Grangex (GRANGEX) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached 3,729 KSEK, up from 2,562 KSEK year-over-year.

• Operating loss (EBIT) improved to -12,087 KSEK from -18,590 KSEK in Q3 2024.

• EPS for Q3 was -2.42 SEK, an improvement from -2.85 SEK year-over-year.

• Feasibility study for Sydvaranger mine completed, showing improved metrics over the January PEA.

• Major financing and royalty agreements with Anglo American support project development.

Financial highlights

• Net sales for Jan–Sep 2025 totaled 17,290 KSEK, up from 14,286 KSEK year-over-year.

• Operating loss for Jan–Sep 2025 was -34,830 KSEK, improved from -60,370 KSEK.

• Cash and cash equivalents at period end: 22,728 KSEK (110,520 KSEK at 2024 year-end).

• Total assets: 1,006 MSEK (919 MSEK year-over-year).

• Financial income for Jan–Sep 2025: 91,721 KSEK, mainly from currency effects on USD loans and royalties.

Outlook and guidance

• Sydvaranger project moves to execution phase, with first ore deliveries expected Q4 2026.

• Final investment decision (FID) for Sydvaranger targeted by end of 2025, contingent on project financing.

• Capitalization to include equity issuance and bond financing.