IRC (01029) released its annual performance, with a net loss attributable to shareholders of $131 million, a year-on-year increase of 541.6%.

IRC (01029) announced its annual performance for the year ending December 31, 2025, with group revenue of $258 million, representing a year-on-year growth of 16.7%; shareholders' attributable loss was $131 million, increasing by 541.6% year-on-year; and a loss per share of 10.29 cents. Production increased by 23.0% to 2,925 thousand tons (2024: 2,378 thousand tons), mainly due to the improvement in ore quality at Sutara and the increase in iron ore recovery rate; sales volume rose by 25.0% to 2,928 thousand tons (2024: 2,343 thousand tons), in line with the production increase; K&S internal mining team started operations, reducing reliance on external mining contractors; and successful rapid expansion of Sutara's mining operations. Nikolai Levitskii, Chairman of Irkutsk Metal Exchange, commented on the performance, saying: "The year 2025 marked a year for me to review the deep transformation experienced by Irkutsk Metal Exchange Limited. In the past year, despite the challenging external environment, we achieved outstanding operational results. The most significant progress in 2025 was the comprehensive integration and positive contribution of Sutara. The successful scale-up of Sutara's operations presented a key opportunity. The high-quality ore at the mining site, combined with the technological upgrades implemented at the K&S processing plant, has fundamentally improved K&S's operational efficiency. These operational achievements directly translated into record production and sales for the whole year. However, it is regrettable that the excellent operational progress did not fully reflect in our financial performance. Throughout 2025, we continued to face a very challenging external environment. The iron ore market remained weak. At the same time, we continued to face the challenge of the strengthening Russian ruble, leading to a significant increase in dollar-denominated costs. This clearly indicates that our industry is influenced by strong external forces, sometimes even in opposition. In view of this, we have taken decisive action to strengthen our company's long-term financial health and completed a supply in February 2026. This measure ensures that we have a robust capital structure, helping us to cope with market fluctuations and seize future opportunities. Looking ahead to 2026 and beyond, the short-term market outlook remains uncertain, with global economic conditions and iron ore demand continuing to pose challenges. We do not anticipate a rapid easing of external unfavorable conditions. However, our business fundamentals are currently at their most stable level in years. With our operational platform upgrading and financial strength growing, when the market environment improves, Irkutsk Metal Exchange will be able to create greater value for shareholders. I sincerely thank our employees for their resilience and hard work in a challenging year. I also thank shareholders for their continuous support and trust, as well as the cooperation of our partners. Looking ahead to 2026, we will continue to move forward with stronger company strength and a clearer development blueprint."