IRC (01029) announced its annual results for the period ending December 31, 2025. The group recorded revenue of $258 million, an increase of 16.7% compared to the previous year. However, the loss attributable to shareholders expanded significantly by 541.6% to $131 million, resulting in a loss per share of 10.29 cents.

Production rose by 23.0% to 2,925 thousand tons (2024: 2,378 thousand tons), primarily due to improved ore quality at the Sutara deposit and higher iron ore recovery rates. Sales volume increased by 25.0% to 2,928 thousand tons (2024: 2,343 thousand tons), in line with the growth in production. The company's internal mining team at K&S began operations, reducing reliance on external mining contractors. Additionally, mining operations at Sutara were successfully scaled up rapidly.

Nikolai Levitskii, Chairman of IRC, commented on the performance: "2025 was a year of profound transformation for IRC. Despite the persistently challenging external environment, we achieved outstanding operational results. The most significant development was the full integration and positive contribution from Sutara. The successful scaling of operations at Sutara created critical opportunities. The high-quality ore from the mine, combined with technical upgrades implemented at the K&S processing plant, has fundamentally improved operational efficiency at K&S. These operational achievements directly translated into record annual production and sales volumes.

However, it is deeply regrettable that these excellent operational advances were not fully reflected in our financial performance. Throughout 2025, we continued to face an extremely difficult external environment. The iron ore market remained weak. Simultaneously, we confronted the challenge of a strengthening Russian Ruble, which led to a substantial increase in our US dollar-equivalent cost base. This clearly demonstrates that our industry is influenced by powerful external forces, which sometimes act in opposing directions.

In light of this, we have taken decisive action to strengthen the company's long-term financial health, completing a rights issue in February 2026. This ensures a robust capital structure, helping us navigate market volatility and seize future opportunities.

Looking ahead to 2026 and beyond, the short-term market outlook remains uncertain, with the global economic environment and iron ore demand posing ongoing challenges. We do not anticipate a rapid easing of the adverse external conditions. Nevertheless, our business fundamentals are now at their strongest level in years. With our upgraded operational platform and strengthened financial position, IRC will be well-positioned to create greater value for shareholders when market conditions improve.

I sincerely thank our employees for their resilience and hard work during a challenging year. I also extend gratitude to our shareholders for their continued support and trust, and to our partners for their collaboration. As we move into 2026, we will advance with a stronger company and a clearer strategic blueprint."