Slides
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Second quarter and first half 2025 Mo i Rana, 27 August 2025
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Disclaimer and important informationThis presentation has been prepared by Rana Gruber ASA (the “Company”) solely for information purposes.The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Certain statementsincluded in this presentation contain various forward-looking statements that reflect management’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realised. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. Past performance information included in this Presentation or in such other written or oral material is not an indication of future performance and the actual returns on investments may differ materially from the returns indicated herein. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, neither the Company nor its subsidiary undertakings or any of such person’sofficers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. For APM definitions, please refer to the appendix to the condensed interim financial statements. Quarterly figures are unaudited. | 2
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Resilientin Turbulent Markets –BuildingLong-Term CompetitivenessContinues the strong production trend from previous quarters. As always reduced volumes in second quarter due to the annual maintenance stop | 3 The Board of Directors resolved to distribute a quarterly dividend of NOK 0.66 per share. Cash cost at 611 NOK per tonnes, down 5,7% comparing to the same quarter in 2024.Preparations at Stensundtjern are progressing according to plan, ensuring operational readiness for the transition from Ørtfjell open-pit mining to new production by year-end 2025. 440kmtProduced 0.66NOK/shareDividend611NOK/mtCash cost 327NOK millionRevenues Board approves Storforshei infrastructureinvestment–supportingfutureoperations, withpaybackover Stensundtjern’slifetime
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People and environment Our number one assets One minor injury was recorded in the first quarter, resulting in a short absence from work in this half. Safety focus to be maintained and prioritised to secure a safe working environment Our annualmaintenancestop coverednearly400 workpackages, involvingbothinternaland externalpersonnel, and wascompletedwithzero incidents.
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| 5 Production of iron ore concentrate Thousand mt 94.2% Magnetite (38,4’ mt)Hematite (401,8’ mt) Production volumes remained stable, matching levels from the same quarter last year and aligning with internal forecasts. Magnetite production increased quarter over quarter, and in line with expected increasing magnetite production. Production by product type% Key takeawaysx ProductionContinuing the strong production trend from previous quarters 387434424434402 3444543938421478478473440 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025HematiteMa gnetite 91,1 % 8,7 %0,2 % Undergroundmine productionincreasedby 43% comparedwiththesame periodlast year
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Total revenueNOK millionRealised pricesNOK/mtVolume soldThousand mt Other mainly consisting of onward billing of freight costs related to magnetite shipments, as well as minor sales of equipment and services. RevenueContinuedVolatilityPressuresIron Ore Prices 507403492366380 35 4332 3231 542446524 398412 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025HematiteMa gnetite 931 741 755 890 668 1 521 1 662 1 648 1 679 1 755 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025HematiteMa gnetite 472299372325254 53 71525455 548 389443401327 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025 HematiteMa gnetiteColoran aOthers
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Cost from operationsCostdisciplinemaintained–seasonalmaintenanceimpactsOPEX Cash costreducedin absoluteand NOK/tonneterms –driven by strictcostdiscipline Cash costNOK/mt producedCost breakdownsecond quarterKey takeawaysx Depreciation is increasing compared to previous quarters due to the gradual shift of production levels. 648584521575611 Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025 45,2 % 18,9 % 20,0 % 6,7 %6,7 %2,5 %Min in gProc essingR&D, IT andadministrationTr ainTech supportColorana Annualsummer stop completedwithmajor maintenanceactivitiesbookedas OPEX; absolutecash coststill reducedthroughstrictdiscipline
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* For explanation, please see the appendix to the interim financial statements. EPSNOK EPS adj.NOK DividendNOK pr share 1.34 (3.28) 0.94 (3.71) 0.66 (2.23) Financial performance Resilient Financial Performance and Consistent Dividends Despite Market Volatility Amounts in NOK million (Except where otherwise stated)Q2 2025Q2 2024Change(%)Revenues 326,8547,6-40,3 %Raw materials and consumables used-106,7-98,48,5 %Other costs -160,0-174,3-8,2 %Change in inventory32,4-69,7-146,5 %EBITDA 92,5205,2-54,9 %Depreciation-60,3-41,545,4 %EBIT 32,2163,7-80,3 %Net financial income/(expences)31,6-8,0-496,6 %Pre tax profit63,8155,7-59,1 %Tax -14,0-34,3-59,1 %Net profit 49,7121,5-59,1 %Adjustments*-19,320,4-194,3 %Tax on adjustments4,2-4,5-194,3 %Adjusted net profit34,7137,4-74,8 %
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| 9 *The operating cash flow is before changes in working capital and taxes. Free Cash Flow (FCF)NOK million 134 (117) 3.62 (3.16)FCF/shareNOK Change in cash Reduced cash mainly due to working capital, investments and dividends109 -18 -4447 -52-5 -47-14-66 Operating cash flow*Change in working …Payment of taxesNet operating cash …InvestmentsFree cash flowDividendsPayment of lease …Change in cash
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Total assetsNOK million1 610 (1 668) Total equityNOK million996 (933) Interest-bearing debt*NOK million282 (312) Equity ratio %61.9 (56.0) Cash and cash equivalentsNOK million27 (45)*The interest-bearing debt consists of lease and rent obligations. The company has an unused credit facility of NOK 100 million. Financial position30 June 2025 (31 December 2024)
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Key takeaways 18 consecutive quarters of dividends payments – NOK 1.5 billion in total since listing in February 2021 Strong production despite planned maintenance | 11 Solid track record over 60 years, and on track to deliver iron ore concentrate of 65% and increased magnetite production. Strong balance sheet, solid partners and a competent organization to handle volatile markets Committed to Delivering on Cash Cost Target of USD 50–55 per ton.
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Q&A
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NextpresentationCapital Markets Day –12. November 2025
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Cost breakdown last 12 monthsAmounts in NOK million(Except where otherwise stated)Cost itemTotal costShare of total Mining Open pit 235.9 22.2%Load and haul/crushing88.6 9.2%Drilling and blasting74.3 7.0%Mine administration and maintenance60.15.7%Mine planning and development17.8 1.7% ProcessingProcessing127.812.0%Colorana 34.33.2%Loading/Ship handling38.53.6%Support/administrationInsurance, SG&A162.315.3%IT, infra, lab and facility services74.37.0%Tech SupportTech support75.67.1%TrainTrain 71.86.8%Total 1 061.3100%