Rana Gruber (RANA) Q4 2025 earnings summary

Executive summary

• Full-year production reached 1.81 million tonnes, with Q4 output of 428,000–413,000 tonnes impacted by temporary disruptions and quality improvements.

• Underground mine output grew 19% year-over-year, and Stensundtjern open pit was commissioned in January 2026.

• Champion Iron launched a voluntary offer for all shares, valuing the company at NOK 2.93 billion, unanimously recommended by the board.

• Product quality improved, transitioning to 65% Fe grade, with magnetite volumes set to rise as Stensundtjern comes online.

• Net profit for Q4 was NOK 25.5 million (adjusted NOK 44 million); full-year net profit was NOK 301.9 million, down from NOK 370.8 million in 2024.

Financial highlights

• Q4 2025 revenue was NOK 413 million, down 6.8–7% year-over-year; full-year revenue was NOK 1,565.8 million, down 6%.

• Q4 EBITDA was NOK 128.1 million (31% margin), down 12.9% year-over-year; full-year EBITDA was NOK 573.4 million (37% margin).

• Q4 net profit was NOK 25.5 million, down 55% year-over-year; adjusted Q4 net profit was NOK 44 million.

• Adjusted Q4 EPS was NOK 1.19; reported Q4 EPS was NOK 0.69.

• Q4 cash cost per tonne was NOK 647, up due to lower volumes, higher energy prices, and non-recurring transaction costs.

Outlook and guidance

• Magnetite sales are expected to increase with Stensundtjern open pit, targeting chemical and high-grade steel markets.

• Focus remains on operational stability, cost discipline, and product quality, with recovery improvements underway.

• Committed to a long-term cash cost target of USD 50–55 per ton.

• No dividend proposed for Q4 due to the pending Champion Iron offer.

• Some upward cost pressure anticipated from increased transport distances and energy costs in Q1 2026.