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Ferrexpo plc's Interim Executive Chair, Lucio Genovese, issued an end-of-year letter on 31 December 2025. The letter reported the company's share price was down 30% for the year, and that Ukrainian tax authorities had withheld VAT refunds. In response, Ferrexpo broadened its premium-grade iron ore product mix to produce over 50% premium-grade concentrates, and reduced working hours, furloughed colleagues, and cut spending on social and humanitarian projects.
Ferrexpo plc
End of year letter from Lucio Genovese, Interim Executive Chair
Baar, Switzerland
31 December 2025
As 2025 draws to an end, we see that the Global Mining Index has gained 80% since the start of the year, its best performance in over 25 years.
These gains are of course mostly fuelled by the performance of the gold stocks within the index. The yellow metal's rise to new records reflects a world of increased geopolitical tension, alongside economic uncertainty.
In comparison, our own share price is down 30% this year. This is due to several reasons, primarily that we have endured a fourth year of war, with the latest attacks targeting energy infrastructure which have resulted in nationwide power restrictions. Secondly, our liquidity position has been constrained due to the decision by the Ukrainian tax authorities to withhold VAT refunds.
I believe, however, that in recent years we have shown our ability to adapt and respond well to the challenges we have faced, and I believe we will continue to do so.
During the year we broadened our premium-grade iron ore product mix, exporting more concentrate than ever before, to more customers, especially in Asia. The pivot to the production of more than 50% of premium-grade concentrates demonstrated our flexibility and ability to take advantage of shifting market opportunities.
We also moved quickly to lower costs. The withholding of VAT refunds forced our decision to reduce working hours and place some colleagues on furlough, while also reducing spending on social and humanitarian projects. These choices were not made easily. They have, however, enabled us to remain viable and continue to operate, albeit at reduced capacity levels.
We continue to observe political developments, domestically and on the international stage. This brings us hope but, in reality, we must continue to operate in a time of war and under martial law, protecting our people first and foremost and doing everything we can to preserve the integrity of our assets, whilst advancing all our efforts to recoup the withheld VAT refunds.
Slava Ukrainii