Rana Gruber ASA – Strong Operational Delivery and Strategic Progress in 2025

12 Feb 2026 07:00 CET

Rana Gruber delivered a strong operational performance in 2025, with production
close to capacity and in line with previous record levels. The year marked a
significant step forward in product quality, operational robustness and
long-term value creation, supported by disciplined cost control and major
strategic investments.

Full year 2025 production amounted to 1.81 million tonnes, in line with capacity
and comparable to 2024, reflecting sustained operational stability. Revenues for
the year totalled NOK 1,565 million, down 5.9 per cent year-on-year. Net profit
amounted to NOK 301.9 million, compared with NOK 374.3 million in 2024. On a
full-year basis, cost levels remained well controlled and broadly stable
compared with 2024.

The reduction in revenues was mainly driven by lower volumes sold, as inventory
was built over the year. This reflects shipment timing rather than underlying
demand or pricing, both of which remained robust.

Throughout the year, Rana Gruber continued to strengthen product quality in line
with its high-grade strategy. The successful transition from producing a
medium-grade product to approaching 65 per cent Fe represents an important
milestone and a clear testament to the competence, commitment and execution
capability of the organisation. In November, the Board announced an ambition and
investment plan to further lift quality, reinforcing the Company’s long-term
industrial positioning.

Fourth quarter performance was impacted by temporarily reduced production
volumes and lower sales, primarily due to production disruptions in the
processing plant, lower recovery following quality improvements, and shipment
timing towards year-end. Total production in the quarter amounted to 428,000
tonnes, compared with 478,000 tonnes in the corresponding period last year.
Revenues were NOK 413 million, compared with NOK 443 million in the same period
last year. Net profit for the quarter was NOK 25.5 million (adjusted NOK 44.0
million).

Cash costs per tonne increased in the fourth quarter to USD 64, reflecting lower
production volumes and higher energy prices, as well as FX impact when measured
in USD. For the full year, total cash costs amounted to NOK 1,083 million,
compared with NOK 1,073 million in 2024. Adjusted for non-recurring items,
full-year cash costs were broadly in line with the prior year, underlining
continued strong cost discipline. Quarterly cost variations were within what can
normally be expected given changes in volumes, energy prices and operational
activity.

2025 was a historic year for Rana Gruber. The Company commenced open-pit mining
in the new Stensundtjern area and completed the Fe65 project in the processing
plant. Together, these investments significantly enhance operational resilience,
improve product quality and establish a strong industrial foundation for
long-term value creation in the European market.

Looking ahead, geopolitical uncertainty and uneven economic development are
expected to remain key themes. Against this backdrop, Rana Gruber enters the
next phase from a position of strength. Supported by recent investments and
strong organisational competence, the Company will continue to prioritise safe
and stable operations, strict cost discipline and consistent product quality,
while maintaining a disciplined approach to capital allocation and long-term
customer relationships.

The results will be presented in a webcast with CEO Gunnar Moe and CFO Erlend
Høyen at 8:00 a.m. CET.

The presentation, followed by a Q&A session, will be held in English and can be
viewed live at
https://bit.ly/RanaQ4-25

For more information, please contact:
Gunnar Moe, CEO
+47 941 47 650
Gunnar.moe@ranagruber.no

Erlend Høyen, CFO
+47 902 02 741
Erlend.hoyen@ranagruber.no

About Rana Gruber
Rana Gruber is a Norwegian iron ore producer established in 1964, with
operations based on more than 200 years of mining experience. The company's
products are based on natural mineral resources, which are processed and
exported to customers worldwide. Key customers include steel producers and
participants in the chemical industry. The company has about 370 employees and a
production capacity of 1.8 million metric tons of iron ore concentrates.

More information:
Access the news on Oslo Bors NewsWeb site

665490_Q4 2025 Rana Gruber Presentation_Final.pdf
665490_Q4 2025 Rana Gruber print.pdf