Grangex (GRANGEX) Q4 2025 earnings summary

Executive summary

• Transitioned from development to execution phase, focusing on restarting Sydvaranger mine, supported by a robust feasibility study and strengthened partnership with Anglo American.

• All production from Sydvaranger is contracted for 25 years, reducing market risk and ensuring predictable cash flows.

• Environmental and Social Impact Assessment (ESIA) for Sydvaranger completed, aligning with international sustainability standards.

• Dannemora project secured increased power supply and confirmed technical and economic viability.

Financial highlights

• Q4 2025 net sales: 5,042 KSEK (up from 3,232 KSEK YoY); full-year 2025 net sales: 22,332 KSEK (up from 17,518 KSEK YoY).

• Q4 2025 EBIT: -14,784 KSEK (improved from -17,849 KSEK YoY); full-year EBIT: -49,614 KSEK (improved from -78,220 KSEK YoY).

• Net result per share for 2025: -5.20 SEK (improved from -13.03 SEK YoY).

• Cash and cash equivalents at year-end: 17,571 KSEK (down from 81,136 KSEK YoY).

• Total assets: 984,616 KSEK (stable YoY).

Outlook and guidance

• Final investment decision (FID) for Sydvaranger targeted for Q1 2026, with commercial deliveries expected by year-end 2026.

• Ongoing efforts to secure project financing for Sydvaranger and Dannemora, with positive feasibility results supporting funding prospects.

• 2026 expected to mark the start of production and positive operational cash flow.