Core Insights - The company reported a revenue increase in H2 2025 to EUR 64.2 million, up from EUR 57.2 million in H2 2024, while full-year revenue also rose to EUR 141.3 million from EUR 128.6 million in FY 2024 [7][5] - Despite the revenue growth, the company faced significant losses, with an EBITDA of EUR -7.1 million in H2 2025 compared to EUR -1.6 million in H2 2024, and a full-year EBITDA of EUR -0.2 million down from EUR 2.6 million in FY 2024 [7][5] - The company’s operational challenges included a 43% decrease in tonnage mined in H2 2025 and a 31.3% decrease for the full year, attributed to the disposal of the Zeerust mine in South Africa [7][5] Financial Performance - H2 2025 EBITDA margin was -11.1%, a decline from -2.9% in H2 2024, while the EBIT margin also worsened to -13.3% from -5.6% [7] - The loss for the period in H2 2025 was EUR -11.4 million, compared to EUR -7.8 million in H2 2024, indicating a deteriorating financial situation [7] - Cash flow from operations improved to EUR 2.7 million in H2 2025 from EUR -0.9 million in H2 2024, reflecting some operational efficiency [7] Market Conditions - The EU steel industry contracted for the fourth consecutive year in 2025, with a 3.4% year-on-year drop in output, and a record high of 27% for low-priced imported steel [5] - The demand for stainless steel was historically low in Europe, impacting the company's sales of low carbon ferro-chrome [9] - A modest recovery is projected for 2026, but high uncertainty remains due to global overcapacity and high energy costs in Europe [5][8] Strategic Challenges - The company faced price pressure from low-cost imports from countries like India, Kazakhstan, Russia, and China, which significantly affected margins despite increased sales [10] - The CEO noted that the business environment deteriorated after a brief peak in Q1 2025, highlighting ongoing challenges in the market [9] - New EU safeguard measures and the Carbon Border Adjustment Mechanism (CBAM) are expected to have some positive effects, but rising energy and carbon compliance costs will continue to burden European producers [8]