Ferrexpo Shares Extend Gains After Half-Year Loss Narrows Sharply

Ferrexpo stock rose 8.4% to EUR 0.4244, extending Friday's 18% gain after H1 2026 revenue of USD 196 million and a smaller net loss.

Ferrexpo's stock continued its upward march on Monday, adding 8.4% to reach EUR 0.4244, building on a rally that began late last week. The advance comes without any fresh company statement or sector news to explain it, following Friday's release of first-half 2026 results that painted a picture of persistent operational strain.

The Ukrainian iron ore pellet producer's shares had already jumped 18% on Friday, closing at EUR 0.3970, as investors took heart from a dramatically reduced bottom-line loss. Market participants responded positively to the interim report, according to Ukrainian news agency Interfax-Ukraine, even as management flagged ongoing wartime disruptions and unresolved legal disputes as material uncertainties for the company's ability to continue as a going concern.

Revenue Under Pressure, Losses Cut

For the six months through June, Ferrexpo posted revenue of USD 196 million. The adjusted EBITDA line showed a loss of USD 4 million, underscoring the pressure on operating profitability. Yet the net loss came in at USD 14.89 million — a fraction of the USD 196 million shortfall recorded in the same period a year earlier.

Commercial production told a starker story. Output across the first half totalled 1.556 million tonnes, a 54% decline from the first half of 2025. Management attributed the drop to electricity supply constraints, liquidity and working capital shortages, and war-related disruption to business operations. As of the June 30 reporting date, USD 82.7 million in Ukrainian VAT refund receivables remained outstanding, with disbursement still being withheld.

Capital Raise and Shifting Shareholder Register

A completed capital raising of USD 100 million helped shore up the balance sheet, with the company saying it strengthened liquidity. Just over a week ago, shareholders approved all resolutions at a general meeting, clearing the way for the admission of 448,848,484 new ordinary shares.

Ownership changes have accompanied the operational and financial developments. Andrii Verevskyi crossed a notifiable voting rights threshold, as did — in the opposite direction — asset manager BlackRock, which disclosed on Thursday that its voting rights had fallen below the reporting threshold.

What Lies Ahead

Shareholders have two near-term dates to watch. Ferrexpo has scheduled a general meeting for October 9, to be followed by third-quarter production figures on October 14. Despite the recent bounce, the stock remains deeply out of favour over the longer term, showing a decline of 56% since the start of the year.