to euro
3,427
(449)
Thereof exposed to Swiss franc
(276)
(369)
Thereof exposed to other currencies
(151)
(900)
Total exposures to currencies other than local functional currencies
2,801
(7, 113)
No other subsidiaries of the Group, apart from the Ukrainian subsidiaries, have financial assets and liabilities denominated in the Ukrainian hryvnia. The functional currency of the Ukrainian subsidiaries is the Ukrainian hryvnia and the translation of financial assets and financial liabilities denominated in the Ukrainian hryvnia does therefore not pose a foreign currency risk exposure in the consolidated income statement of the Group as translation differences are reflected in the translation reserve (see Note 31 Share capital and reserves). INTEREST RATE RISK Historically, the Group has borrowed bank funds that were predominantly at floating interest rates and was therefore exposed to interest rate movements. As at 31 December 2025, the Group does not have any significant balances of interest-bearing loans and borrowings. No interest rate swaps have been entered into in the current and prior years. COMMODITY RISK Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. Consequently, the receivable balance may change in a future period when final invoices can be issued based on final iron ore prices to be applied according to the specific underlying contract terms. The provisionally priced iron ore exposure as at 31 December 2025 was 467,685 tonnes (2024: 573,291 tonnes) and gave rise to a fair value gain relating to the embedded provisional pricing mechanism of US$509 thousand as at 31 December 2025 (2024: fair value loss of US$1,065 thousand). Final iron ore prices based on the relevant index are normally known within 60 days after the reporting period. The difference between the provisionally priced receivable balance recognised as at 31 December 2025 and the receivable balance taking into account known final and latest forward prices is US$442 thousand and would have decreased the consolidated result and the shareholders\u2019 equity by this amount (2024: decreased both by US$760 thousand). Where pricing terms deviate from the index-based pricing model, derivative commodity contracts may be used to swap the pricing terms to the iron ore index price. Finished goods are held at cost without revaluation to a spot price for iron ore pellets at the end of the reporting period, as long as the recoverable amount exceeds the cost basis. SENSITIVITY ANALYSIS Foreign currency sensitivity analysis A 20% weakening of the US dollar against the following currencies at 31 December would have increased/(decreased) the consolidated result and equity by the amounts shown below. The percentage applied to the sensitivity analysis of the Group\u2019s foreign currency exposure is based on the average change of the Ukrainian hryvnia, the Group\u2019s most relevant foreign currency, compared to the US dollar in past years, which might repeat again in the near future. This percentage was also applied for the Group\u2019s less relevant foreign currencies and does not have a significant effect on the total effect of this sensitivity analysis. This assumes that all other variables, in particular interest rates, remain constant.
Year ended Year ended
31.12.25 31.12.24
Income Income
statement/ statement/
US$000 equity equity
Ukrainian hryvnia
(33)
(878)
Euro
666
9
Swiss franc
281
121
Other
9
(17)
Total
923
(765)
A 20% strengthening of the US dollar against the above currencies would have an opposite effect totalling US$1,383 thousand on the consolidated result and equity, on the basis that all the other variables remain constant. US dollar denominated intercompany receivable and payable balances are not considered in the Group\u2019s sensitivity analysis as eliminated in the Group\u2019s consolidated financial statements. However, the possible exposure on these US dollar denominated balances held by the Ukrainian subsidiaries can be material, depending on the change of the Ukrainian hryvnia to the US dollar. Based on these net intercompany balances outstanding as at 31 December 2025, a 20% weakening of the Ukrainian hryvnia against the US dollar would have a positive impact of approximately US$41,000 thousand (2024: approximately US$69,000 thousand) on the consolidated result and equity. A 20% strengthening would have a negative impact of approximately US$27,000 thousand (2024: approximately US$46,000 thousand) on the consolidated result and equity. Further information on the actual foreign exchange gains and losses during the financial years 2024 and 2025, including those on US dollar denominated intercompany balances, are provided in Note 9 Foreign exchange gains and losses. Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss and the Group does not hold any derivatives (e.g. interest rate swaps). Therefore, a change in interest rates at the reporting date would not affect the consolidated income statement. Cash flow sensitivity for variable rate instruments The Group\u2019s syndicated revolving pre-export facility was repaid in full during the financial year 2021, meaning the Group no longer has any borrowings at floating interest rates. As the Group is no longer exposed to interest rate fluctuations, the cash flow sensitivity for variable rate instruments is no longer prepared and disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "COMMODITY RISK Revenues related to provisionally priced sales are initially recognised at the estimated fair value of the consideration receivable based on the forward price at each reporting date for the relevant period outlined in the different contracts. Consequently, the receivable balance may change in a future period when final invoices can be issued based on final iron ore prices to be applied according to the specific underlying contract terms. The provisionally priced iron ore exposure as at 31 December 2025 was 467,685 tonnes (2024: 573,291 tonnes) and gave rise to a fair value gain relating to the embedded provisional pricing mechanism of US$509 thousand as at 31 December 2025 (2024: fair value loss of US$1,065 thousand). Final iron ore prices based on the relevant index are normally known within 60 days after the reporting period. The difference between the provisionally priced receivable balance recognised as at 31 December 2025 and the receivable balance taking into account known final and latest forward prices is US$442 thousand and would have decreased the consolidated result and the shareholders\u2019 equity by this amount (2024: decreased both by US$760 thousand). Where pricing terms deviate from the index-based pricing model, derivative commodity contracts may be used to swap the pricing terms to the iron ore index price. Finished goods are held at cost without revaluation to a spot price for iron ore pellets at the end of the reporting period, as long as the recoverable amount exceeds the cost basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "SENSITIVITY ANALYSIS Foreign currency sensitivity analysis A 20% weakening of the US dollar against the following currencies at 31 December would have increased/(decreased) the consolidated result and equity by the amounts shown below. The percentage applied to the sensitivity analysis of the Group\u2019s foreign currency exposure is based on the average change of the Ukrainian hryvnia, the Group\u2019s most relevant foreign currency, compared to the US dollar in past years, which might repeat again in the near future. This percentage was also applied for the Group\u2019s less relevant foreign currencies and does not have a significant effect on the total effect of this sensitivity analysis. This assumes that all other variables, in particular interest rates, remain constant.
Year ended Year ended
31.12.25 31.12.24
Income Income
statement/ statement/
US$000 equity equity
Ukrainian hryvnia
(33)
(878)
Euro
666
9
Swiss franc
281
121
Other
9
(17)
Total
923
(765)
A 20% strengthening of the US dollar against the above currencies would have an opposite effect totalling US$1,383 thousand on the consolidated result and equity, on the basis that all the other variables remain constant. US dollar denominated intercompany receivable and payable balances are not considered in the Group\u2019s sensitivity analysis as eliminated in the Group\u2019s consolidated financial statements. However, the possible exposure on these US dollar denominated balances held by the Ukrainian subsidiaries can be material, depending on the change of the Ukrainian hryvnia to the US dollar. Based on these net intercompany balances outstanding as at 31 December 2025, a 20% weakening of the Ukrainian hryvnia against the US dollar would have a positive impact of approximately US$41,000 thousand (2024: approximately US$69,000 thousand) on the consolidated result and equity. A 20% strengthening would have a negative impact of approximately US$27,000 thousand (2024: approximately US$46,000 thousand) on the consolidated result and equity. Further information on the actual foreign exchange gains and losses during the financial years 2024 and 2025, including those on US dollar denominated intercompany balances, are provided in Note 9 Foreign exchange gains and losses. Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss and the Group does not hold any derivatives (e.g. interest rate swaps). Therefore, a change in interest rates at the reporting date would not affect the consolidated income statement. Cash flow sensitivity for variable rate instruments The Group\u2019s syndicated revolving pre-export facility was repaid in full during the financial year 2021, meaning the Group no longer has any borrowings at floating interest rates. As the Group is no longer exposed to interest rate fluctuations, the cash flow sensitivity for variable rate instruments is no longer prepared and disclosed. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "CAPITAL MANAGEMENT The Board\u2019s policy is to maintain a strong capital base. The Board of Directors monitors both the demographic spread of shareholders, as well as the return on capital, which the Group defines as the level of dividends to ordinary shareholders over the total shareholders\u2019 equity, excluding non-controlling interests. Please refer to the statement of changes in equity for details of the capital position of the Group. A key measure in respect of the Group\u2019s capital management is the level of net cash/(debt). The net cash position has decreased from US$100,835 thousand at the beginning of the year to US$47,427 thousand as at 31 December 2025. During the financial year 2025, the balance of the Group\u2019s available cash and cash equivalents was affected by suspended VAT refunds in Ukraine, as well as by the restrictions on the Group\u2019s production following the attacks on Ukraine\u2019s electricity infrastructure. The restrictions on the production did also have an indirect effect on inventories of finished iron ore pellets and concentrate and the outstanding trade receivables as at 31 December 2025. See Note 17 Inventories, Note 18 Trade and other receivables and Note 20 Other taxes recoverable and payable for further information. Despite the lower net cash position as at 31 December 2025, the Group continued to demonstrate its resilience through these unprecedented and challenging times, demonstrating the management\u2019s ability to focus on adequately balancing the available liquidity, working capital requirements and overall business operation. The capital base of the Group can be adversely affected by falls in the price of iron ore reducing reported revenues and profitability. The price that the industry earns for iron ore products is cyclical in nature and the Board of Directors continues to review its capital base in line with industry trends. The Board seeks to maintain a balance between the higher net returns that might be achievable through leverage and advantages and security provided by a low gearing and strong capital position. Growth projects are approved under consideration of potential future market constraints, liabilities management across the Group\u2019s balance sheet and expected returns to shareholders. The Board maintains a dividend policy consistent with the Group\u2019s profile, reflecting the investment activities the Group has made supporting current and future production growth and the cash generated by existing operations, while maintaining a prudent level of dividend distributions after an appropriate level of liquidity is ensured on an ongoing basis. The Group has been subject to the currency control measures implemented by the National Bank of Ukraine (\u201cNBU\u201d) under Martial Law since 24 February 2022, which limits the ability of the local Group companies to convert local currency into US dollars and settle cash flows between onshore and offshore accounts of the Group. The Group has implemented various measures to reduce the risk of fines that may arise from the currency control measures, but there exists legal uncertainty in the application of the currency control regulations during martial law in Ukraine. See Note 30 Commitments, contingencies and legal disputes for further information. The Company is the Group\u2019s holding company, with no direct operating business, so its ability to make distributions to its shareholders is dependent on its ability to access profits held in the subsidiaries and on the available liquidity above the minimum ongoing buffer requirements determined by management and the Board. The Group\u2019s consolidated retained earnings shown in the consolidated statement of changes in equity do not reflect the profits immediately available for distribution in the Group as at 31 December 2025. See Note 12 Earnings per share and dividends paid and proposed for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "NOTE 28: SHARE-BASED PAYMENTS ACCOUNTING POLICY Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value of the award at the grant date using modelling techniques consistent with the mathematics underlying the Black-Scholes option pricing model extended to allow for the performance conditions. The fair value is determined by reference to the quoted closing share price on the grant date. The cost is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. In valuing equity-settled transactions, no account is taken of any vesting conditions, except for market conditions, such as the relative Total Shareholder Return (\u201cTSR\u201d). Where the vesting of awards is subject to the satisfaction of certain market conditions, a vesting charge is recognised irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. Where awards terminate before the performance period is complete, any unamortised expense is recognised immediately. At each reporting date, the cumulative expense of outstanding awards is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous reporting date is recognised in the consolidated income statement, with a corresponding entry in the employee benefit trust reserve in equity. Long-term incentive plan (\u201cLTIP\u201d) The LTIP is a share-based scheme whereby certain senior management and executives receive rewards based on the relative TSR. The LTIP is subject to a performance condition based on the TSR compared to a comparator group, which operates in a similar environment, measured over the vesting period. Further description is provided in the Remuneration Report. The cost of equity-settled awards is measured as described above together with an estimate of future social security contributions payable in respect of this value. The following number of share awards were granted under the LTIP in the previous financial years. The LTIP vesting period is three years.
2025
2024
2023
Thousand
LTIP
LTIP
LTIP
Total
Year ended 31.12.25
651
\u2212
\u2212
651
Year ended 31.12.24
\u2212
837
\u2212
837
Year ended 31.12.23
\u2212
\u2212
595
595
The following expenses have been recognised during the financial years ended 31 December 2025 and 2024 in respect of the LTIP:
2025
2024
2023
2022
2021
US$000
LTIP
LTIP
LTIP
LTIP
LTIP
Total
Year ended 31.12.25
133
142
67
89
\u2212
431
Year ended 31.12.24
\u2212
85
125
67
43
320
Year ended Year ended Year ended Year ended
31.12.25 31.12.24 31.12.25 31.12.24
US$000
WAFV (US$)
WAFV (US$)
No. (000)
No. (000)
LTIP
Beginning of the year
0.84
1.80
1,538
941
Awards granted during the year
0.80
0.53
651
837
Awards vested during the year
2.33
4.77
(26)
(35)
Awards lapsed during the year
1.28
4.03
(234)
(156)
Awards forfeited during the year
1.88
2.26
(73)
(49)
Outstanding unvested awards at 31 December
0.83
0.84
1,856
1,538
All share awards that are potentially dilutive are considered in the calculation of diluted earnings per share. See Note 12 Earnings per share
and dividends paid and proposed for further details. The weighted average remaining contractual life for the awards outstanding as at
31 December 2025 is 1.4 years (2024: 1.6 years).
The main inputs to the valuation of the 2025 LTIP awards were the share price at date of grant of US$0.80 (2024 LTIP awards: US$0.53).
The 2025 and 2024 awards do not have any performance conditions other than remaining in employment, so that the volatility of the share
price is no longer relevant for the outcome of the vesting.
As at 31.12.25
Share price at Share price at
No. of awards End of vesting WARCL the date of Fair value of No. of awards data of No. of awards
outstanding period (year) grant
awards
% of vesting
vested exercise exercised
2022
LTIP awards
\u2212
31 May 2025
\u2212
2.33
1.54
8.20%
25,575
0.51
25,575
2023
LTIP awards
401,444
31 Dec 2025
\u2212
1.65
1.12
\u2212
\u2212
\u2212
\u2212
2024
LTIP awards
810,700
1 Jun 2027
1.4
0.53
0.53
\u2212
\u2212
\u2212
\u2212
2025
LTIP awards
643,800
25 Mar 2028
2.2
0.8
0.8
\u2212
\u2212
\u2212
\u2212
Total / average
1,855,944
1.4
As at 31.12.24
Share price at Share price at
No. of awards End of vesting WARCL the date of Fair value of No. of awards data of No. of awards
outstanding period (year) grant
awards
% of vesting
vested exercise exercised
2021
LTIP awards
\u2212
31 Dec 2024
\u2212
4.81
3.83
16.80%
34,884
1.12
34,884
2022
LTIP awards
311,893
31 May 2025
0.4
2.33
1.54
\u2212
\u2212
\u2212
\u2212
2023
LTIP awards
406,644
31 Dec 2025
1.0
1.65
1.12
\u2212
\u2212
\u2212
\u2212
2024
LTIP awards
819,700
1 Jun 2027
2.4
0.53
0.53
\u2212
\u2212
\u2212
\u2212
Total / average
1,538,237
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "ACCOUNTING POLICY Equity-settled transactions The cost of equity-settled transactions with employees is measured by reference to the fair value of the award at the grant date using modelling techniques consistent with the mathematics underlying the Black-Scholes option pricing model extended to allow for the performance conditions. The fair value is determined by reference to the quoted closing share price on the grant date. The cost is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. In valuing equity-settled transactions, no account is taken of any vesting conditions, except for market conditions, such as the relative Total Shareholder Return (\u201cTSR\u201d). Where the vesting of awards is subject to the satisfaction of certain market conditions, a vesting charge is recognised irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. Where awards terminate before the performance period is complete, any unamortised expense is recognised immediately. At each reporting date, the cumulative expense of outstanding awards is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous reporting date is recognised in the consolidated income statement, with a corresponding entry in the employee benefit trust reserve in equity. Long-term incentive plan (\u201cLTIP\u201d) The LTIP is a share-based scheme whereby certain senior management and executives receive rewards based on the relative TSR. The LTIP is subject to a performance condition based on the TSR compared to a comparator group, which operates in a similar environment, measured over the vesting period. Further description is provided in the Remuneration Report. The cost of equity-settled awards is measured as described above together with an estimate of future social security contributions payable in respect of this value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "Long-term incentive plan (\u201cLTIP\u201d) The LTIP is a share-based scheme whereby certain senior management and executives receive rewards based on the relative TSR. The LTIP is subject to a performance condition based on the TSR compared to a comparator group, which operates in a similar environment, measured over the vesting period. Further description is provided in the Remuneration Report. The cost of equity-settled awards is measured as described above together with an estimate of future social security contributions payable in respect of this value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "The following expenses have been recognised during the financial years ended 31 December 2025 and 2024 in respect of the LTIP:
2025
2024
2023
2022
2021
US$000
LTIP
LTIP
LTIP
LTIP
LTIP
Total
Year ended 31.12.25
133
142
67
89
\u2212
431
Year ended 31.12.24
\u2212
85
125
67
43
320
", "dimensions": { "concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnProfitOrLoss", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "NOTE 29: EMPLOYEES Employee benefits expenses for the year ended 31 December 2025 consisted of the following:
Year ended Year ended
US$000
Notes
31.12.25 31.12.24
Wages and salaries
66,421
73,438
Social security costs
12,020
13,337
Post-employment benefits 22
1,126
998
Other employee costs
2,505
4,048
Share-based payments 28
431
320
Total employee benefits expenses
82,503
92,141
The table above includes compensation for Non-executive Directors, Executive Directors and other key management personnel as outlined below:
Year ended 31.12.25
Year ended 31.12.24
Non-executive Non-executive and
and Executive Other key Executive Other key
US$000 Directors
management
Total
Directors
management
Total
Wages and salaries
3,028
2,015
5,043
3,319
2,249
5,568
Social security costs
194
171
365
188
66
254
Post-employment benefits
191
48
239
131
66
197
Share-based payments
90
114
204
73
105
178
Total compensation for key management
3,503
2,348
5,851
3,711
2,486
6,197
The average number of employees during the financial year 2025 is detailed in the table below:
Year ended Year ended
Average number of employees 31.12.25 31.12.24
Production
4,344
4,598
Marketing and distribution
564
559
Administration
1,195
1,216
Other
275
296
Total average number of employees
6,378
6,669
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
The table above includes compensation for Non-executive Directors, Executive Directors and other key management personnel as
outlined below:
Year ended 31.12.25
Year ended 31.12.24
Non-executive Non-executive and
and Executive Other key Executive Other key
US$000 Directors
management
Total
Directors
management
Total
Wages and salaries
3,028
2,015
5,043
3,319
2,249
5,568
Social security costs
194
171
365
188
66
254
Post-employment benefits
191
48
239
131
66
197
Share-based payments
90
114
204
73
105
178
Total compensation for key management
3,503
2,348
5,851
3,711
2,486
6,197
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "NOTE 30: COMMITMENTS, CONTINGENCIES AND LEGAL DISPUTES ACCOUNTING POLICY Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. Commitments for the lease of mining land The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land. COMMITMENTS Commitments as at 31 December 2025 consisted of the following:
As at As at
US$000 31.12.25 31.12.24
Total commitments for the lease of mining land (out of the scope of IFRS 16)
53,647
54,948
Total capital commitments on purchase of property, plant and equipment
116,069
115,190
Commitments for investment in a joint venture
6,000
6,064
For further information on lease-related commitments see Note 14 Right-of-use assets and Note 26 Lease liabilities. LEGAL In the ordinary course of business, the Group is subject to various legal actions and ongoing court proceedings. There is a risk that the independence of the judicial system and its immunity from economic and political influences in Ukraine is not upheld, and consequently Ukrainian legislation might be inconsistently applied to resolve the same or similar disputes. See also the Principal Risks section on pages 103 to 106 for further information on the Ukraine country risk and Note 35 Events after the reporting period in terms of developments of ongoing court proceedings after the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "NOTE 30: COMMITMENTS, CONTINGENCIES AND LEGAL DISPUTES ACCOUNTING POLICY Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. Commitments for the lease of mining land The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land. COMMITMENTS Commitments as at 31 December 2025 consisted of the following:
As at As at
US$000 31.12.25 31.12.24
Total commitments for the lease of mining land (out of the scope of IFRS 16)
53,647
54,948
Total capital commitments on purchase of property, plant and equipment
116,069
115,190
Commitments for investment in a joint venture
6,000
6,064
For further information on lease-related commitments see Note 14 Right-of-use assets and Note 26 Lease liabilities. LEGAL In the ordinary course of business, the Group is subject to various legal actions and ongoing court proceedings. There is a risk that the independence of the judicial system and its immunity from economic and political influences in Ukraine is not upheld, and consequently Ukrainian legislation might be inconsistently applied to resolve the same or similar disputes. See also the Principal Risks section on pages 103 to 106 for further information on the Ukraine country risk and Note 35 Events after the reporting period in terms of developments of ongoing court proceedings after the reporting period. CRITICAL JUDGEMENTS The Group is exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which may or may not be exacerbated by the war and/or the current circumstances facing Mr Zhevago (see Ukraine country risk on pages 103 to 106). As a result, the Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of political, fiscal and legal uncertainties, which require a significant number of critical judgements to be made by the management team, mainly in respect of the contested sureties claim, for which the provision recorded as at the end of the financial year ended 31 December 2023 still exists as at 31 December 2025, and the other matters listed under critical judgements below. CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITH CORRESPONDING PROVISIONS Contested sureties claim On 7 December 2022, Ferrexpo Poltava Mining (\u201cFPM\u201d) received a claim in the amount of UAH4,727 million (31 December 2025: US$111,517 thousand; 31 December 2024: US$112,443 thousand) in respect of contested sureties. The claimant alleges that it acquired rights under certain loan agreements originally concluded between Bank F&C and various borrowers by entering into an assignment agreement with the State Guarantee Fund in November 2020. The claimant further claims that FPM provided sureties to Bank F&C to secure performance under these loan agreements. A court of first instance in Ukraine made an award in favour of the claimant on 9 August 2023, which was upheld by the court of appeal on 26 January 2024. On 1 April 2024, the Supreme Court suspended the possible enforcement of the decision of the court of appeal against FPM. As at the date of the approval of these consolidated financial statements, the case is under review by the Supreme Court of Ukraine. Whilst several hearings have already been held, no substantive decision on the merits of the case has yet been made by the Supreme Court. On 1 May 2026, the court expanded the panel to 17 judges. The next hearing is scheduled for 12 October 2026. Notwithstanding the two negative court decisions of the lower courts, based on independent legal advice obtained management remains of the view that the claim is without merit and FPM has compelling arguments to continue to defend its position before the Supreme Court. However, considering the magnitude of this claim and the risks associated with the judicial system in Ukraine as further described above, a full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of the financial year ended 31 December 2023, remained as at 31 December 2025. Notwithstanding that the underlying contested securities claim remains under review by the Supreme Court of Ukraine and the Supreme Court has suspended enforcement action against FPM pending the Supreme Court\u2019s decision, on 24 February 2026, a local court in Ukraine opened bankruptcy proceedings against FPM. For further details, see details below under Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). If the final ruling of the Supreme Court is against FPM, this would mean that FPM\u2019s bankruptcy process will continue, which could have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. For further implications, see below under Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). If the FPM bankruptcy is cancelled but the Supreme Court later rules against FPM, the claimant will have two options: (i) to initiate bankruptcy of FPM once again or (ii) commence enforcement procedures through the involvement of bailiff. The commencement of enforcement procedures through the involvement of bailiff in such potential scenario in the future could have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern, as the assets of FPM could be seized or subject to a forced sale. The potential seizure or forced sale of FPM\u2019s assets, including moveable, immovable and financial assets, may have a material adverse impact on the Group\u2019s cash flow generation, profitability and available cash balance in future periods. As at the date of the approval of these consolidated financial statements, it is not reasonably possible to assess the implications of a potential seizure or forced sale of assets on the Group\u2019s business activities, as the timing, scope and impact are unknown and outside of the Group\u2019s control. However, the Group has prepared a number of mitigating actions and responses within its control in order to seek to ensure continuation of production and generation of revenue streams. Beyond that, in case of an enforcement, FPM will challenge orders and enforcement actions in the court where possible, in order to seek to allow the Group to continue to trade and generate resources to meet its other liabilities as they fall due. See Note 2 Basis of preparation, Note 13 Property, plant and equipment and Note 17 Inventories for further information. CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITHOUT CORRESPONDING PROVISIONS Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d) In connection with the ongoing legal dispute over the contested sureties, as disclosed above, in May 2025 the counterparty filed an application with the Commercial Court of Poltava Region to initiate bankruptcy proceedings against FPM. The court accepted this application and bankruptcy proceedings were opened on 24 February 2026. As part of this ruling, the court has also appointed an insolvency manager over FPM. The existing FPM management team remains in place and continues to operate the business. This decision was made notwithstanding that the underlying legal dispute over the contested sureties between FPM and LLC \u201cMaxi Capital Group\u201d is still under review by the Supreme Court of Ukraine and the Supreme Court of Ukraine\u2019s order on 1 April 2024 to suspend enforcement in the contested sureties claim. FPM filed an appeal against the decision to open bankruptcy proceedings. The first appeal hearing was heard on 9 April 2026, and the next hearing took place on 30 April 2026, when the panel of three judges declared a formal recusal from the case and a new panel of judges has been appointed. There were further hearings on 2 June 2026 and 27 July 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s appeal against the ruling of the Commercial Court of Poltava Region dated 24 February 2026, which opened bankruptcy proceedings against FPM. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. However, the filing of an appeal, including a cassation appeal, does not suspend the ongoing bankruptcy proceedings. Following the opening of bankruptcy proceedings against FPM, an insolvency manager has started to compile a list of creditor claims in accordance with Ukrainian regulations. Although the existing FPM management team currently remains in place and continue to operate the business, there are: (i) certain actions which the FPM management team\u2019s governing bodies cannot take without the consent of the insolvency manager (such as the receipt or granting of loans and the leasing of property); (ii) certain further actions which FPM\u2019s governing bodies are not authorised to take without the consent of the creditors\u2019 committee or the creditors\u2019 meeting, if the committee is not yet formed (such as entering into significant transactions where the market value amounts to 10 percent or more of the value of FPM\u2019s assets or disposal of FPM\u2019s material assets); and (iii) certain further actions which are FPM\u2019s governing bodies are not authorised to take at all during the property administration stage of the insolvency process (including the granting of loans, providing sureties or guarantees, disposal or granting of new encumbrances over real property and the payment of dividends). There also remains a risk that the court may, on its own initiative or upon motion of the parties, seek to terminate the powers of FPM\u2019s executive body and transfer the executive body\u2019s functions to the insolvency manager, which would result in the Company\u2019s loss of control of FPM. Loss of control of FPM would result in the Group being unable to manage its operations, receive cashflows from operations or prevent the distribution of assets to creditors of FPM. The initial stage of bankruptcy proceedings is the stage of the debtor\u2019s property management. The court introduces it for up to 170 calendar days, but the court can further extend it. On 11 August 2026, the insolvency manager filed a motion with the Commercial Court of Poltava Region to extend the term of the property administration procedure. The property management procedure is intended to ensure supervision over the management and disposal of FPM\u2019s assets, with a view to their preservation and efficient use, to facilitate the assessment of FPM\u2019s financial position, and to determine the appropriate subsequent stage of the bankruptcy proceedings (rehabilitation or liquidation). Within the property management procedure framework, the insolvency manager is not selling the debtor\u2019s property to satisfy creditors\u2019 claims. Such an obligation arises for the insolvency manager at the next stages of bankruptcy proceedings \u2013 rehabilitation or liquidation, which are introduced by a court order at the final meeting of the property management procedure. Should the bankruptcy proceedings progress and FPM\u2019s appeal is not successful or heard in a timely manner, or if further adverse rulings are made notwithstanding FPM\u2019s on-going appeals, this could result in FPM entering into rehabilitation or liquidation stage resulting in a material negative effect on the Group\u2019s business, financial condition, results of operations and prospects. In particular, such risks may affect the Group\u2019s ability to continue as a going concern and its long-term viability. In the meantime, it is currently not possible to assess the potential impact of ongoing bankruptcy proceedings and their timing, as these depend on further court proceedings, which may extend over a considerable period of time. Legal proceedings relating to Bank F&C Shares freeze in relation to claim from the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d) On 3 March 2023, a court of first instance in Ukraine, while hearing the dispute between the DGF and Mr Zhevago in relation to the liquidation of Bank F&C in 2015 (\u201cthe main dispute\u201d), ordered the arrest (freeze) of 50.3% of the shareholding of Ferrexpo AG (\u201cFAG\u201d) in each of Ferrexpo Poltava Mining (\u201cFPM\u201d), Ferrexpo Yeristovo Mining (\u201cFYM\u201d) and Ferrexpo Belanovo Mining (\u201cFBM\u201d). In addition to the restriction covering 50.3% of FAG\u2019s shareholding in each of FPM, FYM and FBM, the court order also contains a prohibition on Fevamotinico S.a.r.l. disposing of its shares in Ferrexpo plc and Ferrexpo plc disposing of any of its shares in FAG. As at the date of the approval of these consolidated financial statements, the Group has no intention, and never has had any intention, of disposing of its shares in FPM, FYM, FBM or FAG. The Group does not expect an impact on its mining or other operations because of this court order. The Group\u2019s subsidiaries affected by this court order, including FAG, have filed appeals to remove the restrictions. The court of appeal dismissed the appeals and the decision of the court of appeal was upheld by the Supreme Court of Ukraine on 10 January 2024. Therefore, the restrictions remain effective. On 31 July 2024, a court of first instance agreed to commence economic examination to be performed by an independent expert institution to assess the amount of damages of Bank F&C in the main dispute. The proceedings in the main dispute are suspended, until an expert opinion is received. Based on advice from Ukrainian legal counsel, management considers that the court order dated 3 March 2023 to arrest (freeze) 50.3% of FAG\u2019s shareholding in each of FPM, FYM and FBM contravened Ukrainian law because the restricted 50.3% of corporate rights in the three Ukrainian subsidiaries are the property of FAG and not of any other person as a matter of Ukrainian law. Shares freeze in relation to claim from the National Bank of Ukraine (\u201cNBU\u201d) In addition to the case initiated by the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d) as described above, there is a commercial litigation in Ukraine between the NBU and Mr Zhevago in relation to a personal surety (guarantee) given by Mr Zhevago for a loan provided by the NBU to Bank F&C prior to Bank F&C\u2019s insolvency. This claim reached a final decision of the Ukrainian courts in 2020, however the judgement debt was not satisfied by Mr Zhevago and the state bailiff imposed an arrest (\u201cfreeze\u201d) on the part of the corporate rights in the amount of 50.3% of the issued share capital of Ferrexpo Yeristovo Mining (FYM) and Ferrexpo Belanovo Mining (FBM) and two arrests (\u201cfreeze\u201d) of 49.3% of shares in Ferrexpo Poltava Mining (FPM). The court of first instance was considering FAG\u2019s claim to cancel the arrest (freezing) order of the state bailiff in relation to 50.3% of the issued share capital of FYM and of FBM. After several hearings in 2025, the judge closed the proceedings during a hearing on 28 May 2025, effectively refusing FAG\u2019s claim to cancel the arrest (freezing) order. On 20 June 2025, FAG filed an appeal, which was rejected on 1 October 2025 by the court of appeal. On 29 October 2025, FAG filed a cassation appeal to the Supreme Court of Ukraine. The case is pending before the Supreme Court of Ukraine. Another case to challenge two arrests (\u201cfreeze\u201d) of 49.3% of shares in FPM remains on-going and the next hearing by the Pecherskyi District Court of Kyiv is scheduled for 7 September 2026. If the above enforcement processes are not interrupted, this could ultimately lead to a potential sale of shares representing 50.3% of the issued shares in each of FYM and FBM and 49.3% of the issued shares in FPM, notwithstanding that they are assets of the Group and not Mr Zhevago personally. Shares freeze in relation to investigation in connection with Bank F&C As disclosed in details in the 2024 consolidated financial statements, on 25 March 2024, the Group became aware of a court order dated 18 January 2024 regarding further restrictions on certain corporate rights concerning all of the Group\u2019s Ukrainian subsidiaries. According to the January 2024 court order these restrictions were imposed in September 2023 on 49.5% of the shares in all of the Group\u2019s Ukrainian subsidiaries, except for Nova Logistics LLC and TIS-Ruda LLC, an associated company of the Group, where the relevant percentages restricted are 25.2% and 24.7%, respectively. The Group understands the restrictions have been imposed in connection with ongoing investigations relating to Bank F&C. The restrictions do not affect ownership of the relevant shares, but prohibit their transfer and restrict the right to exercise corporate rights otherwise attaching to such shares, including the right to vote. On 21 May 2024, FAG filed an appeal against the court order. On 30 January 2025, the court of appeal rejected FAG\u2019s appeal. On 4 March 2025, the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) made a media statement that the Pecherskyi District Court of Kyiv has granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in Ferrexpo Poltava Mining (\u201cFPM\u201d) held by Ferrexpo AG (\u201cFAG\u201d) to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). The statement also makes reference to the transfer to ARMA of corporate rights in a further 15 undisclosed legal entities. The SBI statement notes that the transfer of the corporate rights in FPM is in connection with on-going legal cases in Ukraine relating to the alleged embezzlement of funds from Bank F&C, a Ukrainian bank previously owned by Mr Zhevago which was declared insolvent in 2015. Bank F&C has never been part of the Ferrexpo Group. On 30 April 2025, ARMA announced the commencement of market consultations for the appointment of asset managers in respect of corporate rights and assets potentially to be transferred to ARMA. On 9 October 2025, ARMA announced the start of market consultations concerning the arrested 49.5% of corporate rights in FPM. As at the date of the approval of these consolidated financial statements, no member of the Ferrexpo Group has received any official documents or requests from the Ukrainian authorities with regard to the decision of the Pecherskyi District Court of Kyiv and has not seen a copy of the court decision. The details of the court decision are therefore unclear at this stage. Based on independent legal advice from Ukrainian counsel, management understands that FAG remains the 100% owner of FPM. Further to that, ARMA may enter into an agreement with a third party manager who might manage 49.5% of the corporate rights in FPM, but according to the current Ukrainian legislation such manager will need to obtain consent from FAG for any corporate actions.
Based on the Law on ARMA, the manager is obliged to coordinate the exercise of assumed powers at the shareholders meeting with the
owner of the shares unless an exception applies. This rule means that the manager cannot vote at the shareholders meeting on its own,
but only with the consent of the owner, FAG.
Share freeze in relation to undisclosed investigation
During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out on 4 February
2026, it was discovered that the High Anti-Corruption Court of Ukraine ordered the arrest (freeze) of corporate rights in all of the Group\u2019s
Ukrainian subsidiaries, except for LLC TIS-Ruda, in a criminal proceeding to which none of the Group companies are parties.
The court order was not published in the Ukrainian State Register of Court Decisions to preserve the confidentiality of the pre-trial
investigation, and none of the Group companies received any order in connection with this arrest (freeze) of corporate rights. Details of the
criminal case, including the percentage of corporate rights subject to the arrest (freeze), are therefore unavailable at this stage.
However, under Ukrainian law arrest (freezing) orders do not affect ownership of the relevant shares but typically prohibit their transfer and
in addition may restrict the right to exercise corporate rights such as voting rights and the right to receive dividends.
Second share freeze in relation to another investigation in connection with Bank F&C
During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out in March 2026, it
was discovered that the Pecherskyi District Court of Kyiv issued a new arrest (freeze) of corporate rights in the Group\u2019s Ukrainian subsidiaries
in connection with the Bank F&C investigation on 23 December 2025.
This arrest applies to 49.5% of the corporate rights in the Group\u2019s Ukrainian subsidiaries. It relies on the mechanism of \u201cSpecial
Confiscation\u201d, a process under Ukrainian law which allows the State to seize assets directly linked to a criminal offence, including where the
property is obtained as a result of the commission of the offence or income derived therefrom, property used as a tool or instrument of the
offence, or property intended for financing the offence or as a reward for its commission. Special confiscation can extend to property owned
by third parties, provided the owner knew or ought to have known of its origin or intended use in connection with the offence.
Execution of \u201cSpecial Confiscation\u201d requires a final court decision in the criminal proceedings but is not confined to a guilty verdict. Special
confiscation may be ordered following a guilty verdict of the court; a court ruling closing the criminal proceedings on non-exonerating
grounds, including release from criminal liability; or a ruling imposing criminal-law measures upon a legal entity. In each case this ruling can
only occur after examination of the merits of the case, which has not yet occurred. The arrest (freeze) does not immediately affect ownership
rights but may restrict voting rights, dividend rights and the ability to transfer shares. FAG has filed an appeal against the share freeze on
3 April 2026. The first appeal hearing took place on 19 May 2026 and a further hearing scheduled for 18 August 2026 was cancelled and
postponed to 16 September 2026.
As at the date of the approval of these consolidated financial statements, the appeal proceedings remain ongoing.
Restrictions imposed by Swiss Office of the Attorney General over Ferrexpo AG (\u201cFAG\u201d) shares
On 13 February 2026, the Swiss Office of the Attorney General issued a provisional order to the management bodies of Ferrexpo AG (\u201cFAG\u201d)
to prohibit FAG from issuing new shares and from consenting to the sale or transfer of existing shares in FAG.
The proceedings are based on a request for legal assistance from the National-Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) to Switzerland
made on 4 November 2025. The request for legal assistance states that the proceedings are based on the suspicion that Mr Zhevago, with
the assistance of his lawyer, granted an unlawful advantage to the former president of the Supreme Court of Ukraine, in order to influence
proceedings in the above-mentioned claim relating to the share sale and purchase agreement for a 40.2% stake in Ferrexpo Poltava Mining.
On 26 February 2026, FAG filed an appeal to the Swiss Federal Criminal Court against the aforementioned restrictions, which remains ongoing.
Currency control measures imposed in Ukraine
With the start of the Russian invasion of Ukraine on 24 February 2022, the Ukrainian government introduced Martial Law affecting, among
other things, matters relating to lending agreements, foreign exchange and currency controls and banking activities.
As a result, the National Bank of Ukraine (\u201cNBU\u201d) has introduced significant currency and capital control restrictions in Ukraine. These
measures are affecting the Group in terms of its cross-border payments, which are restricted and may be made only in exceptional cases.
The maximum period for settlement of invoices under export and import contracts was decreased as at 1 April 2022 from what was
previously 360 days to 180 days.
Despite the partial relaxation of Ukrainian hryvnia controls in May 2024 around the regulatory framework specific to foreign currency
transactions, intercompany settlements and transfers offshore for international Groups, the NBU maintains tight capital controls in Ukraine.
These measures put additional pressure on the Group\u2019s liquidity management as the Ukrainian subsidiaries are currently not in a position to
make significant cash transfers outside of Ukraine. As it is essential to the Group that sufficient liquidity is held outside of Ukraine to ensure
that the Group\u2019s liabilities can be settled when falling due, intercompany receivable balances due to the Ukrainian subsidiaries have
historically only been paid when falling due and after considering the local cash requirements for operating activities and capital
expenditure programmes.
The lower operating activities and reduced capital expenditure programmes due to the ongoing war have reduced the local cash
requirements and consequently increased the imbalance between payments to be made into Ukraine and local cash requirements.
As a result of the imposed currency control measures, the Group has to carefully manage the payments to be made into Ukraine, as the
local subsidiaries cannot transfer any surplus funds back to Group entities outside of Ukraine, if required.
Failure to comply with the currency control regulations can result in fines of 0.3% per day calculated on the cumulative overdue receivable
balances with the maximum amount limited to the receivable balances. The Group has implemented various measures to mitigate the
impact of the currency control regulations and reduce the risk of material fines, but there exists legal uncertainty in the application of the
currency control regulations during the application of Martial Law in Ukraine. The currency control regulations may also be subject to change
in the future (including with retrospective effect). Therefore, there was a risk that the Group may become subject to challenges from
regulatory authorities in connection with the application of the regulations.
In July 2026, the State Tax Service of Ukraine (\u201cSTS\u201d) completed an unscheduled documentary in-house review of Ferrexpo Poltava Mining
(\u201cFPM\u201d) in relation to compliance with currency control regulations concerning settlement deadlines under eleven import contracts and ten
export contracts, primarily for the period between 1 July 2021 and 31 December 2025. Following the completion of this internal review, the
STS issued its report on 14 July 2026, assessing penalties of approximately UAH35.3 billion (approximately US$787 million as at the date of
approval of these consolidated financial statements) for potentially alleged breaches of foreign currency settlement deadlines. FPM
considers the review to be irregular on the grounds that it was conducted with multiple procedural violations and that the tax authority failed
to consider relevant factual circumstances, including arbitration awards under several export contracts. Those awards procedurally preclude
the imposition of penalties in respect of those contracts, which account for the majority of the penalties assessed.
FPM filed formal objections to the STS on 4 August 2026 in connection with the report received. On 17 August 2026, the Eastern
Interregional Directorate of the STS issued an order providing for a further documentary on-site review of FPM, to commence on
14 September 2026, which is expected to take 15 working days, for the purpose of a comprehensive examination of the circumstances set
out in FPM\u2019s objections. FPM intends to challenge any potentially resulting tax notices-decisions before the Ukrainian courts. In that event,
the assessed liabilities will remain unconfirmed and unenforceable pending a judicial review process and, as a consequence, no provision has
been recorded as at 31 December 2025.
Share dispute
As disclosed in the 2024 consolidated financial statements, on 19 April 2023, the Grand Chamber of the Supreme Court ruled in favour of
FAG in relation to the old shareholder litigation re-opened in 2020.
In May 2023, the National Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) and the Specialised Anti-Corruption Prosecutor\u2019s Office (\u201cSAPO\u201c)
accused the Head of the Supreme Court of Ukraine of bribery. These allegations made reference to the ruling made by the Supreme Court
of Ukraine on 19 April 2023 and Mr Zhevago. Investigations by NABU and SAPO are underway into the conduct of the former Head of the
Supreme Court and a lawyer who allegedly acted as the intermediary in the alleged bribery. On 3 August 2023, NABU announced that
Mr Zhevago had been issued with a notice of suspicion in NABU\u2019s and SAPO\u2019s investigation. On 15 October 2025, the Appellate Chamber
of the High Anti-Corruption Court granted permission to conduct a special pre-trial investigation.
On 8 June 2026, the High Anti-Corruption Court of Ukraine (\u201cHAAC\u201d) approved a plea agreement between SAPO and the former Head of
the Supreme Court of Ukraine in connection with these allegations. On 9 June 2026, it was publicly announced that Mr Zhevago had been
issued with a summons by NABU to appear on 16 June 2026 to receive the indictment and case materials in connection with these
allegations.
A verdict from the HAAC that a judge has received a bribe for the favourable decision in the share dispute case (which verdict remains valid
after any potential appeal), may entitle the claimants in the share dispute case to apply to the Supreme Court of Ukraine to review the ruling
made by the Supreme Court of Ukraine on 19 April 2023. According to records at UK Companies House, all four claimants are currently
subject to liquidation or dissolution proceedings.
If the share dispute case were to be reviewed by the Grand Chamber of the Supreme Court of Ukraine once again, based on advice from
Ukrainian legal counsel, management remains of the view that FAG has compelling legal arguments to defend its position. However, more
general concerns surrounding the independence of the judicial system and its immunity from economic and political influences in Ukraine
means there remains a residual risk of a negative outcome.
A hypothetical reversal of the 19 April 2023 decision by the Grand Chamber of the Supreme Court would result in the loss of a significant
proportion of the shareholding in the Group\u2019s main operating subsidiary in Ukraine, which holds approximately 65% of the Group\u2019s non-
current operating assets, and would have a material adverse impact on the shareholders\u2019 equity attributable to the shareholders of Ferrexpo
plc. Due to the various uncertainties, it is currently not possible to reliably estimate the financial impact, but it could be material. A negative
decision could also have an impact on potential future dividends from FPM to FAG and, as result, on the distributable reserves of Ferrexpo plc.
See Note 12 Earnings per share and dividends paid and proposed for further details.
No non-controlling interest has been recognised as at 31 December 2025 in respect of this dispute because FPM remains wholly owned by
FAG as at the date of the approval of these consolidated financial statements. It is management\u2019s view that a hypothetical reversal of the
decision by the Grand Chamber of the Supreme Court will not cast significant doubt on the Group\u2019s ability to continue as a going concern.
However, such a decision might complicate the daily business of the Group\u2019s major subsidiary in Ukraine.
OTHER ONGOING LEGAL PROCEEDINGS AND DISPUTES WITH CORRESPONDING PROVISIONS
Challenge of squeeze-out of minority shareholders
Following the completion of squeeze-out procedures in 2019 in respect of Ferrexpo Poltava Mining (\u201cFPM\u201d), two former minority
shareholders challenged the valuation of the shares of FPM. This valuation formed the basis for a mandatory buy-out of minority
shareholders according to Ukrainian law.
On 19 September 2023, a court of first instance ruled in favour of the two former minority shareholders and decided that FPM should pay
UAH136 million (31 December 2025: US$3,208 thousand; 31 December 2024: US$3,235 thousand) in aggregate to the claimants. The court
of appeal upheld this decision. Following an appeal by FPM, on 3 June 2024, the Supreme Court cancelled both decisions and referred the
case back to a court of first instance for a new hearing.
The case was heard again by the Commercial Court of Poltava Region, which ruled on 10 April 2025 that an amount of UAH136 million should
be paid to the two former minority shareholders. On 4 September 2025, a court of appeal rejected an appeal filed by FPM. In September
2025, FPM filed a cassation appeal to the Supreme Court. On 6 October 2025, the Commercial Court of Poltava Region issued orders to
enforce its decision. On 7 October 2025, a private bailiff in Ukraine \u2013 acting upon the application of one of the two former FPM minority
shareholders \u2013 opened enforcement proceedings and froze property of FPM to recover funds from FPM in the amount of UAH84 million.
Subsequently, on 8 October 2025, the private bailiff was able to freeze bank accounts of FPM in an attempt to recover the funds. On
28 October 2025, the Supreme Court decided to open cassation appeal proceedings, scheduled the court hearing for 19 November 2025
and suspended the enforcement of the previous decisions. On 17 December 2025, the Supreme Court issued a ruling granting the cassation
appeal of FPM and decided to return the case to a court of first instance for a new consideration. As a result of the Supreme Court decision,
the enforcement proceedings were closed and the freezing of FPM bank accounts by the private bailiff was cancelled.
On 26 March 2026 the materials of the case were transferred for consideration in bankruptcy proceedings against FPM.
In accordance with the requirements of IAS 37 Provisions, contingent liabilities and contingent assets, the Group recorded a full provision
for the claimed compensation as at the end of the financial year ended 31 December 2023. No additional provision has been recorded as at
31 December 2025.
Second compensation claim for the squeeze-out of minority shareholders of FPM
On 28 August 2025, the Commercial Court of Poltava Region received a statement of claim from nine claimants seeking compensation for
shares of FPM acquired in the squeeze-out procedure in the total amount of approximately UAH58 million (approximately US$1,290 thousand).
On 14 October 2025, the court suspended proceedings in this case pending the final decision by the Supreme Court of Ukraine in challenge
of squeeze-out of minority shareholders case described above.
OTHER ONGOING LEGAL PROCEEDINGS AND DISPUTES WITHOUT CORRESPONDING PROVISIONS
Royalty-related investigation and claim
On 8 February 2022, FPM received a tax audit report from the State Tax Service of Ukraine, which alleged the underpayment of iron ore
royalty payments during the period April 2017 to June 2021 in the amount of approximately UAH1,042 million (US$24,582 thousand as
at 31 December 2025), excluding fines and penalties. On 11 August 2023, FPM received a tax notification decision, which alleged the
underpayment of royalty payments in the amount of UAH1,233 million (US$29,088 thousand as at 31 December 2025), which is higher than
the amount initially stated in the tax audit report due to imposed fines. In November 2023, FPM filed a lawsuit to challenge the Ukrainian
tax authorities\u2019 decision. On 15 April 2024, the court suspended the proceedings until the review of another case concerning the challenge
of an individual tax consultation issued by the tax authority to FPM in another matter which is connected with royalty proceedings. The tax
authority filed an appeal regarding the suspension of the case. As at the date of the approval of these consolidated financial statements,
the court of appeal has not scheduled a hearing date for this appeal.
The Bureau of Economic Security of Ukraine started a royalty-related investigation and on 16 November 2022 conducted searches at FPM
and FYM. On 3 February 2023, a notice of suspicion was delivered to a senior manager of FPM. Bail of UAH20 million (US$547 thousand as at
date of the payment) was approved by the court on 9 February 2023. Although the Group had no obligation to do so the bail amount was
subsequently paid by the Group.
On 6 February 2023, the court arrested (froze) the bank accounts of FPM and FPM\u2019s appeal to cancel the arrest (freezing) of the bank
accounts was not granted.
On 31 October 2023, a notice of suspicion was delivered to another senior manager of FPM. On 13 November 2023, a court of first instance
approved the bail in the amount of approximately UAH800 million (US$21,993 thousand as at that date) which was reduced by the court
of appeal to UAH650 million (US$15,335 thousand as at 31 December 2025). Although the Group had no obligation to do so, the Group
subsequently made a partial payment of the bail in the amount of UAH50 million (US$1,259 thousand as at date of the payment) and the
case was transferred to a local court.
On 26 November 2024, the court cancelled the arrest of FPM\u2019s bank accounts at one of its Ukrainian banks. Several court hearings took place
in 2025. On 13 August 2025, this royalty case was merged with the criminal transfer pricing case. On 13 March 2026, the court cancelled the
bail in the amount of UAH5 million (approximately US$113 thousand as at this date), which was returned to the Group\u2019s subsidiary on
26 March 2026. The next hearing is scheduled for 8 October 2026.
Based on independent legal advice obtained, it is management\u2019s view that FPM and FYM have compelling arguments to defend their
positions in court and, as a consequence, no associated liabilities have been recognised by the Company in relation to the royalty claims in
the consolidated statement of financial position as at 31 December 2025. However, as with other ongoing legal proceedings, there is a risk
of a negative outcome.
Investigations on use of waste product and asset freeze
On 10 January 2023, the State Bureau of Investigations (\u201cSBI\u201d) in Ukraine conducted several searches in respect of investigations into alleged
illegal extraction of minerals (\u201crubble\u201d). The National Police of Ukraine also carried out investigations in respect of the same matter and
searched and collected samples of the rubble on 17 January 2023 at FPM.
The SBI and the National Police allege that from 2015 to 2021, FPM mined minerals of national importance, consisting of rock that lies above
the iron ore (overburden), which it is alleged would require an additional extraction license. FPM\u2019s position is that the materials in question
are waste products from iron ore processing, not separate mineral resources and, as such, no additional extraction licence is required. FPM
also maintains that it has complied with applicable mining legislation. Sales of the rubble were subject to inspection by the State Service for
Geology and Subsoil of Ukraine for many years before the allegations and sales were suspended by the Group in September 2021 at the
State Service\u2019s request.
On 29 June 2023, the SBI issued notices of suspicion to three senior management representatives and one divisional head of FPM for
allegedly selling rubble without a permit. The individuals were detained and released following payments of bail totalling UAH122 million
(US$3,336 thousand as at date of the payment). Although the Group had no obligation to do so, the bail amount was subsequently paid
by the Group. On 22 September 2023, the National Police of Ukraine searched the private residence of a senior manager of FPM, issued
a further notice of suspicion, and detained the individual, who was released upon payment of bail of UAH400 million (US$11,063 thousand
as at date of the payment) after spending 38 days in detention. Although the Group had no obligation to do so, the bail amount was
subsequently paid by the Group.
In the pre-trial investigation, a court of first instance issued an order to freeze FPM\u2019s rail wagons and railway access tracks. On 9 October
2023, certain real estate assets and transport vehicles of FPM were also frozen, however, this does not restrict their operational use. FPM
appealed and sought further clarity from the court on the scope of the restrictions in relation to rail wagons, and on 30 October 2023, the
court of appeal upheld the asset freeze but did not clarify the scope. On 22 April 2024, a court of first instance lifted the prohibition to use
of rail wagons and access of the railway tracks, permitting FPM to use all rail wagons and access tracks. Currently, the freeze of FPM\u2019s rail
wagons and railway access tracks does not restrict their operational use.
In the same pre-trial investigation, some of the real estate assets and transport vehicles of FPM were also arrested, but this arrest does not restrict the use of these assets in FPM\u2019s operations. On 5 March 2024, FPM\u2019s bank accounts were frozen (with exceptions) except for essential payments, and FPM\u2019s subsequent appeal against this bank account freeze was rejected. On 29 April 2024, a court restricted the sale of FPM\u2019s mining license, and FPM\u2019s subsequent appeal was rejected. The restriction on the sale of FPM\u2019s mining license does not affect mining operations. The freeze of the bank accounts does not affect mining operations because FPM has opened other operational bank accounts since the freeze. As at the date of approval of these consolidated financial statements, FPM has no intention of selling its mining licence. First criminal case initiated by the SBI On 19 December 2024, the criminal case involving allegations of rubble mining and sale initiated by the SBI was transferred by the Supreme Court of Ukraine to a local court in Horishni Plavni. At a preparatory hearing on 5 March 2025, a judge refused to decrease the bail for FPM\u2019s Head of the Management Board. In June 2025, a judge considered whether to merge this case with the royalty case and decided against the merger. At a court hearing on 8 April 2026 FPM received information that the State Service of Geology and Subsoil of Ukraine filed a civil claim seeking joint liability of FPM, its Head of the Management Board and other individuals for damages amounting to UAH79 million (approximately US$1,864 thousand). On 7 May 2026, the civil proceedings brought by the State Service for Geology and Mineral Resources of Ukraine were suspended pending the rectification of the deficiencies. The next hearing is scheduled for 15 September 2026. Second criminal case initiated by the National Police On 15 January 2025, the Office of the Prosecutor General announced that the National Police had completed the pre-trial investigation in the second criminal matter involving allegations of rubble mining and sale and the case was sent to a court of first instance. On 4 February 2025, FPM received notice of a civil claim seeking joint liability of FPM and its Head of the Management Board for UAH157 billion (approximately US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state. The claim alleges illegal sale of waste products and, more recently, illegal mining and sale of subsoil, resulting in environmental damage. FPM rejects these allegations on the basis it has complied with the requirements of its mining license. During a hearing on 5 March 2025, the arrest (freezing) of FPM bank accounts at one of its Ukrainian banks was cancelled. On 16 June 2025, there was a hearing to consider whether to merge this rubble case with the royalty case and the court decided against the merger. The case was transferred to a new judge to consider from the beginning. By a court ruling dated 7 May 2026 the court partially satisfied FPM\u2019s motion. The arrest was partially lifted and FPM was allowed to register ownership and proceed with the permitting documentation on commissioning and certification of the press filtration complex. However, the prohibition on the disposal or sale of the complex remains in effect. On 31 August 2026, the court lifted the prohibition against amending FPM\u2019s mining licence. The next hearing is scheduled for 12 October 2026. Based on independent legal advice from Ukrainian counsel, management understands that proceedings may last several years. As at the date of approval of these consolidated financial statements, neither the criminal nor civil claims constitute a legal obligation under Ukrainian law. Further, even if a court in Ukraine were to conclude that FPM has caused a damage to the environment, the quantum of this claim, which is wholly disproportionate, has not been explained. In the circumstances, it is management\u2019s position that no reliable estimate of the potential future outflow or merits can be made as at the date of approval of these consolidated financial statements. As a consequence, no provision was recorded as at 31 December 2025 (2024: no provision recorded) in accordance with IAS 37 Provisions, contingent liabilities and contingent assets. See Note 2 Basis of preparation for potential impacts on the Group\u2019s ability to continue as a going concern. Ecological claims As described in detail in the 2023 Annual Report and Accounts, the State Ecological Inspection carried out an inspection of Ferrexpo Yeristovo Mining (\u201cFYM\u201d) in September 2021 and, on 1 October 2021 issued an order to remedy a number of alleged violations of environmental rules. After the court of first instance ruled in favour of FYM on 19 July 2022, the State Ecological Inspection filed an appeal. The court of appeal returned the appeal claim to the State Ecological Inspection. There had been no actions in respect of this dispute until 5 October 2023, when the National Police of Ukraine conducted a review of FYM\u2019s land plots. There have been no further developments since then and it is not possible at present to anticipate future developments in this case. Based on independent legal advice obtained, it is management\u2019s view that FYM has strong arguments to defend its position in the court, and, as a consequence, no associated liabilities have been recognised in the consolidated statements of financial position as at 31 December 2025 and 2024 in relation to these matters. Cancellation of licence for Galeschynske deposit On 24 June 2021, an Order of the President of Ukraine was published on the official website of the President (the \u201cOrder\u201d), which enacted the Decision of the National Security and Defence Council of Ukraine on the application of personal special economic and other restrictive measures and sanctions (the \u201cDecision\u201d). Ferrexpo Belanovo Mining (\u201cFBM\u201d) is included in the list of legal entities which are subject to sanctions pursuant to the Decision. The Order and the Decision do not provide any legal ground for the application of sanctions. The sanction imposed on FBM is the cancellation of the mining licence for the Galeschynske deposit, which is one of two licences held by FBM. On 15 November 2021, FBM filed a lawsuit with the Supreme Court of Ukraine partially to annul the Order. On 28 January 2025, the Grand Chamber of the Supreme Court made a final decision to reject FBM\u2019s claim and FBM filed a claim to the European Court of Human Rights in May 2025. The Galeschynske deposit is a project in the exploration phase that is situated to the north of the Group\u2019s active mining operations. Following the cancellation of this licence, all capitalised costs associated with this licence totalling approximately US$3,439 thousand, were written off in the financial year ended 31 December 2021. In parallel, following the termination of the Galeschynske subsoil-use permit by the State Service of Geology and Subsoil of Ukraine on 5 July 2021, on 16 November 2021, FBM filed a claim challenging the termination. FBM filed an appeal against this rejection on 1 December 2025 which was declined by the court of appeal on 11 May 2026 and FBM filed a cassation appeal. On 15 June 2026, the Supreme Court of Ukraine opened cassation proceedings and the date of the next hearing is currently unknown.
Announcement of the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) regarding a potential claim to nationalise 49.5% of shares
in FPM
On 20 February 2025, the SBI made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine
(\u201cHACC\u201d) to nationalise 49.5% of shares in Ferrexpo Poltava Mining (\u201cFPM\u201d) and certain of its assets. As at the date of approval of these
financial statements, FPM has not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no
authority to petition, bring claims or make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC
and the proper authority should be the Ministry of Justice of Ukraine.
Litigations regarding suspension of VAT refunds
Following the personal sanctions imposed by Ukrainian authorities on Mr Zhevago on 12 February 2025, the Group\u2019s subsidiaries in Ukraine
have not been receiving VAT refunds since March 2025.
From March 2025, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d) started to receive on a monthly basis
notifications from the State Tax Service of Ukraine (\u201cSTS\u201d) of a decision to suspend the VAT refunds for each month, when VAT was claimed
for refund.
FPM filed claims against the STS in 2025 and 2026 in relation to the suspended VAT refunds for the months of January 2025 to December
2025 (inclusive) and February 2026. FYM filed claims against the STS in 2025 and 2026 in relation to the suspended VAT refunds for January,
February, March, April, May, July and November 2025.
On 11 February 2026, FPM received its first favourable decision from the Supreme Court of Ukraine in relation to the VAT refund for the
month of February 2025 for UAH230 million (approximately US$5,426 thousand as at 31 December 2025). However, no VAT amount has yet
been refunded to FPM. FPM has filed a claim seeking recovery of this VAT amount. On 28 July 2026 the court of first instance satisfied FPM\u2019s
claim to recover this VAT amount from the State Treasury Service of Ukraine. The State Treasury Service of Ukraine may file an appeal.
In FPM and FYM litigations in relation to VAT refunds for other months, the courts of first instance, with the exception of one unfavourable
decision, and in certain cases the courts of appeal made favourable decisions; however, these matters have not yet been subject to review by
the Supreme Court of Ukraine.
On 22 May 2026, the decisions of the court of first instance to satisfy FPM\u2019s claim in relation to the VAT refund for January 2025, and FYM\u2019s
claim in relation to the VAT refund for February 2025, were cancelled on appeal from the tax authority. On 3 June 2026, the decision of the
court of first instance to partially satisfy FPM\u2019s claim in relation to the VAT refund for April 2025 was cancelled on appeal from the tax
authority. On 14 July 2026, the decisions of the court of first instance to satisfy FYM\u2019s claim in relation to the VAT refund for March 2025 and
May 2025 were cancelled on appeals from the tax authority. On 11 August 2026, the court of first instance denied FYM\u2019s claim in relation to
the VAT refund for July 2025. See Note 20 Other taxes recoverable and payable with regard to the critical estimates made by management in
respect of the recoverability of the outstanding and overdue VAT balances in Ukraine.
The Group is continuing to progress various claims in the Ukrainian courts relating to VAT refunds for FPM and FYM.
The suspension of VAT refunds has had and continues to have a material impact on the Group\u2019s cash flow and liquidity and may affect its
ability to continue as a going concern.
Despite some positive court rulings, no VAT has been refunded yet by the STS. It is reasonably expected that VAT refunds could potentially
resume only following the lifting of personal sanctions imposed on Mr Zhevago or when Ukrainian authorities comply with final favourable
court decisions or if the Tax Code is amended to remove such restriction.
As disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in May, June and July 2026 five negative
decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds of individual monthly claims made in
the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal proceedings that commenced in 2025
and are therefore treated as adjusting events after the reporting period when preparing these consolidated financial statements for the year
ended 31 December 2025. See Note 20 Other taxes recoverable and payable for further details.
As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599 million (US$61,315 thousand at this date) were suspended
by the STS. The absence of VAT refunds does have a material impact on the Group\u2019s cash flow generation and available cash balance and,
as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis of preparation for further details.
TAXATION
Tax legislation
As disclosed in Note 11 Taxation, following the completion of tax audits in respect of its cross-border transactions, the Group\u2019s major
subsidiaries, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d), received tax claims in the amount of UAH2,162 million
(US$51,005 thousand as at 31 December 2025), including fines and penalties, and UAH259 million (US$6,110 thousand as at 31 December
2025). The Group\u2019s subsidiaries filed objections to be considered by the tax authorities, although these were rejected. Subsequently, the
Group\u2019s subsidiaries filed claims with the courts. In both disputes, the court ordered a judicial economic examination and suspended the
proceedings. As at the date of the approval of these consolidated financial statements, proceedings in the FPM dispute remain suspended,
and proceedings in the FYM dispute resumed on 9 June 2026. At a hearing on 8 July 2026, the court of first instance ordered a judicial
economic examination and adjourned the proceedings once again. On 24 July 2026, the tax authority filed an appeal against that ruling and
a hearing is scheduled for 16 September 2026.
In addition, two criminal cases are ongoing in relation to transfer pricing matters. On 13 August 2025, one of these criminal transfer pricing
cases was merged with the royalty-related case. No provisions have been recorded as at 31 December 2025 and 2024, either for the claims
received or for any subsequent years. If FPM and FYM are ultimately unsuccessful, the tax claims may be material, although it is not possible
at present to reliably quantify the potential exposure. An unfavourable outcome would have an adverse impact on the Group\u2019s cash flow
generation, profitability and liquidity. See Note 11 Taxation and also the Principal Risks section on pages 103 to 106 in terms of the Ukraine
country risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "ACCOUNTING POLICY Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. Commitments for the lease of mining land The leases for land used for the extraction of iron ore are not within the scope of IFRS 16 Leases according to the exemptions specified in the standard and are disclosed as commitments for the lease of mining land. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "
CRITICAL JUDGEMENTS
The Group is exposed to the risks associated with operating in a dynamic and adverse political landscape in Ukraine, which may or may not be
exacerbated by the war and/or the current circumstances facing Mr Zhevago (see Ukraine country risk on pages 103 to 106). As a result, the
Group is exposed to a number of risk areas that are heightened compared to those expected in a stable economy, such as an environment of
political, fiscal and legal uncertainties, which require a significant number of critical judgements to be made by the management team,
mainly in respect of the contested sureties claim, for which the provision recorded as at the end of the financial year ended 31 December
2023 still exists as at 31 December 2025, and the other matters listed under critical judgements below.
CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITH CORRESPONDING PROVISIONS
Contested sureties claim
On 7 December 2022, Ferrexpo Poltava Mining (\u201cFPM\u201d) received a claim in the amount of UAH4,727 million (31 December 2025: US$111,517
thousand; 31 December 2024: US$112,443 thousand) in respect of contested sureties.
The claimant alleges that it acquired rights under certain loan agreements originally concluded between Bank F&C and various borrowers by
entering into an assignment agreement with the State Guarantee Fund in November 2020. The claimant further claims that FPM provided
sureties to Bank F&C to secure performance under these loan agreements.
A court of first instance in Ukraine made an award in favour of the claimant on 9 August 2023, which was upheld by the court of appeal on
26 January 2024. On 1 April 2024, the Supreme Court suspended the possible enforcement of the decision of the court of appeal against FPM.
As at the date of the approval of these consolidated financial statements, the case is under review by the Supreme Court of Ukraine. Whilst several hearings have already been held, no substantive decision on the merits of the case has yet been made by the Supreme Court. On 1 May 2026, the court expanded the panel to 17 judges. The next hearing is scheduled for 12 October 2026. Notwithstanding the two negative court decisions of the lower courts, based on independent legal advice obtained management remains of the view that the claim is without merit and FPM has compelling arguments to continue to defend its position before the Supreme Court. However, considering the magnitude of this claim and the risks associated with the judicial system in Ukraine as further described above, a full provision in the amount of UAH4,727 million (US$111,517 thousand as at 31 December 2025), which was recorded as at the end of the financial year ended 31 December 2023, remained as at 31 December 2025. Notwithstanding that the underlying contested securities claim remains under review by the Supreme Court of Ukraine and the Supreme Court has suspended enforcement action against FPM pending the Supreme Court\u2019s decision, on 24 February 2026, a local court in Ukraine opened bankruptcy proceedings against FPM. For further details, see details below under Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). If the final ruling of the Supreme Court is against FPM, this would mean that FPM\u2019s bankruptcy process will continue, which could have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern. For further implications, see below under Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). If the FPM bankruptcy is cancelled but the Supreme Court later rules against FPM, the claimant will have two options: (i) to initiate bankruptcy of FPM once again or (ii) commence enforcement procedures through the involvement of bailiff. The commencement of enforcement procedures through the involvement of bailiff in such potential scenario in the future could have a material negative impact on the Group\u2019s business activities and its ability to continue as a going concern, as the assets of FPM could be seized or subject to a forced sale. The potential seizure or forced sale of FPM\u2019s assets, including moveable, immovable and financial assets, may have a material adverse impact on the Group\u2019s cash flow generation, profitability and available cash balance in future periods. As at the date of the approval of these consolidated financial statements, it is not reasonably possible to assess the implications of a potential seizure or forced sale of assets on the Group\u2019s business activities, as the timing, scope and impact are unknown and outside of the Group\u2019s control. However, the Group has prepared a number of mitigating actions and responses within its control in order to seek to ensure continuation of production and generation of revenue streams. Beyond that, in case of an enforcement, FPM will challenge orders and enforcement actions in the court where possible, in order to seek to allow the Group to continue to trade and generate resources to meet its other liabilities as they fall due. See Note 2 Basis of preparation, Note 13 Property, plant and equipment and Note 17 Inventories for further information. CRITICAL JUDGEMENTS FOR ONGOING LEGAL PROCEEDINGS AND DISPUTES WITHOUT CORRESPONDING PROVISIONS Bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d) In connection with the ongoing legal dispute over the contested sureties, as disclosed above, in May 2025 the counterparty filed an application with the Commercial Court of Poltava Region to initiate bankruptcy proceedings against FPM. The court accepted this application and bankruptcy proceedings were opened on 24 February 2026. As part of this ruling, the court has also appointed an insolvency manager over FPM. The existing FPM management team remains in place and continues to operate the business. This decision was made notwithstanding that the underlying legal dispute over the contested sureties between FPM and LLC \u201cMaxi Capital Group\u201d is still under review by the Supreme Court of Ukraine and the Supreme Court of Ukraine\u2019s order on 1 April 2024 to suspend enforcement in the contested sureties claim. FPM filed an appeal against the decision to open bankruptcy proceedings. The first appeal hearing was heard on 9 April 2026, and the next hearing took place on 30 April 2026, when the panel of three judges declared a formal recusal from the case and a new panel of judges has been appointed. There were further hearings on 2 June 2026 and 27 July 2026. On 18 August 2026, the court of appeal in Kharkiv dismissed FPM\u2019s appeal against the ruling of the Commercial Court of Poltava Region dated 24 February 2026, which opened bankruptcy proceedings against FPM. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. However, the filing of an appeal, including a cassation appeal, does not suspend the ongoing bankruptcy proceedings. Following the opening of bankruptcy proceedings against FPM, an insolvency manager has started to compile a list of creditor claims in accordance with Ukrainian regulations. Although the existing FPM management team currently remains in place and continue to operate the business, there are: (i) certain actions which the FPM management team\u2019s governing bodies cannot take without the consent of the insolvency manager (such as the receipt or granting of loans and the leasing of property); (ii) certain further actions which FPM\u2019s governing bodies are not authorised to take without the consent of the creditors\u2019 committee or the creditors\u2019 meeting, if the committee is not yet formed (such as entering into significant transactions where the market value amounts to 10 percent or more of the value of FPM\u2019s assets or disposal of FPM\u2019s material assets); and (iii) certain further actions which are FPM\u2019s governing bodies are not authorised to take at all during the property administration stage of the insolvency process (including the granting of loans, providing sureties or guarantees, disposal or granting of new encumbrances over real property and the payment of dividends). There also remains a risk that the court may, on its own initiative or upon motion of the parties, seek to terminate the powers of FPM\u2019s executive body and transfer the executive body\u2019s functions to the insolvency manager, which would result in the Company\u2019s loss of control of FPM. Loss of control of FPM would result in the Group being unable to manage its operations, receive cashflows from operations or prevent the distribution of assets to creditors of FPM. The initial stage of bankruptcy proceedings is the stage of the debtor\u2019s property management. The court introduces it for up to 170 calendar days, but the court can further extend it. On 11 August 2026, the insolvency manager filed a motion with the Commercial Court of Poltava Region to extend the term of the property administration procedure. The property management procedure is intended to ensure supervision over the management and disposal of FPM\u2019s assets, with a view to their preservation and efficient use, to facilitate the assessment of FPM\u2019s financial position, and to determine the appropriate subsequent stage of the bankruptcy proceedings (rehabilitation or liquidation). Within the property management procedure framework, the insolvency manager is not selling the debtor\u2019s property to satisfy creditors\u2019 claims. Such an obligation arises for the insolvency manager at the next stages of bankruptcy proceedings \u2013 rehabilitation or liquidation, which are introduced by a court order at the final meeting of the property management procedure. Should the bankruptcy proceedings progress and FPM\u2019s appeal is not successful or heard in a timely manner, or if further adverse rulings are made notwithstanding FPM\u2019s on-going appeals, this could result in FPM entering into rehabilitation or liquidation stage resulting in a material negative effect on the Group\u2019s business, financial condition, results of operations and prospects.
In particular, such risks may affect the Group\u2019s ability to continue as a going concern and its long-term viability. In the meantime, it is currently
not possible to assess the potential impact of ongoing bankruptcy proceedings and their timing, as these depend on further court
proceedings, which may extend over a considerable period of time.
Legal proceedings relating to Bank F&C
Shares freeze in relation to claim from the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d)
On 3 March 2023, a court of first instance in Ukraine, while hearing the dispute between the DGF and Mr Zhevago in relation to the
liquidation of Bank F&C in 2015 (\u201cthe main dispute\u201d), ordered the arrest (freeze) of 50.3% of the shareholding of Ferrexpo AG (\u201cFAG\u201d) in each
of Ferrexpo Poltava Mining (\u201cFPM\u201d), Ferrexpo Yeristovo Mining (\u201cFYM\u201d) and Ferrexpo Belanovo Mining (\u201cFBM\u201d). In addition to the restriction
covering 50.3% of FAG\u2019s shareholding in each of FPM, FYM and FBM, the court order also contains a prohibition on Fevamotinico S.a.r.l.
disposing of its shares in Ferrexpo plc and Ferrexpo plc disposing of any of its shares in FAG. As at the date of the approval of these
consolidated financial statements, the Group has no intention, and never has had any intention, of disposing of its shares in FPM, FYM,
FBM or FAG. The Group does not expect an impact on its mining or other operations because of this court order.
The Group\u2019s subsidiaries affected by this court order, including FAG, have filed appeals to remove the restrictions. The court of appeal
dismissed the appeals and the decision of the court of appeal was upheld by the Supreme Court of Ukraine on 10 January 2024. Therefore,
the restrictions remain effective. On 31 July 2024, a court of first instance agreed to commence economic examination to be performed by
an independent expert institution to assess the amount of damages of Bank F&C in the main dispute. The proceedings in the main dispute
are suspended, until an expert opinion is received.
Based on advice from Ukrainian legal counsel, management considers that the court order dated 3 March 2023 to arrest (freeze) 50.3% of
FAG\u2019s shareholding in each of FPM, FYM and FBM contravened Ukrainian law because the restricted 50.3% of corporate rights in the three
Ukrainian subsidiaries are the property of FAG and not of any other person as a matter of Ukrainian law.
Shares freeze in relation to claim from the National Bank of Ukraine (\u201cNBU\u201d)
In addition to the case initiated by the Ukrainian Deposit Guarantee Fund (\u201cDGF\u201d) as described above, there is a commercial litigation in
Ukraine between the NBU and Mr Zhevago in relation to a personal surety (guarantee) given by Mr Zhevago for a loan provided by the NBU to
Bank F&C prior to Bank F&C\u2019s insolvency.
This claim reached a final decision of the Ukrainian courts in 2020, however the judgement debt was not satisfied by Mr Zhevago and the
state bailiff imposed an arrest (\u201cfreeze\u201d) on the part of the corporate rights in the amount of 50.3% of the issued share capital of Ferrexpo
Yeristovo Mining (FYM) and Ferrexpo Belanovo Mining (FBM) and two arrests (\u201cfreeze\u201d) of 49.3% of shares in Ferrexpo Poltava Mining (FPM).
The court of first instance was considering FAG\u2019s claim to cancel the arrest (freezing) order of the state bailiff in relation to 50.3% of the
issued share capital of FYM and of FBM. After several hearings in 2025, the judge closed the proceedings during a hearing on 28 May 2025,
effectively refusing FAG\u2019s claim to cancel the arrest (freezing) order. On 20 June 2025, FAG filed an appeal, which was rejected on 1 October
2025 by the court of appeal. On 29 October 2025, FAG filed a cassation appeal to the Supreme Court of Ukraine. The case is pending before
the Supreme Court of Ukraine.
Another case to challenge two arrests (\u201cfreeze\u201d) of 49.3% of shares in FPM remains on-going and the next hearing by the Pecherskyi District
Court of Kyiv is scheduled for 7 September 2026.
If the above enforcement processes are not interrupted, this could ultimately lead to a potential sale of shares representing 50.3% of the
issued shares in each of FYM and FBM and 49.3% of the issued shares in FPM, notwithstanding that they are assets of the Group and not
Mr Zhevago personally.
Shares freeze in relation to investigation in connection with Bank F&C
As disclosed in details in the 2024 consolidated financial statements, on 25 March 2024, the Group became aware of a court order dated
18 January 2024 regarding further restrictions on certain corporate rights concerning all of the Group\u2019s Ukrainian subsidiaries. According to
the January 2024 court order these restrictions were imposed in September 2023 on 49.5% of the shares in all of the Group\u2019s Ukrainian
subsidiaries, except for Nova Logistics LLC and TIS-Ruda LLC, an associated company of the Group, where the relevant percentages
restricted are 25.2% and 24.7%, respectively. The Group understands the restrictions have been imposed in connection with ongoing
investigations relating to Bank F&C.
The restrictions do not affect ownership of the relevant shares, but prohibit their transfer and restrict the right to exercise corporate rights
otherwise attaching to such shares, including the right to vote. On 21 May 2024, FAG filed an appeal against the court order. On 30 January
2025, the court of appeal rejected FAG\u2019s appeal.
On 4 March 2025, the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) made a media statement that the Pecherskyi District Court of Kyiv has
granted a request of the Prosecutor General\u2019s Office of Ukraine to transfer 49.5% of the corporate rights in Ferrexpo Poltava Mining (\u201cFPM\u201d)
held by Ferrexpo AG (\u201cFAG\u201d) to Ukraine\u2019s Asset Recovery and Management Agency (\u201cARMA\u201d). The statement also makes reference to the
transfer to ARMA of corporate rights in a further 15 undisclosed legal entities.
The SBI statement notes that the transfer of the corporate rights in FPM is in connection with on-going legal cases in Ukraine relating to the
alleged embezzlement of funds from Bank F&C, a Ukrainian bank previously owned by Mr Zhevago which was declared insolvent in 2015.
Bank F&C has never been part of the Ferrexpo Group.
On 30 April 2025, ARMA announced the commencement of market consultations for the appointment of asset managers in respect of
corporate rights and assets potentially to be transferred to ARMA. On 9 October 2025, ARMA announced the start of market consultations
concerning the arrested 49.5% of corporate rights in FPM.
As at the date of the approval of these consolidated financial statements, no member of the Ferrexpo Group has received any official
documents or requests from the Ukrainian authorities with regard to the decision of the Pecherskyi District Court of Kyiv and has not seen
a copy of the court decision. The details of the court decision are therefore unclear at this stage.
Based on independent legal advice from Ukrainian counsel, management understands that FAG remains the 100% owner of FPM. Further
to that, ARMA may enter into an agreement with a third party manager who might manage 49.5% of the corporate rights in FPM, but
according to the current Ukrainian legislation such manager will need to obtain consent from FAG for any corporate actions.
Based on the Law on ARMA, the manager is obliged to coordinate the exercise of assumed powers at the shareholders meeting with the owner of the shares unless an exception applies. This rule means that the manager cannot vote at the shareholders meeting on its own, but only with the consent of the owner, FAG. Share freeze in relation to undisclosed investigation During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out on 4 February 2026, it was discovered that the High Anti-Corruption Court of Ukraine ordered the arrest (freeze) of corporate rights in all of the Group\u2019s Ukrainian subsidiaries, except for LLC TIS-Ruda, in a criminal proceeding to which none of the Group companies are parties. The court order was not published in the Ukrainian State Register of Court Decisions to preserve the confidentiality of the pre-trial investigation, and none of the Group companies received any order in connection with this arrest (freeze) of corporate rights. Details of the criminal case, including the percentage of corporate rights subject to the arrest (freeze), are therefore unavailable at this stage. However, under Ukrainian law arrest (freezing) orders do not affect ownership of the relevant shares but typically prohibit their transfer and in addition may restrict the right to exercise corporate rights such as voting rights and the right to receive dividends. Second share freeze in relation to another investigation in connection with Bank F&C During a routine verification of data on the Group\u2019s Ukrainian subsidiaries in the Ukrainian Companies Register carried out in March 2026, it was discovered that the Pecherskyi District Court of Kyiv issued a new arrest (freeze) of corporate rights in the Group\u2019s Ukrainian subsidiaries in connection with the Bank F&C investigation on 23 December 2025. This arrest applies to 49.5% of the corporate rights in the Group\u2019s Ukrainian subsidiaries. It relies on the mechanism of \u201cSpecial Confiscation\u201d, a process under Ukrainian law which allows the State to seize assets directly linked to a criminal offence, including where the property is obtained as a result of the commission of the offence or income derived therefrom, property used as a tool or instrument of the offence, or property intended for financing the offence or as a reward for its commission. Special confiscation can extend to property owned by third parties, provided the owner knew or ought to have known of its origin or intended use in connection with the offence. Execution of \u201cSpecial Confiscation\u201d requires a final court decision in the criminal proceedings but is not confined to a guilty verdict. Special confiscation may be ordered following a guilty verdict of the court; a court ruling closing the criminal proceedings on non-exonerating grounds, including release from criminal liability; or a ruling imposing criminal-law measures upon a legal entity. In each case this ruling can only occur after examination of the merits of the case, which has not yet occurred. The arrest (freeze) does not immediately affect ownership rights but may restrict voting rights, dividend rights and the ability to transfer shares. FAG has filed an appeal against the share freeze on 3 April 2026. The first appeal hearing took place on 19 May 2026 and a further hearing scheduled for 18 August 2026 was cancelled and postponed to 16 September 2026. As at the date of the approval of these consolidated financial statements, the appeal proceedings remain ongoing. Restrictions imposed by Swiss Office of the Attorney General over Ferrexpo AG (\u201cFAG\u201d) shares On 13 February 2026, the Swiss Office of the Attorney General issued a provisional order to the management bodies of Ferrexpo AG (\u201cFAG\u201d) to prohibit FAG from issuing new shares and from consenting to the sale or transfer of existing shares in FAG. The proceedings are based on a request for legal assistance from the National-Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) to Switzerland made on 4 November 2025. The request for legal assistance states that the proceedings are based on the suspicion that Mr Zhevago, with the assistance of his lawyer, granted an unlawful advantage to the former president of the Supreme Court of Ukraine, in order to influence proceedings in the above-mentioned claim relating to the share sale and purchase agreement for a 40.2% stake in Ferrexpo Poltava Mining. On 26 February 2026, FAG filed an appeal to the Swiss Federal Criminal Court against the aforementioned restrictions, which remains ongoing. Currency control measures imposed in Ukraine With the start of the Russian invasion of Ukraine on 24 February 2022, the Ukrainian government introduced Martial Law affecting, among other things, matters relating to lending agreements, foreign exchange and currency controls and banking activities. As a result, the National Bank of Ukraine (\u201cNBU\u201d) has introduced significant currency and capital control restrictions in Ukraine. These measures are affecting the Group in terms of its cross-border payments, which are restricted and may be made only in exceptional cases. The maximum period for settlement of invoices under export and import contracts was decreased as at 1 April 2022 from what was previously 360 days to 180 days. Despite the partial relaxation of Ukrainian hryvnia controls in May 2024 around the regulatory framework specific to foreign currency transactions, intercompany settlements and transfers offshore for international Groups, the NBU maintains tight capital controls in Ukraine. These measures put additional pressure on the Group\u2019s liquidity management as the Ukrainian subsidiaries are currently not in a position to make significant cash transfers outside of Ukraine. As it is essential to the Group that sufficient liquidity is held outside of Ukraine to ensure that the Group\u2019s liabilities can be settled when falling due, intercompany receivable balances due to the Ukrainian subsidiaries have historically only been paid when falling due and after considering the local cash requirements for operating activities and capital expenditure programmes. The lower operating activities and reduced capital expenditure programmes due to the ongoing war have reduced the local cash requirements and consequently increased the imbalance between payments to be made into Ukraine and local cash requirements. As a result of the imposed currency control measures, the Group has to carefully manage the payments to be made into Ukraine, as the local subsidiaries cannot transfer any surplus funds back to Group entities outside of Ukraine, if required. Failure to comply with the currency control regulations can result in fines of 0.3% per day calculated on the cumulative overdue receivable balances with the maximum amount limited to the receivable balances. The Group has implemented various measures to mitigate the impact of the currency control regulations and reduce the risk of material fines, but there exists legal uncertainty in the application of the currency control regulations during the application of Martial Law in Ukraine. The currency control regulations may also be subject to change in the future (including with retrospective effect). Therefore, there was a risk that the Group may become subject to challenges from regulatory authorities in connection with the application of the regulations. In July 2026, the State Tax Service of Ukraine (\u201cSTS\u201d) completed an unscheduled documentary in-house review of Ferrexpo Poltava Mining (\u201cFPM\u201d) in relation to compliance with currency control regulations concerning settlement deadlines under eleven import contracts and ten export contracts, primarily for the period between 1 July 2021 and 31 December 2025. Following the completion of this internal review, the STS issued its report on 14 July 2026, assessing penalties of approximately UAH35.3 billion (approximately US$787 million as at the date of approval of these consolidated financial statements) for potentially alleged breaches of foreign currency settlement deadlines. FPM considers the review to be irregular on the grounds that it was conducted with multiple procedural violations and that the tax authority failed to consider relevant factual circumstances, including arbitration awards under several export contracts. Those awards procedurally preclude the imposition of penalties in respect of those contracts, which account for the majority of the penalties assessed. FPM filed formal objections to the STS on 4 August 2026 in connection with the report received. On 17 August 2026, the Eastern Interregional Directorate of the STS issued an order providing for a further documentary on-site review of FPM, to commence on 14 September 2026, which is expected to take 15 working days, for the purpose of a comprehensive examination of the circumstances set out in FPM\u2019s objections. FPM intends to challenge any potentially resulting tax notices-decisions before the Ukrainian courts. In that event, the assessed liabilities will remain unconfirmed and unenforceable pending a judicial review process and, as a consequence, no provision has been recorded as at 31 December 2025. Share dispute As disclosed in the 2024 consolidated financial statements, on 19 April 2023, the Grand Chamber of the Supreme Court ruled in favour of FAG in relation to the old shareholder litigation re-opened in 2020. In May 2023, the National Anti-Corruption Bureau of Ukraine (\u201cNABU\u201c) and the Specialised Anti-Corruption Prosecutor\u2019s Office (\u201cSAPO\u201c) accused the Head of the Supreme Court of Ukraine of bribery. These allegations made reference to the ruling made by the Supreme Court of Ukraine on 19 April 2023 and Mr Zhevago. Investigations by NABU and SAPO are underway into the conduct of the former Head of the Supreme Court and a lawyer who allegedly acted as the intermediary in the alleged bribery. On 3 August 2023, NABU announced that Mr Zhevago had been issued with a notice of suspicion in NABU\u2019s and SAPO\u2019s investigation. On 15 October 2025, the Appellate Chamber of the High Anti-Corruption Court granted permission to conduct a special pre-trial investigation. On 8 June 2026, the High Anti-Corruption Court of Ukraine (\u201cHAAC\u201d) approved a plea agreement between SAPO and the former Head of the Supreme Court of Ukraine in connection with these allegations. On 9 June 2026, it was publicly announced that Mr Zhevago had been issued with a summons by NABU to appear on 16 June 2026 to receive the indictment and case materials in connection with these allegations. A verdict from the HAAC that a judge has received a bribe for the favourable decision in the share dispute case (which verdict remains valid after any potential appeal), may entitle the claimants in the share dispute case to apply to the Supreme Court of Ukraine to review the ruling made by the Supreme Court of Ukraine on 19 April 2023. According to records at UK Companies House, all four claimants are currently subject to liquidation or dissolution proceedings. If the share dispute case were to be reviewed by the Grand Chamber of the Supreme Court of Ukraine once again, based on advice from Ukrainian legal counsel, management remains of the view that FAG has compelling legal arguments to defend its position. However, more general concerns surrounding the independence of the judicial system and its immunity from economic and political influences in Ukraine means there remains a residual risk of a negative outcome. A hypothetical reversal of the 19 April 2023 decision by the Grand Chamber of the Supreme Court would result in the loss of a significant proportion of the shareholding in the Group\u2019s main operating subsidiary in Ukraine, which holds approximately 65% of the Group\u2019s non- current operating assets, and would have a material adverse impact on the shareholders\u2019 equity attributable to the shareholders of Ferrexpo plc. Due to the various uncertainties, it is currently not possible to reliably estimate the financial impact, but it could be material. A negative decision could also have an impact on potential future dividends from FPM to FAG and, as result, on the distributable reserves of Ferrexpo plc. See Note 12 Earnings per share and dividends paid and proposed for further details. No non-controlling interest has been recognised as at 31 December 2025 in respect of this dispute because FPM remains wholly owned by FAG as at the date of the approval of these consolidated financial statements. It is management\u2019s view that a hypothetical reversal of the decision by the Grand Chamber of the Supreme Court will not cast significant doubt on the Group\u2019s ability to continue as a going concern. However, such a decision might complicate the daily business of the Group\u2019s major subsidiary in Ukraine. OTHER ONGOING LEGAL PROCEEDINGS AND DISPUTES WITH CORRESPONDING PROVISIONS Challenge of squeeze-out of minority shareholders Following the completion of squeeze-out procedures in 2019 in respect of Ferrexpo Poltava Mining (\u201cFPM\u201d), two former minority shareholders challenged the valuation of the shares of FPM. This valuation formed the basis for a mandatory buy-out of minority shareholders according to Ukrainian law. On 19 September 2023, a court of first instance ruled in favour of the two former minority shareholders and decided that FPM should pay UAH136 million (31 December 2025: US$3,208 thousand; 31 December 2024: US$3,235 thousand) in aggregate to the claimants. The court of appeal upheld this decision. Following an appeal by FPM, on 3 June 2024, the Supreme Court cancelled both decisions and referred the case back to a court of first instance for a new hearing. The case was heard again by the Commercial Court of Poltava Region, which ruled on 10 April 2025 that an amount of UAH136 million should be paid to the two former minority shareholders. On 4 September 2025, a court of appeal rejected an appeal filed by FPM. In September 2025, FPM filed a cassation appeal to the Supreme Court. On 6 October 2025, the Commercial Court of Poltava Region issued orders to enforce its decision. On 7 October 2025, a private bailiff in Ukraine \u2013 acting upon the application of one of the two former FPM minority shareholders \u2013 opened enforcement proceedings and froze property of FPM to recover funds from FPM in the amount of UAH84 million. Subsequently, on 8 October 2025, the private bailiff was able to freeze bank accounts of FPM in an attempt to recover the funds. On 28 October 2025, the Supreme Court decided to open cassation appeal proceedings, scheduled the court hearing for 19 November 2025 and suspended the enforcement of the previous decisions. On 17 December 2025, the Supreme Court issued a ruling granting the cassation appeal of FPM and decided to return the case to a court of first instance for a new consideration. As a result of the Supreme Court decision, the enforcement proceedings were closed and the freezing of FPM bank accounts by the private bailiff was cancelled. On 26 March 2026 the materials of the case were transferred for consideration in bankruptcy proceedings against FPM. In accordance with the requirements of IAS 37 Provisions, contingent liabilities and contingent assets, the Group recorded a full provision for the claimed compensation as at the end of the financial year ended 31 December 2023. No additional provision has been recorded as at 31 December 2025. Second compensation claim for the squeeze-out of minority shareholders of FPM On 28 August 2025, the Commercial Court of Poltava Region received a statement of claim from nine claimants seeking compensation for shares of FPM acquired in the squeeze-out procedure in the total amount of approximately UAH58 million (approximately US$1,290 thousand). On 14 October 2025, the court suspended proceedings in this case pending the final decision by the Supreme Court of Ukraine in challenge of squeeze-out of minority shareholders case described above. OTHER ONGOING LEGAL PROCEEDINGS AND DISPUTES WITHOUT CORRESPONDING PROVISIONS Royalty-related investigation and claim On 8 February 2022, FPM received a tax audit report from the State Tax Service of Ukraine, which alleged the underpayment of iron ore royalty payments during the period April 2017 to June 2021 in the amount of approximately UAH1,042 million (US$24,582 thousand as at 31 December 2025), excluding fines and penalties. On 11 August 2023, FPM received a tax notification decision, which alleged the underpayment of royalty payments in the amount of UAH1,233 million (US$29,088 thousand as at 31 December 2025), which is higher than the amount initially stated in the tax audit report due to imposed fines. In November 2023, FPM filed a lawsuit to challenge the Ukrainian tax authorities\u2019 decision. On 15 April 2024, the court suspended the proceedings until the review of another case concerning the challenge of an individual tax consultation issued by the tax authority to FPM in another matter which is connected with royalty proceedings. The tax authority filed an appeal regarding the suspension of the case. As at the date of the approval of these consolidated financial statements, the court of appeal has not scheduled a hearing date for this appeal. The Bureau of Economic Security of Ukraine started a royalty-related investigation and on 16 November 2022 conducted searches at FPM and FYM. On 3 February 2023, a notice of suspicion was delivered to a senior manager of FPM. Bail of UAH20 million (US$547 thousand as at date of the payment) was approved by the court on 9 February 2023. Although the Group had no obligation to do so the bail amount was subsequently paid by the Group. On 6 February 2023, the court arrested (froze) the bank accounts of FPM and FPM\u2019s appeal to cancel the arrest (freezing) of the bank accounts was not granted. On 31 October 2023, a notice of suspicion was delivered to another senior manager of FPM. On 13 November 2023, a court of first instance approved the bail in the amount of approximately UAH800 million (US$21,993 thousand as at that date) which was reduced by the court of appeal to UAH650 million (US$15,335 thousand as at 31 December 2025). Although the Group had no obligation to do so, the Group subsequently made a partial payment of the bail in the amount of UAH50 million (US$1,259 thousand as at date of the payment) and the case was transferred to a local court. On 26 November 2024, the court cancelled the arrest of FPM\u2019s bank accounts at one of its Ukrainian banks. Several court hearings took place in 2025. On 13 August 2025, this royalty case was merged with the criminal transfer pricing case. On 13 March 2026, the court cancelled the bail in the amount of UAH5 million (approximately US$113 thousand as at this date), which was returned to the Group\u2019s subsidiary on 26 March 2026. The next hearing is scheduled for 8 October 2026. Based on independent legal advice obtained, it is management\u2019s view that FPM and FYM have compelling arguments to defend their positions in court and, as a consequence, no associated liabilities have been recognised by the Company in relation to the royalty claims in the consolidated statement of financial position as at 31 December 2025. However, as with other ongoing legal proceedings, there is a risk of a negative outcome. Investigations on use of waste product and asset freeze On 10 January 2023, the State Bureau of Investigations (\u201cSBI\u201d) in Ukraine conducted several searches in respect of investigations into alleged illegal extraction of minerals (\u201crubble\u201d). The National Police of Ukraine also carried out investigations in respect of the same matter and searched and collected samples of the rubble on 17 January 2023 at FPM. The SBI and the National Police allege that from 2015 to 2021, FPM mined minerals of national importance, consisting of rock that lies above the iron ore (overburden), which it is alleged would require an additional extraction license. FPM\u2019s position is that the materials in question are waste products from iron ore processing, not separate mineral resources and, as such, no additional extraction licence is required. FPM also maintains that it has complied with applicable mining legislation. Sales of the rubble were subject to inspection by the State Service for Geology and Subsoil of Ukraine for many years before the allegations and sales were suspended by the Group in September 2021 at the State Service\u2019s request. On 29 June 2023, the SBI issued notices of suspicion to three senior management representatives and one divisional head of FPM for allegedly selling rubble without a permit. The individuals were detained and released following payments of bail totalling UAH122 million (US$3,336 thousand as at date of the payment). Although the Group had no obligation to do so, the bail amount was subsequently paid by the Group. On 22 September 2023, the National Police of Ukraine searched the private residence of a senior manager of FPM, issued a further notice of suspicion, and detained the individual, who was released upon payment of bail of UAH400 million (US$11,063 thousand as at date of the payment) after spending 38 days in detention. Although the Group had no obligation to do so, the bail amount was subsequently paid by the Group. In the pre-trial investigation, a court of first instance issued an order to freeze FPM\u2019s rail wagons and railway access tracks. On 9 October 2023, certain real estate assets and transport vehicles of FPM were also frozen, however, this does not restrict their operational use. FPM appealed and sought further clarity from the court on the scope of the restrictions in relation to rail wagons, and on 30 October 2023, the court of appeal upheld the asset freeze but did not clarify the scope. On 22 April 2024, a court of first instance lifted the prohibition to use of rail wagons and access of the railway tracks, permitting FPM to use all rail wagons and access tracks. Currently, the freeze of FPM\u2019s rail wagons and railway access tracks does not restrict their operational use.
In the same pre-trial investigation, some of the real estate assets and transport vehicles of FPM were also arrested, but this arrest does
not restrict the use of these assets in FPM\u2019s operations. On 5 March 2024, FPM\u2019s bank accounts were frozen (with exceptions) except for
essential payments, and FPM\u2019s subsequent appeal against this bank account freeze was rejected. On 29 April 2024, a court restricted the
sale of FPM\u2019s mining license, and FPM\u2019s subsequent appeal was rejected. The restriction on the sale of FPM\u2019s mining license does not affect
mining operations. The freeze of the bank accounts does not affect mining operations because FPM has opened other operational bank
accounts since the freeze. As at the date of approval of these consolidated financial statements, FPM has no intention of selling its
mining licence.
First criminal case initiated by the SBI
On 19 December 2024, the criminal case involving allegations of rubble mining and sale initiated by the SBI was transferred by the Supreme
Court of Ukraine to a local court in Horishni Plavni. At a preparatory hearing on 5 March 2025, a judge refused to decrease the bail for FPM\u2019s
Head of the Management Board. In June 2025, a judge considered whether to merge this case with the royalty case and decided against the
merger. At a court hearing on 8 April 2026 FPM received information that the State Service of Geology and Subsoil of Ukraine filed a civil
claim seeking joint liability of FPM, its Head of the Management Board and other individuals for damages amounting to UAH79 million
(approximately US$1,864 thousand). On 7 May 2026, the civil proceedings brought by the State Service for Geology and Mineral Resources
of Ukraine were suspended pending the rectification of the deficiencies. The next hearing is scheduled for 15 September 2026.
Second criminal case initiated by the National Police
On 15 January 2025, the Office of the Prosecutor General announced that the National Police had completed the pre-trial investigation in the
second criminal matter involving allegations of rubble mining and sale and the case was sent to a court of first instance. On 4 February 2025,
FPM received notice of a civil claim seeking joint liability of FPM and its Head of the Management Board for UAH157 billion (approximately
US$3.7 billion as at 31 December 2025) in favour of the Ukrainian state. The claim alleges illegal sale of waste products and, more recently,
illegal mining and sale of subsoil, resulting in environmental damage. FPM rejects these allegations on the basis it has complied with the
requirements of its mining license.
During a hearing on 5 March 2025, the arrest (freezing) of FPM bank accounts at one of its Ukrainian banks was cancelled. On 16 June 2025,
there was a hearing to consider whether to merge this rubble case with the royalty case and the court decided against the merger. The case
was transferred to a new judge to consider from the beginning. By a court ruling dated 7 May 2026 the court partially satisfied FPM\u2019s motion.
The arrest was partially lifted and FPM was allowed to register ownership and proceed with the permitting documentation on commissioning
and certification of the press filtration complex. However, the prohibition on the disposal or sale of the complex remains in effect. On
31 August 2026, the court lifted the prohibition against amending FPM\u2019s mining licence. The next hearing is scheduled for 12 October 2026.
Based on independent legal advice from Ukrainian counsel, management understands that proceedings may last several years.
As at the date of approval of these consolidated financial statements, neither the criminal nor civil claims constitute a legal obligation under
Ukrainian law. Further, even if a court in Ukraine were to conclude that FPM has caused a damage to the environment, the quantum of this
claim, which is wholly disproportionate, has not been explained. In the circumstances, it is management\u2019s position that no reliable estimate
of the potential future outflow or merits can be made as at the date of approval of these consolidated financial statements. As a
consequence, no provision was recorded as at 31 December 2025 (2024: no provision recorded) in accordance with IAS 37 Provisions,
contingent liabilities and contingent assets. See Note 2 Basis of preparation for potential impacts on the Group\u2019s ability to continue as
a going concern.
Ecological claims
As described in detail in the 2023 Annual Report and Accounts, the State Ecological Inspection carried out an inspection of Ferrexpo
Yeristovo Mining (\u201cFYM\u201d) in September 2021 and, on 1 October 2021 issued an order to remedy a number of alleged violations of
environmental rules. After the court of first instance ruled in favour of FYM on 19 July 2022, the State Ecological Inspection filed an appeal.
The court of appeal returned the appeal claim to the State Ecological Inspection.
There had been no actions in respect of this dispute until 5 October 2023, when the National Police of Ukraine conducted a review of
FYM\u2019s land plots. There have been no further developments since then and it is not possible at present to anticipate future developments
in this case.
Based on independent legal advice obtained, it is management\u2019s view that FYM has strong arguments to defend its position in the court,
and, as a consequence, no associated liabilities have been recognised in the consolidated statements of financial position as at 31 December
2025 and 2024 in relation to these matters.
Cancellation of licence for Galeschynske deposit
On 24 June 2021, an Order of the President of Ukraine was published on the official website of the President (the \u201cOrder\u201d), which enacted
the Decision of the National Security and Defence Council of Ukraine on the application of personal special economic and other restrictive
measures and sanctions (the \u201cDecision\u201d). Ferrexpo Belanovo Mining (\u201cFBM\u201d) is included in the list of legal entities which are subject to
sanctions pursuant to the Decision. The Order and the Decision do not provide any legal ground for the application of sanctions. The sanction
imposed on FBM is the cancellation of the mining licence for the Galeschynske deposit, which is one of two licences held by FBM.
On 15 November 2021, FBM filed a lawsuit with the Supreme Court of Ukraine partially to annul the Order. On 28 January 2025, the Grand
Chamber of the Supreme Court made a final decision to reject FBM\u2019s claim and FBM filed a claim to the European Court of Human Rights in
May 2025.
The Galeschynske deposit is a project in the exploration phase that is situated to the north of the Group\u2019s active mining operations. Following
the cancellation of this licence, all capitalised costs associated with this licence totalling approximately US$3,439 thousand, were written off
in the financial year ended 31 December 2021.
In parallel, following the termination of the Galeschynske subsoil-use permit by the State Service of Geology and Subsoil of Ukraine on 5 July
2021, on 16 November 2021, FBM filed a claim challenging the termination. FBM filed an appeal against this rejection on 1 December 2025
which was declined by the court of appeal on 11 May 2026 and FBM filed a cassation appeal. On 15 June 2026, the Supreme Court of Ukraine
opened cassation proceedings and the date of the next hearing is currently unknown.
Announcement of the State Bureau of Investigation in Ukraine (\u201cSBI\u201d) regarding a potential claim to nationalise 49.5% of shares in FPM On 20 February 2025, the SBI made a media announcement regarding a potential claim to the High Anti-Corruption Court of Ukraine (\u201cHACC\u201d) to nationalise 49.5% of shares in Ferrexpo Poltava Mining (\u201cFPM\u201d) and certain of its assets. As at the date of approval of these financial statements, FPM has not received a formal notification of such a claim. Further to that, under Ukrainian laws, the SBI has no authority to petition, bring claims or make proposals (both on nationalisation or application of any asset-confiscation sanction) to the HACC and the proper authority should be the Ministry of Justice of Ukraine. Litigations regarding suspension of VAT refunds Following the personal sanctions imposed by Ukrainian authorities on Mr Zhevago on 12 February 2025, the Group\u2019s subsidiaries in Ukraine have not been receiving VAT refunds since March 2025. From March 2025, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d) started to receive on a monthly basis notifications from the State Tax Service of Ukraine (\u201cSTS\u201d) of a decision to suspend the VAT refunds for each month, when VAT was claimed for refund. FPM filed claims against the STS in 2025 and 2026 in relation to the suspended VAT refunds for the months of January 2025 to December 2025 (inclusive) and February 2026. FYM filed claims against the STS in 2025 and 2026 in relation to the suspended VAT refunds for January, February, March, April, May, July and November 2025. On 11 February 2026, FPM received its first favourable decision from the Supreme Court of Ukraine in relation to the VAT refund for the month of February 2025 for UAH230 million (approximately US$5,426 thousand as at 31 December 2025). However, no VAT amount has yet been refunded to FPM. FPM has filed a claim seeking recovery of this VAT amount. On 28 July 2026 the court of first instance satisfied FPM\u2019s claim to recover this VAT amount from the State Treasury Service of Ukraine. The State Treasury Service of Ukraine may file an appeal. In FPM and FYM litigations in relation to VAT refunds for other months, the courts of first instance, with the exception of one unfavourable decision, and in certain cases the courts of appeal made favourable decisions; however, these matters have not yet been subject to review by the Supreme Court of Ukraine. On 22 May 2026, the decisions of the court of first instance to satisfy FPM\u2019s claim in relation to the VAT refund for January 2025, and FYM\u2019s claim in relation to the VAT refund for February 2025, were cancelled on appeal from the tax authority. On 3 June 2026, the decision of the court of first instance to partially satisfy FPM\u2019s claim in relation to the VAT refund for April 2025 was cancelled on appeal from the tax authority. On 14 July 2026, the decisions of the court of first instance to satisfy FYM\u2019s claim in relation to the VAT refund for March 2025 and May 2025 were cancelled on appeals from the tax authority. On 11 August 2026, the court of first instance denied FYM\u2019s claim in relation to the VAT refund for July 2025. See Note 20 Other taxes recoverable and payable with regard to the critical estimates made by management in respect of the recoverability of the outstanding and overdue VAT balances in Ukraine. The Group is continuing to progress various claims in the Ukrainian courts relating to VAT refunds for FPM and FYM. The suspension of VAT refunds has had and continues to have a material impact on the Group\u2019s cash flow and liquidity and may affect its ability to continue as a going concern. Despite some positive court rulings, no VAT has been refunded yet by the STS. It is reasonably expected that VAT refunds could potentially resume only following the lifting of personal sanctions imposed on Mr Zhevago or when Ukrainian authorities comply with final favourable court decisions or if the Tax Code is amended to remove such restriction. As disclosed in Note 35 Events after the reporting period, the Group\u2019s subsidiaries received in May, June and July 2026 five negative decisions from the court of appeal in respect of five monthly VAT refund claims, for which the refunds of individual monthly claims made in the past were refused by the tax authorities. These negative decisions received in 2026 relate to legal proceedings that commenced in 2025 and are therefore treated as adjusting events after the reporting period when preparing these consolidated financial statements for the year ended 31 December 2025. See Note 20 Other taxes recoverable and payable for further details. As at 31 December 2025, VAT refunds in the aggregate amount of UAH2,599 million (US$61,315 thousand at this date) were suspended by the STS. The absence of VAT refunds does have a material impact on the Group\u2019s cash flow generation and available cash balance and, as a consequence, on the Group\u2019s ability to continue as a going concern. See Note 2 Basis of preparation for further details. TAXATION Tax legislation As disclosed in Note 11 Taxation, following the completion of tax audits in respect of its cross-border transactions, the Group\u2019s major subsidiaries, Ferrexpo Poltava Mining (\u201cFPM\u201d) and Ferrexpo Yeristovo Mining (\u201cFYM\u201d), received tax claims in the amount of UAH2,162 million (US$51,005 thousand as at 31 December 2025), including fines and penalties, and UAH259 million (US$6,110 thousand as at 31 December 2025). The Group\u2019s subsidiaries filed objections to be considered by the tax authorities, although these were rejected. Subsequently, the Group\u2019s subsidiaries filed claims with the courts. In both disputes, the court ordered a judicial economic examination and suspended the proceedings. As at the date of the approval of these consolidated financial statements, proceedings in the FPM dispute remain suspended, and proceedings in the FYM dispute resumed on 9 June 2026. At a hearing on 8 July 2026, the court of first instance ordered a judicial economic examination and adjourned the proceedings once again. On 24 July 2026, the tax authority filed an appeal against that ruling and a hearing is scheduled for 16 September 2026. In addition, two criminal cases are ongoing in relation to transfer pricing matters. On 13 August 2025, one of these criminal transfer pricing cases was merged with the royalty-related case. No provisions have been recorded as at 31 December 2025 and 2024, either for the claims received or for any subsequent years. If FPM and FYM are ultimately unsuccessful, the tax claims may be material, although it is not possible at present to reliably quantify the potential exposure. An unfavourable outcome would have an adverse impact on the Group\u2019s cash flow generation, profitability and liquidity. See Note 11 Taxation and also the Principal Risks section on pages 103 to 106 in terms of the Ukraine country risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "NOTE 31: SHARE CAPITAL AND RESERVES ACCOUNTING POLICY Ordinary Shares Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of Ordinary Shares and share options are recognised as a deduction from equity, net of any tax effects. Employee benefit trust reserve Ferrexpo plc shares held by the Group are recognised at cost and classified in reserves. Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds from the sale and the original cost to be recorded in reserves. No gain or loss is recognised in the consolidated income statement on the purchase, issue or cancellation of equity shares. Treasury shares Own equity instruments, which are reacquired (treasury shares), are recognised at cost and deducted from equity and represent a reduction in distributable reserves. No gain or loss is recognised in the consolidated income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration is recognised in retained earnings. Translation reserve The translation reserve represents exchange differences arising on the translation of non-US dollar functional currency operations within the Group, mainly those in Ukrainian hryvnia, into US dollars. SHARE CAPITAL Share capital represents the nominal value on issue of the Company\u2019s equity share capital, comprising \u00a30.10 Ordinary Shares. The issued and fully paid share capital of Ferrexpo plc at 31 December 2025 was 613,967,956 Ordinary Shares (2024: 613,967,956) at a par value of \u00a30.10 paid for in cash, resulting in share capital of US$121,628 thousand (2024: US$121,628 thousand) per the statement of financial position. The interest of the Group\u2019s largest shareholder, Fevamotinico S.a.r.l., in voting rights of Ferrexpo plc is 49.3% as at the date of this report (49.3% as at the time of publication of the 2024 Annual Report and Accounts). There is no authorised share capital limit. Each ordinary share carries one vote at general meetings of the Company on a vote conducted by way of poll. Holders of ordinary shares are entitled to receive dividends as declared from time to time and, in the event of liquidation, to share in the surplus assets of the Company after settlement of liabilities. There are no restrictions on the distribution of dividends or the repayment of capital other than those imposed by applicable law. Further information in terms of rights, preferences and restrictions associated with the Company\u2019s ordinary shares are provided in the Directors\u2019 Report on page 183. As at 31 December 2025, other reserves attributable to equity shareholders of Ferrexpo plc comprised:
Uniting of interest Treasury share Employee benefit Translation Total other
US$000 reserve reserve trust reserve reserve reserves
At 1 January 2024
31,780
(48,260)
(16,224)
(2,643,590)
(2,676,294)
Foreign currency translation differences
\u2212
\u2212
\u2212
(136,902)
(136,902)
Tax effect
\u2212
\u2212
\u2212
3,972
3,972
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(132,930)
(132,930)
Share based payments
\u2212
\u2212
320
\u2212
320
At 31 December 2024
31,780
(48,260)
(15,904)
(2,776,520)
(2,808,904)
Foreign currency translation differences
\u2212
\u2212
\u2212
(4,587)
(4,587)
Tax effect
\u2212
\u2212
\u2212
320
320
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(4,267)
(4,267)
Share based payments
\u2212
\u2212
431
\u2212
431
At 31 December 2025
31,780
(48,260)
(15,473)
(2,780,787)
(2,812,740)
UNITING OF INTEREST RESERVE The uniting of interest reserve represents the difference between the initial investment by Ferrexpo AG in Ferrexpo Poltava Mining to gain control of the subsidiary in 2005 and the net assets acquired, which under the pooling of interests method of accounting are consolidated at their historic cost, less non-controlling interests. TREASURY SHARE RESERVE In September 2008, Ferrexpo plc completed a buy-back of 25,343,814 shares for a total cost of US$77,260 thousand. During the financial year ended 31 December 2023, the Group transferred 9,513,000 shares from the treasury shares reserve to the Group\u2019s employee benefit trust reserve, resulting in 15,830,814 shares remaining in the treasury share reserve as at 31 December 2025 (2024: 15,830,814 shares). These shares are currently held as treasury shares by the Group. The Companies Act 2006 forbids the exercise of any rights (including voting rights) and the payment of dividends in respect of treasury shares. EMPLOYEE BENEFIT TRUST RESERVE This reserve represents the treasury shares held to satisfy future grants for senior management incentive schemes. Information on the Group\u2019s share-based payments is provided in Note 28 Share-based payments. As at 31 December 2025, the employee benefit trust reserve includes 9,741,183 shares (2024: 9,766,759 shares). TRANSLATION RESERVE The Ukrainian hryvnia devalued marginally from 42.039 to 42.388 compared to the US dollar during the year ended 31 December 2025. A devaluation of the local currency can result in significant reduction of the Group\u2019s net assets as assets and liabilities of the Ukrainian subsidiaries are denominated in the local currency and the effect from the translation is reflected in the translation reserve. An opposite effect can result in case of an appreciation of the local currency in Ukraine. See also the consolidated statement of comprehensive income on page 201. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Ordinary Shares Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of Ordinary Shares and share options are recognised as a deduction from equity, net of any tax effects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Treasury shares Own equity instruments, which are reacquired (treasury shares), are recognised at cost and deducted from equity and represent a reduction in distributable reserves. No gain or loss is recognised in the consolidated income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration is recognised in retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "
SHARE CAPITAL
Share capital represents the nominal value on issue of the Company\u2019s equity share capital, comprising \u00a30.10 Ordinary Shares. The issued and
fully paid share capital of Ferrexpo plc at 31 December 2025 was 613,967,956 Ordinary Shares (2024: 613,967,956) at a par value of \u00a30.10
paid for in cash, resulting in share capital of US$121,628 thousand (2024: US$121,628 thousand) per the statement of financial position. The
interest of the Group\u2019s largest shareholder, Fevamotinico S.a.r.l., in voting rights of Ferrexpo plc is 49.3% as at the date of this report (49.3%
as at the time of publication of the 2024 Annual Report and Accounts). There is no authorised share capital limit.
Each ordinary share carries one vote at general meetings of the Company on a vote conducted by way of poll. Holders of ordinary shares are
entitled to receive dividends as declared from time to time and, in the event of liquidation, to share in the surplus assets of the Company
after settlement of liabilities. There are no restrictions on the distribution of dividends or the repayment of capital other than those imposed
by applicable law.
Further information in terms of rights, preferences and restrictions associated with the Company\u2019s ordinary shares are provided in the
Directors\u2019 Report on page 183.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "As at 31 December 2025, other reserves attributable to equity shareholders of Ferrexpo plc comprised:
Uniting of interest Treasury share Employee benefit Translation Total other
US$000 reserve reserve trust reserve reserve reserves
At 1 January 2024
31,780
(48,260)
(16,224)
(2,643,590)
(2,676,294)
Foreign currency translation differences
\u2212
\u2212
\u2212
(136,902)
(136,902)
Tax effect
\u2212
\u2212
\u2212
3,972
3,972
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(132,930)
(132,930)
Share based payments
\u2212
\u2212
320
\u2212
320
At 31 December 2024
31,780
(48,260)
(15,904)
(2,776,520)
(2,808,904)
Foreign currency translation differences
\u2212
\u2212
\u2212
(4,587)
(4,587)
Tax effect
\u2212
\u2212
\u2212
320
320
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(4,267)
(4,267)
Share based payments
\u2212
\u2212
431
\u2212
431
At 31 December 2025
31,780
(48,260)
(15,473)
(2,780,787)
(2,812,740)
UNITING OF INTEREST RESERVE The uniting of interest reserve represents the difference between the initial investment by Ferrexpo AG in Ferrexpo Poltava Mining to gain control of the subsidiary in 2005 and the net assets acquired, which under the pooling of interests method of accounting are consolidated at their historic cost, less non-controlling interests. TREASURY SHARE RESERVE In September 2008, Ferrexpo plc completed a buy-back of 25,343,814 shares for a total cost of US$77,260 thousand. During the financial year ended 31 December 2023, the Group transferred 9,513,000 shares from the treasury shares reserve to the Group\u2019s employee benefit trust reserve, resulting in 15,830,814 shares remaining in the treasury share reserve as at 31 December 2025 (2024: 15,830,814 shares). These shares are currently held as treasury shares by the Group. The Companies Act 2006 forbids the exercise of any rights (including voting rights) and the payment of dividends in respect of treasury shares. EMPLOYEE BENEFIT TRUST RESERVE This reserve represents the treasury shares held to satisfy future grants for senior management incentive schemes. Information on the Group\u2019s share-based payments is provided in Note 28 Share-based payments. As at 31 December 2025, the employee benefit trust reserve includes 9,741,183 shares (2024: 9,766,759 shares). TRANSLATION RESERVE The Ukrainian hryvnia devalued marginally from 42.039 to 42.388 compared to the US dollar during the year ended 31 December 2025. A devaluation of the local currency can result in significant reduction of the Group\u2019s net assets as assets and liabilities of the Ukrainian subsidiaries are denominated in the local currency and the effect from the translation is reflected in the translation reserve. An opposite effect can result in case of an appreciation of the local currency in Ukraine. See also the consolidated statement of comprehensive income on page 201. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
Uniting of interest Treasury share Employee benefit Translation Total other
US$000 reserve reserve trust reserve reserve reserves
At 1 January 2024
31,780
(48,260)
(16,224)
(2,643,590)
(2,676,294)
Foreign currency translation differences
\u2212
\u2212
\u2212
(136,902)
(136,902)
Tax effect
\u2212
\u2212
\u2212
3,972
3,972
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(132,930)
(132,930)
Share based payments
\u2212
\u2212
320
\u2212
320
At 31 December 2024
31,780
(48,260)
(15,904)
(2,776,520)
(2,808,904)
Foreign currency translation differences
\u2212
\u2212
\u2212
(4,587)
(4,587)
Tax effect
\u2212
\u2212
\u2212
320
320
Total other comprehensive loss for the year
\u2212
\u2212
\u2212
(4,267)
(4,267)
Share based payments
\u2212
\u2212
431
\u2212
431
At 31 December 2025
31,780
(48,260)
(15,473)
(2,780,787)
(2,812,740)
", "dimensions": { "concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnFinancialPositions", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "
TREASURY SHARE RESERVE
In September 2008, Ferrexpo plc completed a buy-back of 25,343,814 shares for a total cost of US$77,260 thousand. During the financial
year ended 31 December 2023, the Group transferred 9,513,000 shares from the treasury shares reserve to the Group\u2019s employee benefit
trust reserve, resulting in 15,830,814 shares remaining in the treasury share reserve as at 31 December 2025 (2024: 15,830,814 shares). These
shares are currently held as treasury shares by the Group. The Companies Act 2006 forbids the exercise of any rights (including voting rights)
and the payment of dividends in respect of treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "NOTE 32: CONSOLIDATED SUBSIDIARIES ACCOUNTING POLICY Entities are included in the consolidated financial statements from the date of obtaining control and the inclusion in the consolidated financial statements is consequently ceased when the control over an entity is lost. Control is obtained when the Group is exposed, or has the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee that gives the current ability to direct the relevant activities. Control can be obtained through voting rights, but also through agreements, statutes, contracts, trust deeds or other schemes. Non-controlling interests in the net assets of consolidated subsidiaries are shown separately in the Group\u2019s consolidated statement of financial position and consolidated statement of changes in equity. The share of the profit attributable to non-controlling interests is shown in the consolidated income statement and the consolidated statement of comprehensive income. The carrying amount of the non- controlling interests is adjusted for any change in ownership interest to reflect the relative controlling and non-controlling interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in the equity attributable to equity shareholders of Ferrexpo plc. The Group comprises Ferrexpo plc and its consolidated subsidiaries. The Group\u2019s interests in the entities are held indirectly by the Company, with the exception of Ferrexpo AG, which is directly held. All of the Group\u2019s major subsidiaries are wholly owned. The interests that non- controlling interests have in the Group\u2019s operations are not material and no significant judgements and assumptions were required to determine that the Group has control over these entities. The Group\u2019s consolidated subsidiaries are listed on page 265. The Group does not have any other interests of 20% or more in undertakings that are not disclosed on page 265, except for the investment in the associate mentioned in Note 33 Investments in associates. NOTE 33: INVESTMENTS IN ASSOCIATES ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. The Group holds an interest of 49.9% (2024: 49.9%) in TIS Ruda LLC, operating a port on the Black Sea, which the Group uses as part of its distribution channel.
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
6,350
4,616
Share of profit
486
2,314
Dividends declared
(288)
\u2212
Translation adjustments
(45)
(580)
Closing balance
6,503
6,350
For the year ended 31 December 2025 the summarised financial information for the associate was as follows:
Revenue
Net (loss)/profit
Year ended Year ended Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
TIS Ruda LLC
1
8,630
16,409
974
4,637
1. Based on preliminary and unaudited financial information. The sales through the Black Sea port of Pivdennyi to the markets outside of Europe represented approximately half of the Group\u2019s sales prior to the Russian invasion of Ukraine in February 2022. As a result of the ongoing war in Ukraine, the Group\u2019s seaborne sales through the Ukrainian Black Sea ports were suspended at the beginning of the war, but resumed again during the comparative year ended 31 December 2024, albeit still at a significantly lower level. The situation remains very volatile and the level of TIS Ruda\u2019s operations is still difficult to reliably predict. The figures in the table above represent 100% of the associate\u2019s revenue and net profit and not the Group\u2019s share based on its ownership. As at 31 December 2025, the associate\u2019s total assets were US$16,744 thousand (2024: US$16,498 thousand) and the total liabilities were US$3,542 thousand (2024: US$3,773 thousand) based on preliminary and unaudited statutory accounts. Any deviations from the Group\u2019s associate\u2019s equity based on the audited financial statements is adjusted subsequent to the year end once the audited financial statements are available.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "NOTE 32: CONSOLIDATED SUBSIDIARIES ACCOUNTING POLICY Entities are included in the consolidated financial statements from the date of obtaining control and the inclusion in the consolidated financial statements is consequently ceased when the control over an entity is lost. Control is obtained when the Group is exposed, or has the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee that gives the current ability to direct the relevant activities. Control can be obtained through voting rights, but also through agreements, statutes, contracts, trust deeds or other schemes. Non-controlling interests in the net assets of consolidated subsidiaries are shown separately in the Group\u2019s consolidated statement of financial position and consolidated statement of changes in equity. The share of the profit attributable to non-controlling interests is shown in the consolidated income statement and the consolidated statement of comprehensive income. The carrying amount of the non- controlling interests is adjusted for any change in ownership interest to reflect the relative controlling and non-controlling interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in the equity attributable to equity shareholders of Ferrexpo plc. The Group comprises Ferrexpo plc and its consolidated subsidiaries. The Group\u2019s interests in the entities are held indirectly by the Company, with the exception of Ferrexpo AG, which is directly held. All of the Group\u2019s major subsidiaries are wholly owned. The interests that non- controlling interests have in the Group\u2019s operations are not material and no significant judgements and assumptions were required to determine that the Group has control over these entities. The Group\u2019s consolidated subsidiaries are listed on page 265. The Group does not have any other interests of 20% or more in undertakings that are not disclosed on page 265, except for the investment in the associate mentioned in Note 33 Investments in associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "ACCOUNTING POLICY Entities are included in the consolidated financial statements from the date of obtaining control and the inclusion in the consolidated financial statements is consequently ceased when the control over an entity is lost. Control is obtained when the Group is exposed, or has the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee that gives the current ability to direct the relevant activities. Control can be obtained through voting rights, but also through agreements, statutes, contracts, trust deeds or other schemes. Non-controlling interests in the net assets of consolidated subsidiaries are shown separately in the Group\u2019s consolidated statement of financial position and consolidated statement of changes in equity. The share of the profit attributable to non-controlling interests is shown in the consolidated income statement and the consolidated statement of comprehensive income. The carrying amount of the non- controlling interests is adjusted for any change in ownership interest to reflect the relative controlling and non-controlling interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in the equity attributable to equity shareholders of Ferrexpo plc. The Group comprises Ferrexpo plc and its consolidated subsidiaries. The Group\u2019s interests in the entities are held indirectly by the Company, with the exception of Ferrexpo AG, which is directly held. All of the Group\u2019s major subsidiaries are wholly owned. The interests that non- controlling interests have in the Group\u2019s operations are not material and no significant judgements and assumptions were required to determine that the Group has control over these entities. The Group\u2019s consolidated subsidiaries are listed on page 265. The Group does not have any other interests of 20% or more in undertakings that are not disclosed on page 265, except for the investment in the associate mentioned in Note 33 Investments in associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "NOTE 33: INVESTMENTS IN ASSOCIATES ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. The Group holds an interest of 49.9% (2024: 49.9%) in TIS Ruda LLC, operating a port on the Black Sea, which the Group uses as part of its distribution channel.
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
6,350
4,616
Share of profit
486
2,314
Dividends declared
(288)
\u2212
Translation adjustments
(45)
(580)
Closing balance
6,503
6,350
For the year ended 31 December 2025 the summarised financial information for the associate was as follows:
Revenue
Net (loss)/profit
Year ended Year ended Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
TIS Ruda LLC
1
8,630
16,409
974
4,637
1. Based on preliminary and unaudited financial information. The sales through the Black Sea port of Pivdennyi to the markets outside of Europe represented approximately half of the Group\u2019s sales prior to the Russian invasion of Ukraine in February 2022. As a result of the ongoing war in Ukraine, the Group\u2019s seaborne sales through the Ukrainian Black Sea ports were suspended at the beginning of the war, but resumed again during the comparative year ended 31 December 2024, albeit still at a significantly lower level. The situation remains very volatile and the level of TIS Ruda\u2019s operations is still difficult to reliably predict. The figures in the table above represent 100% of the associate\u2019s revenue and net profit and not the Group\u2019s share based on its ownership. As at 31 December 2025, the associate\u2019s total assets were US$16,744 thousand (2024: US$16,498 thousand) and the total liabilities were US$3,542 thousand (2024: US$3,773 thousand) based on preliminary and unaudited statutory accounts. Any deviations from the Group\u2019s associate\u2019s equity based on the audited financial statements is adjusted subsequent to the year end once the audited financial statements are available.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "NOTE 33: INVESTMENTS IN ASSOCIATES ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. The Group holds an interest of 49.9% (2024: 49.9%) in TIS Ruda LLC, operating a port on the Black Sea, which the Group uses as part of its distribution channel.
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
6,350
4,616
Share of profit
486
2,314
Dividends declared
(288)
\u2212
Translation adjustments
(45)
(580)
Closing balance
6,503
6,350
For the year ended 31 December 2025 the summarised financial information for the associate was as follows:
Revenue
Net (loss)/profit
Year ended Year ended Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
TIS Ruda LLC
1
8,630
16,409
974
4,637
1. Based on preliminary and unaudited financial information. The sales through the Black Sea port of Pivdennyi to the markets outside of Europe represented approximately half of the Group\u2019s sales prior to the Russian invasion of Ukraine in February 2022. As a result of the ongoing war in Ukraine, the Group\u2019s seaborne sales through the Ukrainian Black Sea ports were suspended at the beginning of the war, but resumed again during the comparative year ended 31 December 2024, albeit still at a significantly lower level. The situation remains very volatile and the level of TIS Ruda\u2019s operations is still difficult to reliably predict. The figures in the table above represent 100% of the associate\u2019s revenue and net profit and not the Group\u2019s share based on its ownership. As at 31 December 2025, the associate\u2019s total assets were US$16,744 thousand (2024: US$16,498 thousand) and the total liabilities were US$3,542 thousand (2024: US$3,773 thousand) based on preliminary and unaudited statutory accounts. Any deviations from the Group\u2019s associate\u2019s equity based on the audited financial statements is adjusted subsequent to the year end once the audited financial statements are available.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "NOTE 33: INVESTMENTS IN ASSOCIATES ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. The Group holds an interest of 49.9% (2024: 49.9%) in TIS Ruda LLC, operating a port on the Black Sea, which the Group uses as part of its distribution channel.
Year ended Year ended
US$000 31.12.25 31.12.24
Opening balance
6,350
4,616
Share of profit
486
2,314
Dividends declared
(288)
\u2212
Translation adjustments
(45)
(580)
Closing balance
6,503
6,350
For the year ended 31 December 2025 the summarised financial information for the associate was as follows:
Revenue
Net (loss)/profit
Year ended Year ended Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
TIS Ruda LLC
1
8,630
16,409
974
4,637
1. Based on preliminary and unaudited financial information. The sales through the Black Sea port of Pivdennyi to the markets outside of Europe represented approximately half of the Group\u2019s sales prior to the Russian invasion of Ukraine in February 2022. As a result of the ongoing war in Ukraine, the Group\u2019s seaborne sales through the Ukrainian Black Sea ports were suspended at the beginning of the war, but resumed again during the comparative year ended 31 December 2024, albeit still at a significantly lower level. The situation remains very volatile and the level of TIS Ruda\u2019s operations is still difficult to reliably predict. The figures in the table above represent 100% of the associate\u2019s revenue and net profit and not the Group\u2019s share based on its ownership. As at 31 December 2025, the associate\u2019s total assets were US$16,744 thousand (2024: US$16,498 thousand) and the total liabilities were US$3,542 thousand (2024: US$3,773 thousand) based on preliminary and unaudited statutory accounts. Any deviations from the Group\u2019s associate\u2019s equity based on the audited financial statements is adjusted subsequent to the year end once the audited financial statements are available.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "ACCOUNTING POLICY The Group\u2019s investments in associates are accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence and which is neither a subsidiary nor a joint venture. Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus any post-acquisition changes in the Group\u2019s share of net assets of the associate, including the effects from profits or losses and dividends. Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised nor individually tested for impairment. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group\u2019s investment in the associate. The share of profit from an associate is shown on the face of the consolidated income statement. This is the profit attributable to the Group and is therefore the profit after tax and non-controlling interests in the subsidiaries of the associate. The reporting dates of the associates and the Group are identical and the associates\u2019 accounting policies are generally in conformity with those applied by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
For the year ended 31 December 2025 the summarised financial information for the associate was as follows:
Revenue
Net (loss)/profit
Year ended Year ended Year ended Year ended
US$000 31.12.25 31.12.24 31.12.25 31.12.24
TIS Ruda LLC
1
8,630
16,409
974
4,637
1. Based on preliminary and unaudited financial information.
The sales through the Black Sea port of Pivdennyi to the markets outside of Europe represented approximately half of the Group\u2019s sales
prior to the Russian invasion of Ukraine in February 2022. As a result of the ongoing war in Ukraine, the Group\u2019s seaborne sales through the
Ukrainian Black Sea ports were suspended at the beginning of the war, but resumed again during the comparative year ended 31 December
2024, albeit still at a significantly lower level. The situation remains very volatile and the level of TIS Ruda\u2019s operations is still difficult to
reliably predict.
The figures in the table above represent 100% of the associate\u2019s revenue and net profit and not the Group\u2019s share based on its ownership.
As at 31 December 2025, the associate\u2019s total assets were US$16,744 thousand (2024: US$16,498 thousand) and the total liabilities were
US$3,542 thousand (2024: US$3,773 thousand) based on preliminary and unaudited statutory accounts. Any deviations from the Group\u2019s
associate\u2019s equity based on the audited financial statements is adjusted subsequent to the year end once the audited financial statements
are available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
NOTE 34: RELATED PARTY DISCLOSURES
During the years presented, the Group entered into arm\u2019s length transactions with entities under the common control of Mr Zhevago,
with associated companies and with other related parties. Management considers that the Group has appropriate procedures in place to
identify, control, properly disclose and obtain independent confirmation, when relevant, for transactions with the related parties.
Entities under common control are those under the control of Mr Zhevago. Associated companies refer to TIS Ruda LLC, in which the Group
holds an interest of 49.9% (2024: 49.9%). See Note 33 Investments in associates for further details. This is the only associated company of
the Group.
As disclosed in Note 35 Events after the reporting period, in connection with the planned fundraise, the Group intends to enter into a loan
agreement with its largest shareholder, Fevamotinico S.a.r.l., shortly after the launch of the fundraise. Pursuant to this loan agreement, the
largest shareholder will make available an unsecured loan facility in the principal amount of GBP22,500 thousand in order to pre-fund
a portion of the amount payable by the shareholder under the Subscription Agreement in place. The loan bears interest determined at an
arm\u2019s length basis and matures four months after the date of the loan agreement. The principal amount of the loan plus accrued interest
is repayable the Group by way of set-off against the amounts owing by the shareholder under the subscription agreement. The terms and
conditions of the loan have been reviewed by the Group\u2019s sponsor.
During the previous financial year ended 31 December 2024, the Group entered into a settlement agreement with Mr Zhevago relating to
amounts potentially owing to Mr Zhevago under his CEO contract. Under this agreement, Mr Zhevago has agreed to fully set-off the cost
of the accommodation paid for by the Group on his behalf against the sum potentially owed by the Group to him under the settlement
agreement for the CEO contract, without any money being transferred between the parties involved. Further details are provided in Note 34
Related party disclosures included in the Group\u2019s 2024 Annual Report and Accounts.
All related party transactions entered into by the Group during the financial years presented and balances outstanding at the end of these
financial years are summarised in the following tables, except for those with the Non-executive Directors and Executive Directors of Ferrexpo
plc. Information on the Directors\u2019 fee payments made to the Non-executive Directors and Executive Directors is provided in the
Remuneration Report on pages 172 to 180.
REVENUE, EXPENSES, FINANCE INCOME AND EXPENSE
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Other sales
253
\u2212
\u2212
302
\u2212
\u2212
Total related party transactions within revenue
253
\u2212
\u2212
302
\u2212
\u2212
Materials and services
a
7,150
\u2212
\u2212
7,943
\u2212
\u2212
Spare parts and consumables
b
1,498
\u2212
\u2212
3,151
\u2212
\u2212
Total related party transactions within cost of sales
8,648
\u2212
\u2212
11,094
\u2212
\u2212
Selling and distribution expenses
c
2,058
5,467
\u2212
5,683
11,950
\u2212
General and administration expenses
d
96
\u2212
632
121
\u2212
844
Other operating expenses
e
207
\u2212
\u2212
203
11
\u2212
Finance expense
\u2212
\u2212
\u2212
1
\u2212
\u2212
Total related party transactions within expenses
11,009
5,467
632
17, 102
11,961
844
Total related party transactions
11,262
5,467
632
17,4 0 4
11,961
844
A description of the most material transactions, which are in aggregate over US$200 thousand in the current or comparative year, is given below.
Entities under common control
The Group entered into various related party transactions with entities under common control. All transactions were carried out on an arm\u2019s length basis in the normal course of business.
a Purchases of oxygen, scrap metal and services from Kislorod PCC for US$698 thousand (2024: US$1,048 thousand);
a Purchases of cast iron balls from OJSC Uzhgorodsky Turbogas for US$5,562 thousand (2024: US$5,506 thousand); and
a Purchase of maintenance and construction services from FZ Solutions LLC for US$849 thousand (2024: US$1,257 thousand).
b Purchases of spare parts from CJSC Kyiv Shipbuilding and Ship Repair Plant (\u201cKSRSSZ\u201d) in the amount of US$141 thousand (2024: US$210 thousand);
b Purchases of spare parts from OJSC Uzhgorodsky Turbogas in the amount of US$859 thousand (2024: US$1,153 thousand);
b Purchases of spare parts from FZ Solutions LLC of US$30 thousand (2024: US$469 thousand);
b Purchases of spare parts from Kislorod PCC in the amount of US$172 thousand (2024: US$329 thousand); and
b Purchases of spare parts from Valsa GTV of US$289 thousand (2024: US$982 thousand).
c Purchases of advertising, marketing and general public relations services from FC Vorskla of US$2,057 thousand (2024: US$5,681 thousand).
e Purchase of marketing services from TV & Radio Company of US$195 thousand (2024: US$201 thousand).
Associated companies
The Group entered into related party transactions with its associated company, TIS Ruda LLC, which were carried out on an arm\u2019s length basis in the normal course of business for the
members of the Group (see Note 33 Investments in associates).
c Purchases of logistics services in the amount of US$5,467 thousand (2024: US$11,950 thousand) relating to port operations, including port charges, handling costs, agent
commissions and storage costs. The scope and the volume of the services procured from TIS Ruda is impacted by the volume of the Group\u2019s seaborne sales through the port of
Pivdennyi, which depends on the margins to be expected in the various markets. See Note 33 Investments in associates for further information.
Other related parties
The Group entered into various transactions with related parties other than those under the control of Mr Zhevago. All transactions were carried out on an arm\u2019s length basis in the normal
course of business.
d Legal and administrative services in the amount of US$506 thousand (2024: US$657 thousand) provided by Kuoni Attorneys at Law Ltd., which is controlled by a member of the
Board of Directors of one of the subsidiaries of the Group. The Directors\u2019 fees paid totalled US$100 thousand for the financial year 2025 (2024: US$214 thousand).
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT
The table below details the transactions of a capital nature, which were undertaken between Group companies and entities under common
control, associated companies and other related parties during the years presented.
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Purchases in the ordinary course of business
13
\u2212
\u2212
3,109
\u2212
\u2212
Total purchases of property, plant and equipment
13
\u2212
\u2212
3,109
\u2212
\u2212
During the comparative year ended 31 December 2024, the Group purchased major spare parts and equipment from FZ Solutions LLC
totalling US$3,109 thousand in respect of the continuation of the Wave 1 pellet plant expansion and hydrogen projects. No such purchases
were made during the financial year ended 31 December 2025.
The FPM Charity Fund owns 75% of the Sport & Recreation Centre (\u201cSRC\u201d) in Horishni Plavni and made contributions totalling US$99
thousand during the year ended 31 December 2025 (2024: US$100 thousand) for the construction and maintenance of the building,
including costs related to electricity, gas and water consumption.
BALANCES WITH RELATED PARTIES
The outstanding balances, as a result of transactions with related parties, for the years presented are shown in the table below:
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Other non-current assets
f
513
\u2212
\u2212
517
\u2212
\u2212
Total non-current assets
513
\u2212
\u2212
517
\u2212
\u2212
Trade and other receivables
g
23
1,124
\u2212
155
2,416
\u2212
Prepayments and other current assets
23
\u2212
\u2212
93
\u2212
\u2212
Total current assets
46
1,124
\u2212
248
2,416
\u2212
Trade and other payables
h
1,288
\u2212
\u2212
1,085
\u2212
\u2212
Total current liabilities
1,288
\u2212
\u2212
1,085
\u2212
\u2212
A description of the balances over US$200 thousand in the current or comparative year is given below.
Entities under common control
f Other non-current assets include prepayments for property, plant and equipment totalling US$513 thousand (2024: US$517 thousand) made to FZ Solutions LLC mainly in relation
to the Wave 1 expansion project of the processing plant.
h Trade and other payables of US$398 thousand (2024: US$549 thousand) relate to the purchase of spare parts and services from FZ Solutions LLC; and
h Trade and other payables of US$621 thousand (2024: US$316 thousand) relate to the purchase of spare parts from Uzhgorodsky Turbogas, OJSC.
Associated companies
g Trade and other receivables of US$1,124 thousand (2024: US$2,416 thousand) relate to dividends declared by TIS Ruda LLC prior to the beginning of the war in Ukraine.
The outstanding balance is net of an allowance of US$1,638 thousand (2024: US$278 thousand).
PAYMENTS ON BEHALF OF A KEY MANAGEMENT MEMBER
As disclosed in Note 30 Commitments, contingencies and legal disputes, the Group is subject to various legal actions and ongoing court
proceedings initiated by certain governmental bodies in Ukraine. It is current practice of these governmental bodies to issue notices of
suspicion to members of the senior management of the Group\u2019s subsidiaries in Ukraine, requesting significant bail payments.
During the financial year ended 31 December 2025, the Group made additional bail payments totalling UAH5 million (US$120 thousand
at the applicable exchange rates) on behalf of one member of the senior management of one of the Group\u2019s subsidiaries in Ukraine,
compared to UAH53 million (US$1,325 thousand at the applicable exchange rates) for three members during the comparative year ended
31 December 2024.
Due to their roles as key management members of the Group, the payments made are considered to be related party transactions under the
Listing Rules as the payments were made to their benefit. As a result, and as required by the Listing Rules, the Group consulted its sponsor
before making any of these payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "NOTE 34: RELATED PARTY DISCLOSURES During the years presented, the Group entered into arm\u2019s length transactions with entities under the common control of Mr Zhevago, with associated companies and with other related parties. Management considers that the Group has appropriate procedures in place to identify, control, properly disclose and obtain independent confirmation, when relevant, for transactions with the related parties. Entities under common control are those under the control of Mr Zhevago. Associated companies refer to TIS Ruda LLC, in which the Group holds an interest of 49.9% (2024: 49.9%). See Note 33 Investments in associates for further details. This is the only associated company of the Group. As disclosed in Note 35 Events after the reporting period, in connection with the planned fundraise, the Group intends to enter into a loan agreement with its largest shareholder, Fevamotinico S.a.r.l., shortly after the launch of the fundraise. Pursuant to this loan agreement, the largest shareholder will make available an unsecured loan facility in the principal amount of GBP22,500 thousand in order to pre-fund a portion of the amount payable by the shareholder under the Subscription Agreement in place. The loan bears interest determined at an arm\u2019s length basis and matures four months after the date of the loan agreement. The principal amount of the loan plus accrued interest is repayable the Group by way of set-off against the amounts owing by the shareholder under the subscription agreement. The terms and conditions of the loan have been reviewed by the Group\u2019s sponsor. During the previous financial year ended 31 December 2024, the Group entered into a settlement agreement with Mr Zhevago relating to amounts potentially owing to Mr Zhevago under his CEO contract. Under this agreement, Mr Zhevago has agreed to fully set-off the cost of the accommodation paid for by the Group on his behalf against the sum potentially owed by the Group to him under the settlement agreement for the CEO contract, without any money being transferred between the parties involved. Further details are provided in Note 34 Related party disclosures included in the Group\u2019s 2024 Annual Report and Accounts. All related party transactions entered into by the Group during the financial years presented and balances outstanding at the end of these financial years are summarised in the following tables, except for those with the Non-executive Directors and Executive Directors of Ferrexpo plc. Information on the Directors\u2019 fee payments made to the Non-executive Directors and Executive Directors is provided in the Remuneration Report on pages 172 to 180. REVENUE, EXPENSES, FINANCE INCOME AND EXPENSE
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Other sales
253
\u2212
\u2212
302
\u2212
\u2212
Total related party transactions within revenue
253
\u2212
\u2212
302
\u2212
\u2212
Materials and services
a
7,150
\u2212
\u2212
7,943
\u2212
\u2212
Spare parts and consumables
b
1,498
\u2212
\u2212
3,151
\u2212
\u2212
Total related party transactions within cost of sales
8,648
\u2212
\u2212
11,094
\u2212
\u2212
Selling and distribution expenses
c
2,058
5,467
\u2212
5,683
11,950
\u2212
General and administration expenses
d
96
\u2212
632
121
\u2212
844
Other operating expenses
e
207
\u2212
\u2212
203
11
\u2212
Finance expense
\u2212
\u2212
\u2212
1
\u2212
\u2212
Total related party transactions within expenses
11,009
5,467
632
17, 102
11,961
844
Total related party transactions
11,262
5,467
632
17,4 0 4
11,961
844
A description of the most material transactions, which are in aggregate over US$200 thousand in the current or comparative year, is given below. Entities under common control The Group entered into various related party transactions with entities under common control. All transactions were carried out on an arm\u2019s length basis in the normal course of business. a Purchases of oxygen, scrap metal and services from Kislorod PCC for US$698 thousand (2024: US$1,048 thousand); a Purchases of cast iron balls from OJSC Uzhgorodsky Turbogas for US$5,562 thousand (2024: US$5,506 thousand); and a Purchase of maintenance and construction services from FZ Solutions LLC for US$849 thousand (2024: US$1,257 thousand). b Purchases of spare parts from CJSC Kyiv Shipbuilding and Ship Repair Plant (\u201cKSRSSZ\u201d) in the amount of US$141 thousand (2024: US$210 thousand); b Purchases of spare parts from OJSC Uzhgorodsky Turbogas in the amount of US$859 thousand (2024: US$1,153 thousand); b Purchases of spare parts from FZ Solutions LLC of US$30 thousand (2024: US$469 thousand); b Purchases of spare parts from Kislorod PCC in the amount of US$172 thousand (2024: US$329 thousand); and b Purchases of spare parts from Valsa GTV of US$289 thousand (2024: US$982 thousand). c Purchases of advertising, marketing and general public relations services from FC Vorskla of US$2,057 thousand (2024: US$5,681 thousand). e Purchase of marketing services from TV & Radio Company of US$195 thousand (2024: US$201 thousand). Associated companies The Group entered into related party transactions with its associated company, TIS Ruda LLC, which were carried out on an arm\u2019s length basis in the normal course of business for the members of the Group (see Note 33 Investments in associates). c Purchases of logistics services in the amount of US$5,467 thousand (2024: US$11,950 thousand) relating to port operations, including port charges, handling costs, agent commissions and storage costs. The scope and the volume of the services procured from TIS Ruda is impacted by the volume of the Group\u2019s seaborne sales through the port of Pivdennyi, which depends on the margins to be expected in the various markets. See Note 33 Investments in associates for further information. Other related parties The Group entered into various transactions with related parties other than those under the control of Mr Zhevago. All transactions were carried out on an arm\u2019s length basis in the normal course of business. d Legal and administrative services in the amount of US$506 thousand (2024: US$657 thousand) provided by Kuoni Attorneys at Law Ltd., which is controlled by a member of the Board of Directors of one of the subsidiaries of the Group. The Directors\u2019 fees paid totalled US$100 thousand for the financial year 2025 (2024: US$214 thousand). PURCHASES OF PROPERTY, PLANT AND EQUIPMENT The table below details the transactions of a capital nature, which were undertaken between Group companies and entities under common control, associated companies and other related parties during the years presented.
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Purchases in the ordinary course of business
13
\u2212
\u2212
3,109
\u2212
\u2212
Total purchases of property, plant and equipment
13
\u2212
\u2212
3,109
\u2212
\u2212
During the comparative year ended 31 December 2024, the Group purchased major spare parts and equipment from FZ Solutions LLC totalling US$3,109 thousand in respect of the continuation of the Wave 1 pellet plant expansion and hydrogen projects. No such purchases were made during the financial year ended 31 December 2025. The FPM Charity Fund owns 75% of the Sport & Recreation Centre (\u201cSRC\u201d) in Horishni Plavni and made contributions totalling US$99 thousand during the year ended 31 December 2025 (2024: US$100 thousand) for the construction and maintenance of the building, including costs related to electricity, gas and water consumption. BALANCES WITH RELATED PARTIES The outstanding balances, as a result of transactions with related parties, for the years presented are shown in the table below:
Year ended 31.12.25
Year ended 31.12.24
Entities
under Entities under
common Associated Other related common Associated Other related
US$000 control companies parties control companies parties
Other non-current assets
f
513
\u2212
\u2212
517
\u2212
\u2212
Total non-current assets
513
\u2212
\u2212
517
\u2212
\u2212
Trade and other receivables
g
23
1,124
\u2212
155
2,416
\u2212
Prepayments and other current assets
23
\u2212
\u2212
93
\u2212
\u2212
Total current assets
46
1,124
\u2212
248
2,416
\u2212
Trade and other payables
h
1,288
\u2212
\u2212
1,085
\u2212
\u2212
Total current liabilities
1,288
\u2212
\u2212
1,085
\u2212
\u2212
A description of the balances over US$200 thousand in the current or comparative year is given below. Entities under common control f Other non-current assets include prepayments for property, plant and equipment totalling US$513 thousand (2024: US$517 thousand) made to FZ Solutions LLC mainly in relation to the Wave 1 expansion project of the processing plant. h Trade and other payables of US$398 thousand (2024: US$549 thousand) relate to the purchase of spare parts and services from FZ Solutions LLC; and h Trade and other payables of US$621 thousand (2024: US$316 thousand) relate to the purchase of spare parts from Uzhgorodsky Turbogas, OJSC. Associated companies g Trade and other receivables of US$1,124 thousand (2024: US$2,416 thousand) relate to dividends declared by TIS Ruda LLC prior to the beginning of the war in Ukraine. The outstanding balance is net of an allowance of US$1,638 thousand (2024: US$278 thousand). PAYMENTS ON BEHALF OF A KEY MANAGEMENT MEMBER As disclosed in Note 30 Commitments, contingencies and legal disputes, the Group is subject to various legal actions and ongoing court proceedings initiated by certain governmental bodies in Ukraine. It is current practice of these governmental bodies to issue notices of suspicion to members of the senior management of the Group\u2019s subsidiaries in Ukraine, requesting significant bail payments. During the financial year ended 31 December 2025, the Group made additional bail payments totalling UAH5 million (US$120 thousand at the applicable exchange rates) on behalf of one member of the senior management of one of the Group\u2019s subsidiaries in Ukraine, compared to UAH53 million (US$1,325 thousand at the applicable exchange rates) for three members during the comparative year ended 31 December 2024. Due to their roles as key management members of the Group, the payments made are considered to be related party transactions under the Listing Rules as the payments were made to their benefit. As a result, and as required by the Listing Rules, the Group consulted its sponsor before making any of these payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
NOTE 35: EVENTS AFTER THE REPORTING PERIOD
On 24 February 2026, the Company announced that a local court in Ukraine opened bankruptcy proceedings against Ferrexpo Poltava
Mining (\u201cFPM\u201d). The decision followed the Commercial Court of Poltava Region having accepted for consideration an application from LLC
Financial Company Maxi Capital Group (\u201cMaxi Capital\u201d) to open bankruptcy proceedings on 14 May 2025. This relates to an on-going legal
action in Ukraine between Maxi Capital and FPM relating to contested surety agreements and a claim in the amount of UAH4,727 million
(US$111,517 thousand). These bankruptcy proceedings against FPM by a local Ukrainian court and the consequent appointment of an
insolvency manager have occurred notwithstanding that the underlying contested securities claim remains under review by the Supreme
Court of Ukraine. FPM has appealed against the bankruptcy proceedings. On 9 April 2026, FPM\u2019s appeal against the opening of bankruptcy
proceedings was adjourned and, following further hearings, the court of appeal in Kharkiv dismissed FPM\u2019s appeal on 18 August 2026. On
21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. See Note 2 Basis of preparation for potential impacts on the
Group\u2019s ability to continue as a going concern and Note 30 Commitments, contingencies and legal disputes for further information on this
legal case.
As announced on 9 March 2026, the banking license of the Group\u2019s transactional bank in Switzerland was revoked on 27 February 2026 and
the bank has been ordered to liquidate by the Swiss Financial Market Supervisory Authority (\u201cFINMA\u201d). On 11 August 2026, the Group was
informed by the bank that its liquidators have approved the payout of the withheld funds to another bank of the Group. See Note 25 Cash
and cash equivalents for further details.
As announced on 20 April 2026, the Group has entered into an agreement for the sale of its owned transhipping vessel \u201cIron Destiny\u201d for
a total net cash consideration of US$7,700 thousand and the transaction was completed on 30 April 2026. Throughout the period since
the commencement of the war, the Group\u2019s ability to utilise the transhipping vessel has been constrained, and it has not been possible to
operate the vessel as a transhipping vessel, but ongoing maintenance and sustaining capital expenditure incurred on a monthly basis to keep
the vessel in a seaworthy condition. Given the uncertainty relating to the timing of an end to the war and the return of the Group\u2019s ability to
fully utilise the vessel, the Board has determined that a sale of the \u201cIron Destiny\u201d would be in the best interests of the Group, in order to both
receive an immediate cash injection and minimise the ongoing monthly maintenance and future capital expenditure.
As announced on 22 April 2026, the Board concluded that an equity fundraise of up to US$100,000 thousand is the only viable solution
in the timeframe required for the Group to continue as going concern. The intended equity fundraise would allow the Group to meet its
ongoing obligations and provide sufficient working capital for the Group\u2019s short-term operational requirements while operating at a reduced
level for the next 18 months following the approval of these consolidated financial statements. As at the date of the approval of these
consolidated financial statements, Ferrexpo plc has received indicative expressions of interests to participate in the intended fundraise from
new and existing shareholders in the amount of up to US$100,000 thousand and an irrevocable undertaking from its largest shareholders
to vote in favour of the resolutions to be proposed at the shareholders\u2019 meeting scheduled for 21 September 2026. However, the fundraise is
conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders,
or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s
ability to continue as a going concern, if no alternative funding can be secured within a reasonable amount of time. See Note 2 Basis of
preparation for further details. In connection with the planned fundraise, the Group intends to enter into a loan agreement with its largest
shareholder, Fevamotinico S.a.r.l., shortly after the launch of the fundraise. Pursuant to this loan agreement, the largest shareholder will
make available an unsecured loan facility in the principal amount of GBP22,550 thousand in order to pre-fund a portion of the amount
payable by the shareholder under the subscription agreement in place. This loan is expected to be settled through the issuance of new
Ordinary Shares in Ferrexpo plc. See Note 34 Related Party Transactions for further information.
On 22 May 2026, 3 June 2026 and 14 July 2026, the court of appeal cancelled the decisions of the court of first instance in respect of five
monthly VAT claims made by the Group\u2019s two major subsidiaries in Ukraine totalling UAH554 million (US$13,080 thousand as at 31 December
2025). These negative court decisions are treated as adjusting post balance sheet events and, as a result, the Group has recognised
allowances for the full amount of the claims asserted, despite the resubmission of the monthly claims in subsequent months for the refund in
cash. See Note 20 Other taxes recoverable and payable and Note 30 Commitments, contingencies and legal disputes for further information.
On 14 July 2026, the State Tax Service of Ukraine (\u201cSTS\u201d) issued a report in respect of a completed unscheduled documentary in-house
review of Ferrexpo Poltava Mining (\u201cFPM\u201d) in relation to compliance currency control regulations imposed under Martial Law in Ukraine,
assessing penalties of approximately UAH35.3 billion (approximately US$787 million as at the date of approval of these consolidated financial
statements) for potentially alleged breaches of foreign currency settlement deadlines. FPM filed formal objections to the STS in connection
with the report received. Depending on the outcome of the review of those objections, FPM intends to challenge any potentially resulting tax
notices-decisions before the Ukrainian courts. In that event, the assessed liabilities will remain unconfirmed and unenforceable pending
a judicial review process and, as a consequence, no provision has been recorded as at 31 December 2025. See Note 30 Commitments,
contingencies and legal disputes for further information.
No other material adjusting or non-adjusting events have occurred subsequent to the period-end other than the events disclosed above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "NOTE 35: EVENTS AFTER THE REPORTING PERIOD On 24 February 2026, the Company announced that a local court in Ukraine opened bankruptcy proceedings against Ferrexpo Poltava Mining (\u201cFPM\u201d). The decision followed the Commercial Court of Poltava Region having accepted for consideration an application from LLC Financial Company Maxi Capital Group (\u201cMaxi Capital\u201d) to open bankruptcy proceedings on 14 May 2025. This relates to an on-going legal action in Ukraine between Maxi Capital and FPM relating to contested surety agreements and a claim in the amount of UAH4,727 million (US$111,517 thousand). These bankruptcy proceedings against FPM by a local Ukrainian court and the consequent appointment of an insolvency manager have occurred notwithstanding that the underlying contested securities claim remains under review by the Supreme Court of Ukraine. FPM has appealed against the bankruptcy proceedings. On 9 April 2026, FPM\u2019s appeal against the opening of bankruptcy proceedings was adjourned and, following further hearings, the court of appeal in Kharkiv dismissed FPM\u2019s appeal on 18 August 2026. On 21 August 2026, FPM filed a cassation appeal to the Supreme Court of Ukraine. See Note 2 Basis of preparation for potential impacts on the Group\u2019s ability to continue as a going concern and Note 30 Commitments, contingencies and legal disputes for further information on this legal case. As announced on 9 March 2026, the banking license of the Group\u2019s transactional bank in Switzerland was revoked on 27 February 2026 and the bank has been ordered to liquidate by the Swiss Financial Market Supervisory Authority (\u201cFINMA\u201d). On 11 August 2026, the Group was informed by the bank that its liquidators have approved the payout of the withheld funds to another bank of the Group. See Note 25 Cash and cash equivalents for further details. As announced on 20 April 2026, the Group has entered into an agreement for the sale of its owned transhipping vessel \u201cIron Destiny\u201d for a total net cash consideration of US$7,700 thousand and the transaction was completed on 30 April 2026. Throughout the period since the commencement of the war, the Group\u2019s ability to utilise the transhipping vessel has been constrained, and it has not been possible to operate the vessel as a transhipping vessel, but ongoing maintenance and sustaining capital expenditure incurred on a monthly basis to keep the vessel in a seaworthy condition. Given the uncertainty relating to the timing of an end to the war and the return of the Group\u2019s ability to fully utilise the vessel, the Board has determined that a sale of the \u201cIron Destiny\u201d would be in the best interests of the Group, in order to both receive an immediate cash injection and minimise the ongoing monthly maintenance and future capital expenditure. As announced on 22 April 2026, the Board concluded that an equity fundraise of up to US$100,000 thousand is the only viable solution in the timeframe required for the Group to continue as going concern. The intended equity fundraise would allow the Group to meet its ongoing obligations and provide sufficient working capital for the Group\u2019s short-term operational requirements while operating at a reduced level for the next 18 months following the approval of these consolidated financial statements. As at the date of the approval of these consolidated financial statements, Ferrexpo plc has received indicative expressions of interests to participate in the intended fundraise from new and existing shareholders in the amount of up to US$100,000 thousand and an irrevocable undertaking from its largest shareholders to vote in favour of the resolutions to be proposed at the shareholders\u2019 meeting scheduled for 21 September 2026. However, the fundraise is conditional on all of the resolutions being passed by the shareholders of Ferrexpo plc. If the resolutions are not passed by the shareholders, or if any of the other conditions are not satisfied, the planned fundraise will not proceed, which will have a significant impact on the Group\u2019s ability to continue as a going concern, if no alternative funding can be secured within a reasonable amount of time. See Note 2 Basis of preparation for further details. In connection with the planned fundraise, the Group intends to enter into a loan agreement with its largest shareholder, Fevamotinico S.a.r.l., shortly after the launch of the fundraise. Pursuant to this loan agreement, the largest shareholder will make available an unsecured loan facility in the principal amount of GBP22,550 thousand in order to pre-fund a portion of the amount payable by the shareholder under the subscription agreement in place. This loan is expected to be settled through the issuance of new Ordinary Shares in Ferrexpo plc. See Note 34 Related Party Transactions for further information. On 22 May 2026, 3 June 2026 and 14 July 2026, the court of appeal cancelled the decisions of the court of first instance in respect of five monthly VAT claims made by the Group\u2019s two major subsidiaries in Ukraine totalling UAH554 million (US$13,080 thousand as at 31 December 2025). These negative court decisions are treated as adjusting post balance sheet events and, as a result, the Group has recognised allowances for the full amount of the claims asserted, despite the resubmission of the monthly claims in subsequent months for the refund in cash. See Note 20 Other taxes recoverable and payable and Note 30 Commitments, contingencies and legal disputes for further information. On 14 July 2026, the State Tax Service of Ukraine (\u201cSTS\u201d) issued a report in respect of a completed unscheduled documentary in-house review of Ferrexpo Poltava Mining (\u201cFPM\u201d) in relation to compliance currency control regulations imposed under Martial Law in Ukraine, assessing penalties of approximately UAH35.3 billion (approximately US$787 million as at the date of approval of these consolidated financial statements) for potentially alleged breaches of foreign currency settlement deadlines. FPM filed formal objections to the STS in connection with the report received. Depending on the outcome of the review of those objections, FPM intends to challenge any potentially resulting tax notices-decisions before the Ukrainian courts. In that event, the assessed liabilities will remain unconfirmed and unenforceable pending a judicial review process and, as a consequence, no provision has been recorded as at 31 December 2025. See Note 30 Commitments, contingencies and legal disputes for further information. No other material adjusting or non-adjusting events have occurred subsequent to the period-end other than the events disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800CEDKSNUTPAQZ41", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }