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In Q4 2025, Terrafame's EBITDA increased to EUR 44.0 million, while full-year net sales reached EUR 556.1 million, up 2.1% year-on-year. Despite these gains, the company faced an operating loss of EUR -35.0 million for the year.

Production volumes exceeded expectations, with a record in nickel production. The updated strategy for 2026-2030 focuses on securing cash flow and diversifying products to mitigate nickel price volatility.

However, Terrafame encountered challenges, including a rejected mining permit for Kolmisoppi and the introduction of higher mineral taxes in 2026. The company has initiated a cash flow improvement program, achieving EUR 70 million in savings by early 2026.