Finnish Minerals Group half-year results 2026
FMG publishes its half-year report for the first time. During the first half of 2026, the Group’s revenue increased by 13%, profitability improved, and key investments progressed as planned.
25. August 2026
key highlights for the first half of 2026
- Solid financial performance for Group during the first half a year with net sales reaching EUR 373.3 million in comparison to EUR 329.7 million in 2025 for the same reporting period (proforma). That is representing annual growth of 13 per cent.
- Profitability for Group developed favourably leading to first half a year EBITDA of EUR 76.6 million in comparison to the same reporting period in 2025 of EUR 43.6 million (proforma). Respectively EBIT was EUR 3.4 million in comparison to EUR –26.0 million in 2025 (proforma). Significant improvement was driven by both positive market development as well as efficiency actions taken by our group companies.
- Main ongoing investments progressed successfully according to the plans during the first half of 2026 accounting for EUR 81.6 million in comparison to EUR 64.0 million for the same reporting period in 2025 (proforma).
- IONCOR became part of the Group from January 2026 onwards, proforma numbers below illustrate annual changes as if IONCOR would have been part of the Group already in 2025.
- Net debt decreased from EUR 240 million in 31.12.2025 to EUR 200.6 million in 30.6.2026.
- This is the first time FMG Group publishes half-year results with the aim to publish financials twice a year from now on.
Statement from Matti Hietanen, CEO
"The first half of 2026 was a period of strong development for Finnish Minerals Group and its portfolio companies. The operating environment continued to be shaped by geopolitical tensions, competitiveness challenges facing European industry, and the growing strategic importance of critical raw materials, supply security, and resilient value chains. Under these circumstances, our mission to develop a responsible minerals and battery industry in Finland is more important than ever.
During the review period, the business operations of all our key portfolio companies progressed in line with expectations. Terrafame continued to execute its strategy as planned, while profitability improved significantly. The company completed a sale-and-leaseback arrangement of its internal power grid, made an investment decision to increase primary leaching capacity, and launched a pre-feasibility study on scandium recovery.
The ownership arrangements concerning IONCOR were completed in January 2026, making FMG the majority shareholder with a 70% ownership stake. IONCOR had a solid financial start to the year and implemented its strategy, including progress towards the development and commercialization of its own battery pack solutions.
The Sokli mining project advanced to the pre-feasibility phase, supported by FMG through a EUR 65 million funding commitment. At the same time, Sokli’s operational activities were separated from FMG’s line organization, and an independent Board of Directors was appointed for Sokli Oy.
Among our associate companies, both Easpring Finland New Materials and Keliber progressed toward the next stages of full-scale production. Keliber initiated the phased ramp-up of production at its lithium project. FMG participated in Keliber’s EUR 200 million financing package with a EUR 40 million investment.
The European Union’s objectives concerning critical raw materials and the energy transition continue to provide strong support for the strategic foundation of our operations. Strengthening Europe’s self-sufficiency requires new investments throughout the entire value chain, from mining to battery materials. Finland is well positioned to capture these opportunities thanks to its responsible operating environment, strong expertise, and abundant mineral resources.
Our financial position remained solid, and we continued our systematic efforts to create shareholder value both through our existing holdings and by preparing new business opportunities. Although business environment remains challenging in several areas and may cause short term business volatility, the long-term growth drivers of our industry continue to be strong."
Group key figures
Net sales for the H1 2026 were EUR 373.3 million in comparison to EUR 329.7 million in the same reporting period in 2025 (proforma) and EUR 233.5 million in 2025. Increase was mainly driven by excellent sales of nickel-based products. EBITDA for the H1 2026 was EUR 76.6 million in comparison to EUR 43.6 million in the same reporting period in 2025 (proforma) and EUR 22.6 million in 2025. Improvement was very much driven by favourable market price development and efficiency programs run in the productions. Net profit was EUR –20.4 million for H1 2026 vs. EUR –48.9 million in H1 2025 (proforma) and EUR –47.9 million in 2025. Capital expenditures were EUR 81.6 million in H1 2026 vs. EUR 64.0 million in H1 2025 (proforma) and EUR 57.7 million in 2025. Free cash flow for H1 2026 was EUR –49.3 million vs. EUR –47.9 million in H1 2025.
Proforma comparison has been prepared to enable comparison as if IONCOR would have been part of the Group already in 2025.
Consolidated (in million €) |
1-6/2026 |
1-6/2025 |
1-6/2025 proforma |
1-12/2025 |
1-12/2025 proforma |
| Gross sales | 733.2 | 233.5 | 722.7 | 556.4 | 1,455.3 |
| Net sales | 373.3 | 233.5 | 329.7 | 556.4 | 745.5 |
| EBITDA | 76.6 | 22.6 | 43.6 | 73.3 | 114.9 |
| EBITDA margin, % | 21% | 10% | 13% | 13% | 15% |
| Operating profit (EBIT) | 3.4 | –27.4 | –26.0 | –44.0 | –41.6 |
| Operating margin, % | 1% | –12% | –8% | –8% | –6% |
| Net profit | –20.4 | –47.9 | –48.9 | –151.7 | –158.1 |
| Capital expenditure (net) | 81.6 | 57.7 | 64.0 | 143.0 | 154.6 |
| Free cash flow | –49.3 | –47.9 | –65.7 | ||
| Total assets | 1,922.2 | 1,677.0 | 1,616.9 | ||
| Equity ratio (%) | 47.6% | 54.8% | 50.7% | ||
| Net debt | 200.6 | 259.0 | 240.0 | ||
| Capital employed, end of period | 1,371.1 | 1,316.1 | 1,283.0 | ||
| Return on capital employed (ROCE) | –1.5% | –3.9% | –3.9% | ||
| Number of personnel, end of period | 1,903 | 1,013 | 2,097 | 943 | 1,910 |
For more information
Matti Hietanen, CEO, Finnish Minerals Group Oy
firstname.lastname(at)mineralsgroup.fi, +358 40 823 8806
Jarmo Santala, CFO, Finnish Minerals Group Oy
firstname.lastname(at)mineralsgroup.fi, +358 40 801 9191
The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry shareholdings and strive to develop the Finnish value chain of lithium-ion batteries. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future. www.mineralsgroup.fi