Kaunis Iron reports a stable third quarter. Production of iron ore concentrate rose 38 per cent, operating costs decreased by 60 MSEK and a positive cash flow of 209 MSEK lifted cash and cash equivalents to 715 MSEK (408). Operating profit was 8 MSEK (7).
Cash and cash equivalents, MSEK
408 MSEK 30 Sep 2025
EBITDA, MSEK
77 MSEK Q3 2025
Production, kt
+38% vs Q3 2025
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Net sales | 410 | 616 | −206 |
| Operating profit | 8 | 7 | +1 |
| Operating cash flow | 222 | −75 | +297 |
| Cash and cash equivalents | 715 | 408 | +307 |
| Concentrate, kt | 601 | 435 | +166 |
More concentrate at lower cost
Operating costs decreased by 60 MSEK to 353 MSEK (413), mainly thanks to lower waste rock production as planned, 537 kt compared with 3,179 kt the year before, and a generally lower cost level. EBITDA was 79 MSEK (77). The concentrator produced 601 kt of iron ore concentrate compared with 435 kt, an increase mainly due to a higher iron grade in the feed, 27.0 per cent compared with 22.6 per cent.
Cash position strengthens
Cash flow for the quarter amounted to 209 MSEK. This is mainly explained by the fact that the high trade receivables at the end of the second quarter were largely settled. No investments were made, in line with budget, and cash flow from financing activities relates to repayments of loans and lease liabilities.
Sea freight weighs on the price
Net sales amounted to 410 MSEK compared with 616 MSEK in the same quarter last year. Last year’s figure included sea freight of 84 MSEK for two shipments on CFR terms; excluding sea freight the comparative figure was 532 MSEK. This year all shipments have been made on FOB terms. The realised FOB market price was USD 85 per tonne compared with USD 104, a decline the company mainly attributes to significantly higher sea freight rates as a result of the unrest in the Middle East. In total, 537 kt were shipped out of Narvik (577).
The year so far
After nine months, operating profit is 12 MSEK, compared with −241 MSEK in the same period last year, and net sales are 1,383 MSEK (1,348). During the quarter there was one lost-time accident and one serious environmental incident, while carbon dioxide emissions decreased by 3,628 tonnes compared with the same period last year. The next interim report will be published on 26 February 2027.
Source: Kaunis Holding AB, interim report for the third quarter of 2026. The figures refer to the group.
Kaunis Iron is traded on Eqvor Explore Kaunis Iron
