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