The Land and Environment Court of Appeal (Mark- och miljööverdomstolen) confirmed the environmental permit in May 2025, and on 2 February 2026 it became final after the Supreme Court (Högsta domstolen) refused leave to appeal. At the same time, the result is weighed down by a one-off impairment of 536 MSEK and a weaker iron ore market.
- The environmental permit for Tapuli, Palotieva and Sahavaara became final on 2 February 2026
- Net sales: 1,770 MSEK (2024: 1,805 MSEK)
- Profit after financial items: −813 MSEK — includes an impairment of 536 MSEK
- Cash flow from operating activities: +222 MSEK (2024: −228 MSEK)
The permit, which covers current and planned operations in Tapuli, Palotieva and Sahavaara, is described by the company as the basic precondition for long-term mining operations in Tornedalen.
The result is affected by an impairment of 536 MSEK linked to previously capitalised costs for waste rock mining, corresponding to approximately 426 MSEK including deferred tax. The iron ore price was in the range of 100–125 USD/tonne with a clear low point during the summer, while the dollar weakened from just over SEK 11 to just over SEK 9 at year-end.
Despite the negative result, the group reported a positive cash flow from operating activities of 222 MSEK. The improvement is driven by cost savings that were implemented during 2024 and took full effect in 2025. During 2026 the company is to set a strategic direction for future mining operations in Tornedalen.
The year in figures — financial
| 2025 | 2024 | Change | |
|---|---|---|---|
| Net sales (MSEK) | 1,770 | 1,805 | −35 |
| Profit after fin. items (MSEK) | −813 | −150 | −663 |
| Operating margin | −45.8% | −10.0% | −35.8 pp |
| Return on total capital | −29.1% | −4.3% | −24.8 pp |
| Cash flow operating activities (MSEK) | +222 | −228 | +450 |
| Cash flow for the year (MSEK) | +49 | −1,114 | +1,163 |
| Cash and cash equivalents (MSEK) | 463 | 414 | +49 |
| Total assets (MSEK) | 2,372 | 3,203 | −831 |
| Equity (MSEK) | 1,826 | 2,465 | −639 |
| Equity ratio | 77.0% | 76.9% | +0.1 pp |
| Number of employees | 364 | 405 | −41 |
Operations and sustainability
| 2025 | 2024 | Change | |
|---|---|---|---|
| Production (kt iron ore concentrate) | 1,900 | 1,924 | −24 |
| Feed iron grade | 22.4% | 24.1% | −1.7 pp |
| Production costs (MSEK) | 1,935 | 2,033 | −98 |
| Lost-time injuries (LTIF) | 4.6 | 7.3 | −2.7 |
| CO₂ per tonne of concentrate (kg) | 22.0 | 22.7 | −0.7 |
| Share of local purchases | 69% | 65% | +4 pp |
| External ESG assessment | 95% | — | — |
Source: Kaunis Holding AB — Annual and sustainability report 2025.
Kaunis Iron is traded on Eqvor Explore Kaunis Iron
